Monetary economic research at the St. Louis Fed during Ted Balbach's tenure as research director
Ted Balbach served as research director at the Federal Reserve Bank of St. Louis from 1975 to 1992. This paper lauds his contributions during that time, including the expanded influence of the Review, enhanced databases and data publications, and a visiting scholar program that attracted leading economists from around the world. Balbach is remembered fondly as a visionary leader and gracious mentor.
The Road to Cyberinfrastructure at the Federal Reserve Bank of Kansas City
As economic models grow in computational complexity and researchers increase their data needs, the staff at the Center for the Advancement of Data and Research in Economics (CADRE) at the Federal Reserve Bank of Kansas City needed to develop an environment that could facilitate better research accommodating these new factors. Staff have worked through multiple technological changes to design and deliver the right infrastructure to meet researchers’ needs, from the development of the first high-performance computing (HPC) environment at the Bank, to the research and coincident development of ...
A journal ranking for the ambitious economist
The authors devise an "ambition-adjusted" journal ranking based on citations from a short list of top general-interest journals in economics. Underlying this ranking is the notion that an ambitious economist wishes to be acknowledged not only in the highest reaches of the profession, but also outside his or her subfield. In addition to the conceptual advantages that they find in their ambition adjustment, they see two main practical advantages: greater transparency and a consistent treatment of subfields. They compare their 2008 ranking based on citations from 2001 to 2007 with a ranking ...
Replication and scientific standards in economics a decade later: the impact of JMCB project
Scientific inquiry embodies skepticism. Researchers are trained to scrutinize every result, doubting not only the truth but also the tests of every hypothesis. Research papers in professional journals typically present only summaries of results, however, providing neither the programs nor data that a reader requires fully understanding -- and questioning -- the authors' tests. The Journal of Money, Credit, and Banking project a decade ago was the first attempt by the editor of a major journal to furnish readers with the data and programs used by the journal's authors. The project revealed the ...
Four questions for current monetary policy
October 10, 2013. Opening Remarks. Given at the 38th Annual Federal Reserve Bank of St. Louis Fall Conference, Federal Reserve Bank of St. Louis.
Research and development with asymmetric firm sizes
Interview with James Poterba
James Poterba, MIT economist and incoming president of the National Bureau of Economic Research, on the potential for tax reform, the wealth effect of housing prices, and the future of economic research.
Industrial R&D - an analysis of the Chicago area
Testing economic hypotheses with state-level data: a comment on Donohue and Levitt (2001)
State-level data are often used in the empirical research of both macroeconomists and microeconomists. Using data that follows states over time allows economists to hold constant a host of potentially confounding factors that might contaminate an assignment of cause and effect. A good example is a fascinating paper by Donohue and Levitt (2001, henceforth DL), which purports to show that hypothetical individuals resulting from aborted fetuses, had they been born and developed into youths, would have been more likely to commit crimes than youths resulting from fetuses carried to term. We ...
Peer effects in the workplace: evidence from professional transitions for the superstars of medicine
Pierre Azoulay?s presentation reported the progress on a very data-intensive project trying to understand the role of superstars in the medical sciences. Here the researchers are building a large panel data set on medical researchers and tracking the movement of superstars across institutions to better understand the effect of superstars on the research productivity of their colleagues.