Influential macromonetary publications and economists.

Spencer, Roger W. ; Huston, John H. ; Branyan, Rachel 等

I. Introduction

A number of different methods have been devised to measure influence in the economics profession. We develop a rarely used approach in this paper for assessment or ranking of contributions to the macromonetary literature. The technique is based on the revealed preference of faculty members from the top economics departments in the United States.

The syllabi of all faculty of the top twenty-five economics departments teaching graduate macromonetary courses were obtained. Publication frequency across syllabi determined the most influential articles, textbooks, journals, and economists in the macromonetary field. Although the syllabi were gathered as of a point in time, the potential for influence spans generations from current faculty to current students to future faculty members.

In this paper, the introduction is followed by a brief survey of the literature, the methodology, and the results. The paper concludes with summary comments about this approach and its findings.

II. Earlier Studies and Implications

A recent paper by Coupe (2003) provided an initial overview of the alternatives available to those who endeavor to generate economics rankings. In his particular case, the rankings of economists and economic departments, Coupe determined 14 different methodologies available for the alternatives of article count, page count, and citation count. As a result, he obtained four different rankings for departments alone. Similarly, Dusansky and Vernon (1998) examined eight rankings of departments based on four alternative approaches.

Rankings in economics began in earnest in the early 1970s with a primary focus on economics journals. A.W. Coats (1971) related citations from major AEA survey volumes to articles published by ten different journals. Three different approaches to ranking journals made their way into issues of the Western Economic Journal in 1972. Of these, Moore associated journal quality with economists' institutional affiliations; Billings and Viksnins employed a variation of the citation method; Skeels and Taylor, in setting the stage for the current study, ranked journals based on articles from graduate school syllabi that appeared in the American Economist over a nine-year period.

Hawkins, Ritter, and Walter (1973) assessed journal quality by way of economists' responses to questionnaires. Liebowitz and Palmer (1984), advancing the citation technique employed by Bush, Hamelman, and Staaf (1974), produced one of the better-known journal ranking studies for the Journal of Economic Literature (JEL). A decade later, Laband and Piette (1994) generated a follow-up paper for the JEL using virtually the same citation methodology, adjusting for journal output and dropping non-economic journals from the citation list.

Since that time, numerous citation-based ranking articles have appeared. Among the more recent ones: Liner and Amin (2004) compared journal-to-journal citation methods in ranking international journals; Kalaitzidakis, Mamuneas and Stengos (2003) developed a citation approach for articles published 1994-98 that adjusted for impact and size and excluded self-citations, permitting them to rank international journals and institutions (departments). Palacios-Huerta and Volij (2004) developed a model, called the Invariant method, with superior Eigenvector properties to other competitive citation approaches in order to rank journals and economists; (1) Kim, Morse and Zingales (2006) analyzed those 146 articles published 1970-2005 (by half-decade) that received more than 500 citations in order to infer trend changes among journals, economic fields, and institutions, and Kodrzycki and Yu (2006) duplicated the citation approach of Palacios-Huerta and Volij in order to shift the measurement of influence from within economics to journal ranking of impact across the broader spectrum of social sciences.

Most of these articles mentioned, if only briefly, the challenges faced in developing a particular approach to the use of citations as a measurement of quality. One article, by Davis (1998) was devoted entirely to examination of "Problems in Using the Social Sciences Citation Index to Rank Economics Journals." The problems were divided into two parts: (1) the choice of economic vs. non-economic journals; and (2) problems endemic to any citation methodology.

A smaller number of economics ranking studies have taken the non-citation route. Ramrattan and Szenberg (2003) uniquely assessed journals on the basis of production costs. Liner (2002) ranked core economics journals based on journal article frequency as found in six graduate-level textbooks. Breit-Huston (1997) ranked living economists based on the frequency of their mention in 19 introductory economics textbooks. These authors suggested a distinction between reputation and influence with the former more closely linked with the citation studies and the latter associated more closely with their Principles text approach. They reasoned that a scholar's reputation can be proxied by how often other scholars refer (positively or negatively) to each others' work, while the writings of an influential economist potentially impact the general public and policy formation.

Citation counts are somewhat flawed as a measure of current influence in the field of macroeconomics. Influential articles are those that have the ability to affect the thinking of many individuals concerning some important macroeconomic issue. Certainly articles of this sort do amass large citation counts, but articles may be cited for reasons other than influence. For example, many are cited because they introduce a valuable econometric technique. Such an article may be extremely valuable to the profession but is not directly influential of macroeconomic policy or thought. Others may be repeatedly cited because they were seminal, but due to subsequent advances, may no longer be influential. Articles may even be cited because they provide a straw man with which the author may spar. Again, such articles serve a purpose but are not influential in the sense we intend. There is also a timing problem with citation measures. Since citations accumulate over time, a currently influential article may yet to amass a large number of citations. Similarly, an article no longer affecting macroeconomic thought may still have had a large number of citations in prior years.

Which articles would a macroeconomist select as the most influential of current macroeconomic thought? Presumably those articles would be the ones he or she would select to train the next generation of economists. Thus, graduate level syllabi are a logical place to begin a search for the macroeconomic canon.

A number of the citation studies employ the "influence" term, as in the Palacios-Huerta and Volij paper entitled, "The Measurement of Intellectual Influence." Perhaps another way of looking at the issue is that scholars can indeed influence the work of other scholars (citations), but they can also influence policy/the general public as reflected in introductory texts, and influence future economic scholars as measured by mentions in the graduate school reading lists. Another possible relationship is that citations pertain to research, and introductory texts/graduate reading lists pertain to teaching.

One additional study worthy of mention is that of Rock (1984). He obtained survey data from 16 economists, nominating 60 articles to determine the leading macromonetary articles of the 1970s. From the survey responses he was able to compile brief tables ranking the top macromonetary articles and journals of the decade. His raw survey responses ranked Robert Lucas the top economist and the American Economic Review the top journal publishing highly regarded macromonetary articles in the 1970s.

III. Methodology

The first requirement was selection of the top economics graduate schools from which macromonetary syllabi could be solicited. Numerous such rankings are available including those from Dusansky and Vernon (1998), Garcia-Castrillo, Montanes, and Sanz-Gracia (2002), Kalaitzidakis, Mamuneas and Stengos (2003), Coupe (2003), and U.S. News and World Report (2006). The U.S. News and World Report option was selected based, in part, on its currency (a 2005 survey of department heads and directors of graduate studies) and the fact that it also provided a list of the top ten Ph.D. programs in macroeconomics. (2) Although the ordering differs somewhat, the top 15 programs vary little from one list to another. Also, the introduction of foreign programs and non-graduate schools does not appreciably damage the integrity of the basic U.S. News and World Report list. For example, Garcia-Castrillo, Montanes, and Sanz-Gracia (G-C, M, S-G) produced a list of the top 1000 worldwide economics programs derived from a calculation of pages published equivalent in quality and size to an AER page for the period 1992-1997. Twenty of the U.S. News and World Report top 25 were ranked in the top 25 of the G-C, M, S-G international list of 1000. (3) In addition, all ten of the U.S. News and World Report top graduate programs in macroeconomics are ranked in the G-C, M, S-G top 25 economics departments. The top 25 graduate program list is reproduced below as Table 1.

Note in Table 1 the tie for number 25 between Boston University and University of Texas-Austin. Because California Institute of Technology does not teach graduate level macromonetary courses, the final list of candidates for syllabi actually included 25 programs. Syllabi were gathered in fall 2006 from the websites of all faculty teaching graduate macromonetary subjects. Reading lists were pared to prevent repetition of identical listings for a course offered in say, 2005 and 2006. In two cases, syllabi were obtained through e-mail correspondence.

Sixty-five pertinent syllabi were gathered from the 25 programs. The 65 syllabi were culled to produce 1527 articles and a number of other publications, including textbooks.

Our approach differed considerably from that of Skeels and Taylor, the only other paper found to employ the graduate syllabi method. Their syllabi base appeared in the American Economist over a nine-year period; the syllabi applied across virtually all fields of economics; the faculty chosen were apparently not selected from the top 25 graduate programs; and the only ranking produced was that of top economics journals.

IV. Results

Table 2 shows all articles that were listed in five syllabi or more. The leading macromonetary article was contributed by Chari and Kehoe in 1999. A break-down of the top articles by decade is furnished in the appendix.

Article rankings by syllabi and rankings by the citation approach are conceptually quite different. Citation counts purport to measure the scholarly value of an article which may be distinct from its educational value. Also, age matters, meaning citations bias the comparison toward older articles. As an article ages, citations can only increase. But articles can be withdrawn from reading lists at any time.

Are those articles which have been heavily cited over the years also the key articles chosen to influence the current crop of graduate students? To answer that question empirically, citation listings were collected for all articles listed in more than one syllabus. Eliminating those not found in the electronic version of the Social Science Citation Index leaves a sample of 216 articles. There was little correlation between the two measures of influence. Overall, the correlation coefficient between the number of journal citations and the number of syllabi appearances was only .118. Other functional forms employed to reduce the influence of extreme values does not increase the correlations. For example, the correlation between logged journal and syllabi values is only .087. Independently ranking the 216 articles by citations and number of syllabi generates a correlation between the two rankings of only .063. It is clear that the measure of educational influence based on syllabi references is quite distinct from scholarly influence as measured by journal citation.

The top macromonetary economists were determined in two ways. Table 3 indicates authors and the number of distinct articles of each that appeared on at least one syllabus. The numbers 39 (38) next to the name of top economist Ricardo Caballero mean he authored 38 different articles and one book (39 total publications) on the master list, ignoring how many times any single article of his might appear on various reading lists. Table 4 is a ranking of economists whose publications appeared on reading lists 20 or more times. Caballero is top-ranked again, this time with the number 74 meaning that his 38 articles and one book appeared on multiple reading lists.

Nobel Prize winning economists tend to dominate rankings based on citations as they provide the breakthroughs that other scholars cite in their scholarly works. However, given the long lags between the publishing of such seminal articles and the awarding of the prize, their works are much less likely to appear on a list of currently influential articles. The exceptions here are Lucas and Prescott who are listed among the top 6 economists in both Table 3 and Table 4. Such staying power in a fast-changing field is remarkable. However, the fact that Samuelson and Friedman, who received their awards decades before Lucas and Prescott, have only three articles between them listed among the 1527 suggests that the Lucas and Prescott names may not appear on graduate reading lists 20 years hence.

Table 5 is a ranking of the top journals for macromonetary articles. The American Economic Review heads the list, followed by the Journal of Political Economy and the National Bureau of Economic Research (NBER). Since the NBER is a way station for articles typically headed for a prestigious journal, the listing under-represents the eventual number of articles to be associated with numerous journals. Note that a macromonetary specialty journal, the Journal of Monetary Economics, is listed fourth.

Table 6 lists the leading macromonetary graduate textbooks. The top three, by reading frequency, were published by (in descending order) Ljungqvist and Sargent, Blanchard and Fischer, and Obstfeld and Rogoff.

The top publications and economists by decade are named in the appendix. Note that Caballero appears at the top of the 1990s list and would be atop the current decade's list were it not for Sargent's oft cited text. The Lucas and Prescott names appear among the top twenty in three different decades.

V. Conclusions

This paper develops the use of graduate syllabi from the top 25 economics programs to rank top macromonetary articles, economists, journals, and textbooks. As with the dominant approach to rankings, citation counts, choices must be made in advancing the methodology. A key issue, which syllabi to be examined, was resolved through selection of the U.S. News and World Report graduate program rankings. Rankings from other sources would likely produce somewhat different results as would selection of a timeframe different than the 2006 date that was chosen.

Articles were not adjusted by number of pages or journal quality. Because the syllabi were also mined for determination of top journals, such adjustments could be based on circular reasoning.

The articles and economists topping the lists do so in the context of teaching rather than scholarship, given the syllabi approach as contrasted with the citation method requiring scholar-to-scholar actions. As expected, article rankings by syllabi count vs. citation count were uncorrelated. Yet, the names of top economists by decades produced by syllabi count are also known for their scholarship. Nobel Prize winners Lucas and Prescott, for example, emerged near the top of the economists' listing.

General journals American Economic Review and Journal of Political Economy published more noteworthy macromonetary articles than did the specialty journals. The National Bureau of Economic Research (NBER) ranked third. The leading macromonetary graduate textbook was written by Ljungqvist and Sargent.

Appendix A
Top Macromonetary Publications by Decade

2000s

Publications                                                    Freq.

Ljungqvist, Lars and Thomas J. Sargent (2004) Recursive
Macroeconomic Theory (second edition), MIT Press.                22

Woodford, Michael, Interest & Prices: Foundations of a
Theory of Monetary Policy, Princeton University Press,
2003, Princeton, NJ.                                             13

Romer, David. (2001) Advanced Macroeconomics, 2nd Edition,
New York, McGraw Hill.                                            8

Bils, Mark J. and Peter J. Klenow (2004) "Some Evidence on
the Importance of Sticky Prices," Journal of Political
Economy, Vol. 112, No. 5, pp. 947-985.                            7

Mark, Nelson (2001) International Macroeconomics and
Finance: Theory and Econometric Methods, Blackwell
Publishers.                                                       7

Barro, Robert J. and Xavier Sala-i-Martin (2004) Economic
Growth, Second Edition, MIT Press, pp. 12-16.                     6

Caballero, Ricardo and Mohamad Hammour, "The Cost of
Recessions Revisited: A Reverse-Liquidationist View," MIT
Mimeo, 2001.                                                      6

Golosov, Mikhail and Robert E. Lucas, "Menu Costs and
Phillips Curves," NBER Working Paper No. 10187, December
2003.                                                             6

Reis, Ricardo, "Inattentive Consumers," (2004) NBER
Working Paper No. 10883.                                          6

Atkeson, Andrew, and Ariel Burstein (2006) "Trade Costs,
Pricing to Market, and International Relative Prices,"
Department of Economics, UCLA Manuscript.                         5

Pissarides, Christopher A., Equilibrium Unemployment
Theory, 2nd edition, MIT Press, 2000.                             5

Shimer, Robert (2005) "The Cyclical Behavior of
Equilibrium Unemployment and Vacancies", American Economic
Review, Vol. 95, pp. 25-49.                                       5

Alvarez, Fernando and Urban Jermann, "Using Asset Prices
to Measure the Cost of Business Cycles," Journal of
Political Economy, 2004.                                          4

Alvarez, Fernando, Andrew Atkeson and Patrick J. Kehoe,
"Money, Interest Rates, and Exchange Rates with
Endogenously Segmented Markets," Journal of Political
Economy, 2002, Vol. 110, No. 1, p. 73.                            4

Carroll, Christopher (2001) "A Theory of the Consumption
Function, With and Without Liquidity Constraints," Journal
of Economic Perspectives, Vol. 15, No. 3, Summer 2001, pp.
23-45.                                                            4

Christiano, Lawrence, Martin Eichenbaum and Charles Evans
(2005) "Nominal Rigidities and the Dynamic Effects of a
Shock to Monetary Policy," Journal of Political Economy,
Vol. 113, pp. 1-45.                                               4

Gali, Jordi and Pau Rabanal (2004) "Technology Shocks and
Aggregate Fluctuations: How Well Does the RBC Model Fit
Postwar U.S. Data?," NBER Macroeconomics Annual 2004, pp.
225-288. (also as NBER Working Paper No. 10636).                  4

Gali, Jordi, and Tommaso Monacelli (2005) "Monetary Policy
and Exchange Rate Volatility in a Small Open Economy,"
Review of Economic Studies, Vol. 72, No. 3, pp. 707-734.          4

Ghironi, Fabio Pietro and Marc J. Melitz (2005)
"International Trade and Macroeconomic Dynamics with
Heterogeneous Firms," Quarterly Journal of Economics, Vol.
120, pp. 865-915.                                                 4

Gourinchas, Pierre Olivier and Parker, Jonathan (2002)
"Consumption over the Life Cycle," Econometrica, Vol. 70,
No. 1.                                                            4

Hall, Robert (2005) "Employment Fluctuations with
Equilibrium Wage Stickiness," American Economic Review,
Vol. 95, pp. 50-65.                                               4

Hall, Robert (2005) "Job Loss, Job Finding, and
Unemployment in the U.S. Economy over the Past Fifty
Years," NBER Macroeconomics Annual.                               4

Jorgenson, Dale W. and Kevin J. Stiroh (2000) "Raising the
Speed Limit: U.S. Economic Growth in the Information Age,"
Brookings Papers on Economic Activity, No. 1, pp. 125-235.        4

Kocherlakota, Narayana, "Wedges and Taxes," American
Economic Review Papers and Proceedings, pp. 109-113, 2004.        4

Obstfeld (2002) "Exchange Rates and Adjustment:
Perspectives from the New Open Economy Macroeconomics,"
Unpublished Manuscript.                                           4

Obstfeld, Maurice and Kenneth Rogoff (2000) "The Six Major
Puzzles in International Macroeconomics: Is There a Common
Cause?" NBER Macroeconomics Annual, pp. 339-389.                  4

Obstfeld, Maurice and K. Rogoff (2000) "New Direction For
Stochastic Open Economy Models," Journal of International
Economics, Vol. 50, pp. 117-154.                                  4

Shiller, Robert (2000) Irrational Exuberance, Princeton
University Press, March.                                          4

Stock, James H. and Mark W. Watson (2001) "Vector
Autoregressions," Journal of Economic Perspectives, Vol.
15, Fall 2001, pp. 101-115.                                       4

Thomas, Julia K. (2002) "Is Lumpy Investment Relevant for
the Business Cycle?" Journal of Political Economy, Vol.
110, No. 3, pp. 508-534.                                          4

1990s

Obstfeld, Maurice and Kenneth Rogoff (1996) Foundations of
International Macroeconomics, MIT Press.                         15

Chari, V. V. and Patrick J. Kehoe (1999) "Optimal Fiscal
and Monetary Policy," in J. B. Taylor and M. Woodford,
editors, Handbook of Macroeconomics, Vol 111, Chapter 26,
Amsterdam, North Holland.                                        10

Clarida, Gali and Mark Gertler, "The Science of Monetary
Policy: A New Keynesian Perspective," Journal of Economic
Literature, December 1999.                                        8

Krusell, Per and Anthony A. Smith, Jr. (1998) "Income and
Wealth Heterogeneity in the Macroeconomy," Journal
of Political Economy, Vol. 106, No. 5, pp. 867-896.               8

Stock, James H. and Mark W. Watson, "Business Cycle
Fluctuations in U.S. Macroeconomic Time Series," in Taylor
and Woodford, editors, Handbook of Macroeconomics, Vol.
113, Elsevier, 1999, pp. 5-14.                                    8

Aiyagari, S. Rao, "Uninsured Idiosyncratic Risk and
Aggregate Saving," Quarterly Journal of Economics, Vol.
109, No. 3, pp. 659-684, 1994.                                    7

Campbell John Y., "Inspecting the Mechanism: An Analytical
Approach to the Stochastic Growth Model," Journal of
Monetary Economics, Vol. 33, June 1994, pp. 463-506.              6

Davis, Steven J., John C. Haltiwanger and Scott Schuh, Job
Creation and Destruction, MIT Press, Cambridge, 1996.             6

Kehoe, Patrick J. and Fabrizio Perri (1996) "International
Business Cycles with Endogenous Incomplete Markets,"
Unpublished Paper, Federal Reserve Bank of Minneapolis.           6

Abraham, K. and J. Haltiwanger, "Real Wages and the
Business Cycle," Journal of Economic Literature, September
1995, Vol. 33, No. 3, pp. 1215-1264.                              5

Atkeson, A, "International Lending with Moral Hazard and
Risk of Repudiation", Econotnetrica, 1991, Vol. 59, No. 4,
pp. 1069-1089.                                                    5

Chari, V.V., Patrick J. Kehoe and Ellen McGrattan, "Sticky
Price Models of the Business Cycle: Can the Contract
Multiplier Solve the Persistence Problem?" Federal Reserve
Bank of Minneapolis Staff Paper No. 217, May 1998.                5

Christiano, Lawrence J., Martin Eichenbaum and Charles
Evans, "Monetary Policy Shocks: What Have We Learned and
to What End?" in Handbook of Macroeconomics, Taylor, J.,
and Woodford, M., editors, New York, NY, Elsevier, 1999.          5

Christiano, Lawrence and Martin Eichenbaum (1992) "Current
Real Business Cycle Theories and Aggregate Labor-Market
Fluctuations," American Economic Review, Vol. 82, No. 3,
pp. 430-450.                                                      5

Cole, Harold L. and Maurice Obstfeld (1991) "Commodity
Trade and International Risk Sharing;' Journal of Monetary
Economics, Vol. 28, pp. 3-24.                                     5

Cooley, Thomas F. and Edward C. Prescott, "Economic Growth
and Business Cycles," in Thomas F. Cooley (editor)
Frontiers of Business Cycle Research, Princeton, 1995.            5

Cooley, Thomas F. and Gary D. Hansen, "Money and the
Business Cycle" in Frontiers of Business Cycle Research,
Princeton University Press, 1995                                  5

Hall, Robert, "Lost Jobs," Biookings Papers on Economic
Activity, 1995, Vol. 1, pp. 221-273.                              5

Mortensen, Dale and Christopher Pissarides, "Job Creation
and Job Destruction in the Theory of Unemployment," Review
of Economic Studies, 1994, Vol. 61, pp. 397-415.                  5

Mortensen, Dale T. and Christopher A. Pissarides, "Job
Reallocation, Employment Fluctuations and Unemployment,"
in Handbook of Macroeconomics, edited by Taylor and
Woodford, Chapter 18, Vol 1 B, 1999.                              5

Abel, Andrew (1990) "Consumption and Investment," in
Handbook of Monetary Economics, vol. 11, edited by B. M.
Friedman and F. H. Hahn, Elsevier Science, pp. 725-778.           4

Aghion, Philippe and Peter Howitt, "A Model of Growth
Through Creative Destruction," Econometrica, 1992, Vol.
60, No. 2, pp. 323-351.                                           4

Atkeson, Andrew and Lucas, Robert E. (1992) "On Efficient
Distribution with Private Information," Review of Economic
Studies, Vol. 59, pp. 427-453.                                    4

Backus, David K. and Gregor W. Smith (1993) "Consumption
and Real Exchange Rates in Dynamic Economies with
Non-Traded Goods." Journal of International Economics,
Vol. 35, pp. 297-316.                                             4

Baxter, Marianne and Robert G. King, "Fiscal Policy in
General Equilibrium," American Economic Review, Vol. 83,
No. 3, June 1993, pp. 315-334.                                    4

Caballero, Ricardo and Eduardo Engel (1999) "Explaining
Investment Dynamics in US Manufacturing: A Generalized (S,
s) Approach," Econometrica, Vol. 67, No. 4, pp. 741-782.          4

Caballero, Ricardo and Mohamad Hammour, "Jobless Growth:
Appropriability, Factor Substitution, and Unemployment,"
Carnegie-Rochester Conference Series on Public Policy,
1998.                                                             4

Carroll, Christopher D. and Lawrence H. Summers,
"Consumption Growth Parallels Income Growth: Some New
Evidence," in B. Douglas Bernheim and John B. Shoven,
editors, National Saving and Economic Performance, Chicago
University Press, Chicago, 1991.                                  4

Christiano, Lawrence, Martin Eichenbaum and Charles Evans,
"The Effects of Monetary Policy Shocks: Evidence from the
Flow of Funds," REStat, February 1996, Vol. 78, No. 1, pp.
16-34.                                                            4

Cochrane, John H. and Lars Peter Hansen, "Asset Pricing
Explorations for Macroeconomics," NBER Working Paper No.
4088, 1992.                                                       4

Deaton, Angus (1992) Understanding Consumption, Oxford
University Press, 1992.                                           4

Hall, Robert E. "Labor Market Frictions and Employment
Fluctuations," in Handbook of Macroeconomics, edited by J.
B. Taylor, and M. Woodford, Amsterdam, North Holland,
Elsevier Science Publishing Company, 1999, Chapter 17,
ISBN: 0444825282.                                                 4

King, Robert G. and Sergio T. Rebelo (1999) "Resuscitating
Real Business Cycles," Chapter 14, Volume 1B, Handbook of
Macroeconomics, J. Taylor and M. Woodford, editors, North
Holland, pp. 927-1007.                                            4

Kiyotaki, Nobuhiro and John Moore, "Credit Cycles,"
Journal of Political Economy, April 1997.                         4

Kocherlakota, Narayana R. (1996) "Implications of
Efficient Risk Sharing without Commitment," Review of
Economic Studies, Vol. 63.                                        4

Mendoza, Enrique G. (1991) "Real Business Cycles in a
Small Open Economy." American Economic Review, Vol. 81,
No. 4, pp. 797-818.                                               4

Merz, Monika (1995) "Search in the Labor Market and the
Real Business Cycle," Journal of Monetary Economics, Vol.
36, pp. 269-300.                                                  4

Obstfeld, Maurice and Kenneth Rogoff (1995) "The
Intertemporal Approach to the Current Account," Chapter
34, Volume 3, Handbook of International Economics, G.
Grossman and K. Rogoff, editors, pp. 1731-1799.                   4

Ramey, Garey and Joel Watson, "Contractual Fragility, Job
Destruction, and Business Cycles," Quarterly Journal of
Economics, Vol. 112, No. 3, 1997, pp. 973-911.                    4

Romer, Paul M. (1990) "Endogenous Technological Change,"
Journal of Political Economy, Vol. 98, No. S7 1-S 102             4

Stockman, Alan C. and L. L. Tesar (1995) "Tastes and
Technology in a Two-Country Model of the Business Cycle:
Explaining International Comovements," American Economic
Review, Vol. 85, pp. 168-85.                                      4

1980s

Blanchard, Olivier and Stanley Fischer, Lectures on
Macroeconomics, MIT Press, 1989.                                 18

Stokey, Nancy L., Edward C. Lucas and Robert E. Prescott
(1989) Recursive Methods in Economic Dynamics, Harvard
University Press.                                                14

Lucas, Robert E. (1982) "Interest Rates and Currency
Prices in a Two-Country World," Journal of Monetary
Economics, Vol. 10, pp. 335-359.                                  7

Mehra, Rajinish and Edward C. Prescott (1985) "The Equity
Premium: A Puzzle," Journal of Monetary Economics, Vol.
15, March, pp. 145-162.                                           7

Prescott, Edward (1986) "Theory Ahead of Business Cycle
Measurement," Carnegie-Rochester Conference on Public
Policy, Vol. 24, pp. 11-44. Reprinted in Federal Reserve
Bank of Minneapolis Quarterly Review, Vol. 10, pp. 9-22.          7

Hansen, Gary D. (1985) "Indivisible Labor and the Business
Cycle," Journal of Monetary Economics, Vol. 16, pp.
309-27.                                                           6

Diamond, Douglas W. and Philip H. Dybvig (1983) "Bank
Runs, Deposit Insurance, and Liquidity," Journal of
Political Economy, Vol. 91, pp. 401-19.                           5

Epstein, Larry and Stanley Zin, "Substitution, Risk
Aversion, and the Temporal Behavior of Consumption and
Asset Returns: A Theoretical Framework," 1989,
Econometrica, Vol. 57, No. 4, pp. 937-969.                        5

Sargent, Thomas J. (1987), Dynamic Macroeconomic Theory,
Harvard University Press.                                         5

Bernanke, Ben and Mark Gertler, "Agency Costs, Net Worth,
and Business Fluctuations," American Economic Review, Vol.
79, No. 1, 1989, pp. 14-31.                                       4

Blanchard, Olivier and Danny Quah, (1989) "The Dynamic
Effects of Aggregate Demand and Supply Disturbances,"
American Economic Review, Vol. 79, pp. 655-671.                   4

Chari, VV. (1988) "Time Consistency and Optimal Policy
Design," Federal Reserve Bank of Minneapolis Quarterly
Review, Vol. 12, No.4.                                            4

Hayashi, Fumio (1982) "Tobin's Marginal q and Average q: A
Neo-Classical Interpretation," Econometrica, Vol. 50, pp.
213-224.                                                          4

Lucas, Robert E. (1988) "On the Mechanics of Economic
Development," Journal of Monetary Economics, Vol. 22, No.
1, pp. 3-42.                                                      4

Shleifer, Andrei, "Implementation Cycles," Journal of
Political Economy, Vol. 94, No. 6, December 1986, pp.
1163-1190.                                                        4

Tirole, Jean, "Asset Bubbles and Overlapping Generations,"
Econometrica, Vol. 53, No. 6, 1985, pp. 1499-1528.                4

Blanchard, Olivier Jean and Peter Diamond, "The Beveridge
Curve," Biookings Papers on Economic Activity, Vol. 2,
1989, pp. 85-155.                                                 3

Calvo, Guillermo, "Staggered Prices in a Utility
Maximizing Framework," Journal of Monetary Economics, Vol.
12, No. 3, 1983, pp. 383-398.                                     3

Caplin Andrew S. and Daniel F. Spulber, "Menu Costs and
the Neutrality of Money," Quarterly Journal of Economics,
Vol. 102, No. 4, 1987, pp. 703-726.                               3

Cooley, Thomas F. and Gary D. Hansen (1989) "The Inflation
Tax in a Real Business Cycle Model," American Economic
Review, Vol. 79, No. 4, pp. 733-748.                              3

Diamond, Peter A. (1982) "Aggregate Demand Management in
Search Equilibrium," Journal of Political Economy, Vol.
90, pp. 881-894, October.                                         3

Dornbusch, Rudiger (1987) "Exchange Rates and Prices,"
American Economic Review, Vol. 77, pp. 93-106.                    3

Feldstein, Martin (1983) "Domestic Saving and
International Capital Movements in the Long Run and the
Short Run," European Economic Review, Vol. 21, pp.                3
129-151.

Flavin, Marjorie (1981) "The Adjustment of Consumption to
Changing Expectations about Future Income," Journal of
Political Economy, Vol. 89, No. 5, pp. 974-1009.                  3

Harris, Milton (1987) Dynamic Economic Analysis, Oxford
University Press.                                                 3

Kydland, Finn E. and Edward C. Prescott (1982) "Time to
Build and Aggregate Fluctuations," Econometrica, Vol. 50,
No. 6, pp. 1345-1370.                                             3

Lucas, Robert E. and Nancy Stokey, "Money and Interest in
a Cash-in-Advance Economy," Econometrica, 1987, Vol. 55,
No. 3, pp. 491-513.                                               3

Lucas, Robert E. and Nancy Stokey, "Optimal Fiscal and
Monetary Policy in Economies without Capital," Journal of
Monetary Economics, 1983.                                         3

Sachs, Jeffrey D. (1982) "The Current Account in the
Macroeconomic Adjustment Process," Scandinavian Journal of
Economics, Vol. 84, pp. 147-159.                                  3

Sargent, Thomas J., Macroeconomic Theory, 2nd edition, San
Diego, Academic Press, 1987.                                      3

Shapiro, Carl, and Joseph E. Stiglitz, "Equilibrium
Unemployment as a Worker Discipline Device," American
Economic Review, Vol. 74, No. 3, 1984, pp. 259-293.               3

1970s

Barro, Robert J. (1974) "Are Government Bonds Net Wealth?"
Journal of Political Economy, Vol. 82, No. 6, pp.
1095-1117.                                                        7

Hall, Robert (1978) "Stochastic Implications of the Life
Cycle Permanent Income Hypothesis: Theory and Evidence,"
Journal of Political Economy, October, Vol. 86, No. 5.            5

Kydland, Finn E. and Edward C. Prescott (1977) "Rules
Rather Than Discretion: The Inconsistency of Optimal
Plans," Journal of Political Economy, Vol. 85, 473-91.            5

Dombusch, Rudiger (1976) "Expectations and Exchange Rate
Dynamics," Journal of Political Economy, Vol. 84, No. 6,
pp. 1161-1176.                                                    4

Lucas, Robert E. (1976) "Econometric Policy Evaluation: A
Critique," Carnegie-Rochester Conference on Public Policy,
Vol. 1.                                                           4

Lucas, Robert E. (1978) "Asset Prices in an Exchange
Economy," Econometrica, Vol. 46, pp. 1429-45.                     4

Brock, William A. and Leonard J. Mirman (1972) "Optimal
Economic Growth and Uncertainty: The Discounted Case,"
Journal of Economic Theory, Vol. 4, pp 479-513.                   3

Dornbusch Rudiger, Stanley Fischer and Paul Samuelson
(1977) "Comparative Advantage, Trade, and Payments in a
Ricardian Model with a Continuum of Goods," American
Economic Review, Vol. 67, No. 5, pp. 823-39.                      3

Krugman, Paul (1979) "A Model of Balance of Payments
Crises," Journal of Money, Credit and Banking, Vol. 11,
pp. 311-325.                                                      3

Lucas, Robert E. and Edward C. Prescott (1974)
"Equilibrium Search and Unemployment," Journal of Economic
Theory, Vol. 7, pp 188-209.                                       3

1960s

Diamond, Peter A., "National Debt in a Neoclassical Growth
Model," American Economic Review, December 1965, Vol. 55,
No. 5, pp. 1126-1150.                                             9

Cass, D. (1965) "Optimum Growth in an Aggregative Model of
Capital Accumulation," Review of Economic Studies, Vol.
32, No. 3, pp. 233-240.                                           5

Shell, Karl, "Applications of Pontryagin's Maximum
Principle to Economics," in Mathematical Systems Theory
and Economics I, H. W. Kuhn and G. P. Szego, editors,
Springer Velag, 1969, pp. 241-292.                                3

1950s

Samuelson, Paul A., "An Exact Consumption Loan Model of
Interest with and without the Social Contrivance of
Money," Journal of Political Economy, December 1958, Vol.
66, No. 6, pp. 467-482.                                           4

Solow, Robert M., "A Contribution to the Theory of
Economic Growth," Quarterly Journal of Economics, February
1956, Vol. 70, No. 1, pp. 65-94.                                  4

Appendix B
Top Macromonetary Economists by Decade
2000s

                                      Number of Syllabi
Author                                    Citations

Sargent, Thomas                              32
Caballero, Ricardo                           28
Woodford, Michael                            25
Ljungqvist, Lars                             22
Alvarez, Fernando                            21
Obstfeld, Maurice                            21
Christiano, Lawrence                         20
Rebelo, Sergio T.                            19
Acemoglu, Daron                              18
Shimer, Robert                               17
Hall, Robert                                 15
Kehoe, Patrick                               15
Blanchard, Olivier                           14
Engel, Charles                               14
Lucas, Robert E.                             14
Chart, V .V.                                 13
Carroll, Christopher                         12
Gertler, Mark                                12
Ventura, Jaume                               12
Clarida, Richard                             11
Reis, Ricardo                                11
Davis, Steven J.                             10
Gali, Jordi                                  10
Jermann, Urban                               10
Mark, Nelson C.                              10
Bils, Mark J.                                 9
Golosov, Mikhail                              9
Heathcote, Jonathan                           9
King, Robert                                  9
Kocherlakota, Narayana                        9
Quadrini, Vincenzo                            9
Rogerson, Richard                             9
Romer, David                                  9
Barro, Robert                                 8
Shell, Karl                                   8
Storesletten, Kjetl                           8
Wright, Mark                                  8
Aghion, Phillipe                              7
Chinn, Menzie                                 7
Galor, Oded                                   7
van Wincoop, Eric                             7
Wright, Randall                               7
Backus, David                                 6
Howitt, Peter                                 6
Mankiw, Gregory                               6
Rios-Rull, Victor                             6
Svensson, Lars                                6
Hansen, Lars Peter                            5
Krusell, Per                                  5
Stock, James                                  5
Watson, Mark W.                               5
Brock, William                                4
Cooley, Thomas F.                             4
Eaton, Jonathan                               4
Hopenhayn, Hugo                               4
Rose, Andrew                                  4
Attanasio, Orazio                             3
Bernanke, Ben                                 3
Campbell, John                                3
Cochrane, John                                3
Diamond, Douglas                              3
Engel, Eduardo                                3
Frankel, Jeffrey                              3
Jovanovic, Boyan                              3
Prescott, Edward                              3
Rogoff, Kenneth                               3
Stokey, Nancy                                 3
Watson, Joel                                  3

1990s

Caballero, Ricardo                           46
Kehoe, Patrick                               43
Obstfeld, Maurice                            33
Christiano, Lawrence                         28
Chari, V.V.                                  25
Rogoff, Kenneth                              23
Woodford, Michael                            19
Prescott, Edward                             18
Backus, David                                17
Kydland, Finn                                17
Cole, Harold                                 16
Davis, Steven J.                             16
Baxter, Marianne                             15
Gertler, Mark                                15
Campbell, John                               14
Cochrane, John                               14
Krusell, Per                                 14
Kocherlakota, Narayana                       13
Watson, Mark W.                              13
Clarida, Richard                             12
Aghion, Peter                                11
Aiyagari, S. Rao                             11
Cooley, Thomas F.                            11
Engel, Eduardo                               11
Hall, Robert                                 11
Howitt, Peter                                11
King, Robert                                 11
Abel, Andrew                                 10
Blanchard, Olivier                           10
Carroll, Christopher                         10
Engel, Charles                               10
Shell, Karl                                  10
Gali, Jordi                                   9
Rebelo, Sergio T.                             9
Watson, Joel                                  9
Deaton, Angus                                 8
Hansen, Gary                                  8
Hansen, Lars Peter                            8
Jermann, Urban                                8
Stock, James                                  8
Wright, Randall                               8
Acemoglu, Daron                               7
Attanasio, Orazio P.                          7
Caplin, Andrew                                7
Lucas, Robert                                 7
Rogerson, Richard                             7
Rotemberg, Julio                              7
Bernanke, Ben                                 6
Eberly, Janice                                6
Heaton, Jonathan                              6
Hopenhayn, Hugo                               6
Krugman, Paul                                 6
Abraham, Katherine                            5
Quadrini, Vincenzo                            5
Romer, David                                  5
Romer, Paul                                   5
Stockman, Alan C.                             5
Eaton, Jonathan                               4
Frankel, Jeffrey                              4
Rios-Rull, Victor                             4
Alvarez, Fernando                             3
Barro, Robert                                 3
Chinn, Menzie                                 3
Jovanovic, Boyan                              3
Mankiw, Gregory                               3
Rose, Andrew                                  3
Shimer, Robert                                3
van Wincoop, Eric                             3

1980s

Blanchard, Olivier                           32
Prescott, Edward                             22
Stokey, Nancy                                22
Lucas, Robert E.                             20
Prescott, Robert                             14
Sargent, Thomas                              13
Mehra, Rajinish                              11
Hansen, Gary                                  9
Mankiw, Gregory                               8
Barro, Robert                                 7
Diamond, Peter                                7
Bernanke, Ben                                 6
Gertler, Mark                                 6
Hansen, Lars Peter                            6
Kydland, Finn                                 6
Stockman, Alan C.                             6
Abraham, Katherine                            5
Diamond, Douglas                              5
Epstein, Larry                                5
Svensson, Lars                                5
Chari, V.V.                                   4
Cooley, Thomas F.                             4
Frankel, Jeffrey                              4
Rogoff, Kenneth                               4
Romer, Paul                                   4
Shell, Karl                                   4
Abel, Andrew                                  3
Bils, Mark J.                                 3
Campbell, John                                3
Caplin, Andrew                                3
Dornbusch, Rudiger                            3
Eaton, Jonathan                               3
Krugman, Paul                                 3
Plosser, Charles                              3
Watson, Mark                                  3

1970s

Lucas, Robert                                16
Prescott, Edward                              8
Barro, Robert                                 7
Dornbusch, Rudiger                            7
Hall, Robert                                  6
Kydland, Finn                                 5
Brock, William                                4
Cass, David                                   4
Krugman, Paul                                 4
Shell, Karl                                   4
Sargent, Thomas                               3

1960s

Diamond, Peter                                9
Shell, Karl                                   6
Cass, David                                   5
Stiglitz, Joseph                              3

1950s

Samuelson, Paul                               4
Solow, Robert                                 4

References

Billings, Bradley B. and George J. Viksnins. (December 1972). "The Relative Quality of Economics Journals: An Alternative Rating System," Western Economic Journal, 10(4), 467-469.

Breit, William and John H. Huston. (Fall 1997). "Reputation Versus Influence: The Evidence from Textbook References," Eastern Economic Journal, 23(4), 451-455.

Bush, Winston C., Paul W. Hamelman, and Robert J. Staaf. (February 1974). "A Quality Index for Economic Journals," Review of Economics and Statistics, 56(1), 123-125.

Coats, A. W. (March 1971). "The Role of Scholarly Journals in the History of Economics: An Essay," Journal of Economic Literature, 9(I), 29-44.

Coupe, Tom. (December 2003). "Revealed Performances: Worldwide Rankings of Economists and Economics Departments, 1990-2000," Journal of the European Economic Association, 1(6), 1309-1345.

Davis, John B. (Fall 1998). "Problems in Using the Social Sciences Citation Index to Rank Economic Journals," The American Economist, 42(2), 59-64.

Dusansky, Richard and Clayton J. Vernon. (Winter 1998). "Rankings of U.S. Economics Departments," Journal of Economic Perspectives, 12(1), 157-170.

Garcia-Castrillo, P., A. Montanes, and F. Sanz-Gracia. (August 2002). "A Worldwide Assessment of Scientific Production in Economics," Applied Economics, 34(12), 1453-1475.

Hawkins, Robert G., Lawrence S. Ritter, and Ingo Walter. (July 1973). "What Economists Think of Their Journals," Journal of Political Economy, 81(4), 1017-1032.

Kalaitzidakis, Pantelis, Theofanis P. Mamueneas, and Thanasis Stengos. (December 2003). "Rankings of Academic Journals and Institutions in Economics," Journal of the European Economic Association, 1(6), 1346-1366.

Kim, E. Han, Adair Morse, and Luigi Zingales. (September 2006). "What has Mattered to Economics Since 1970," National Bureau of Economic Research, Working Paper 12526.

Kodrzycki, Yolanda K. and Pingkang Yu. (2006). "New Approaches to Ranking Economic Journals," Contributions to Economic Analysis and Policy, 5(1), 1-42.

Laband, David N. and Michael J. Piette. (June 1994). "The Relative Impacts of Economic Journals: 1970-1990," Journal of Economic Literature, 32(2), 640-666.

Liebowitz, S. L. and J. E Palmer. (March 1984). "Assessing the Relative Impacts of Economics Journals," Journal of Economic Literature, 22(1), 77-88.

Liner, Gaines H. (January 2002). "Core Journals in Economics," Economic Inquiry, 40(1), 138-145.

Liner, Gaines H. and Minesh Amin. (June 2004). "Methods of Ranking Economic Journals," Atlantic Economic Journal, 32(2), 140-149.

Moore, William J. (June 1972). "The Relative Quality of Economic Journals: A Suggested Rating System," Western Economic Journal, 10(2), 156-169.

Palacios-Huerta, Ignacio and Oscar Volij. (May 2004). "The Measurement of Intellectual Influence," Econometrics, 72(3), 963-977.

Ramrattan, Lall B. and Michael Szenberg. (Spring 2003). "Ranking of Economic Journals: A Statistical Survey and Analysis," The American Economist, 47(1), 82-90.

Rock, James M. (Spring 1984). "A Reason for Ranking Recent Articles: The Case for Macromonetary Articles," The American Economist, 28(1), 80-85.

Skeels, Jack W. and Ryland A. Taylor. (December 1972). "The Relative Quality of Economic Journals: An Alternative Rating System," Western Economic Journal, 10(4), 470-473.

Notes

(1.) The authors noted (p. 964): "Our purpose in this paper is not to claim that any given ranking method based on citations is the correct way of measuring impact, much less quality. Citation analysis, however sophisticated it may be, cannot be a substitute for critical reading and expert judgment." These comments should be interpreted in the context of the title of their paper, "The Measurement of Intellectual Influence."

(2.) Dusansky and Vernon (p. 167) noted "The most widely discussed academic rankings are those of the magazine U.S. News and Worm Report, which are published annually in the 'America's Best Colleges' issue."

(3.) Interestingly, the National Bureau of Economic Research (NBER) was ranked second in the top 1000 list.

by Roger W. Spencer *, John H. Huston, ** and Rachel Branyan ***

* V. F. Taylor Professor of Economics, Trinity University, San Antonio, TX 78212 210-999-7222 rspencer@trinity.edu.

** Professor and chair of Economics, Trinity University, San Antonio, TX 78212 210-999-8471 jhuston @trinity.edu.

*** Rachel Branyan, Trinity University graduate San Antonio, TX 78212

The authors wish to acknowledge Rande Spector for her critical contributions to this project.

TABLE 1.
Top 25 Economics Graduate Programs

  1   Massachusetts Institute of Technology
      University of Chicago
  3   Harvard University (MA)
      Princeton University (NJ)
      Stanford University (CA)
      University of California-Berkeley
  7   Yale University (CT)
  8   Northwestern University (IL)
  9   University of Pennsylvania
 10   University of California-San Diego
 11   Columbia University (NY)
      University of California-Los Angeles
      University of Michigan-Ann Arbor
      University of Wisconsin-Madison
 15   New York University
      University of Minnesota-Twin Cities
 17   California Institute of Technology
      Cornell University (NY)
 19   University of Rochester (NY)
 20   Carnegie Mellon University (PA)
 21   Brown University (RI)
      Duke University (NC)
      University of Maryland-College Park
 24   Johns Hopkins University (MD)
 25   Boston University
      University of Texas-Austin

TABLE 2.
Top Macromonetary Articles by Syllabi Frequency

Articles                                                     Frequency

Chari, V. V. and Patrick J. Kehoe (1999) "Optimal Fiscal
and Monetary Policy," in J. B. Taylor and M. Woodford,
editors, Handbook of Macroeconomics, Vol. III, Chapter
26, Amsterdam, North Holland.                                   10

Diamond, Peter A., "National Debt in a Neoclassical
Growth Model," American Economic Review, December 1965,
Vol. 55, No. 5, pp. 1126-1150.                                   9

Clarida, Gali and Mark Gertler, "The Science of Monetary
Policy: A New Keynesian Perspective," Journal of
Economic Literature, December 1999.                              8

Krusell, Per and Anthony A. Smith, Jr. (1998) "Income
and Wealth Heterogeneity in the Macroeconomy," Journal
of Political Economy, Vol. 106, No. 5, pp. 867-896.              8

Stock, James H. and Mark W. Watson, "Business Cycle
Fluctuations in U.S. Macroeconomic Time Series," in
Taylor and Woodford, editors, Handbook of
Macroeconomics, Vol. 113, Elsevier, 1999, pp. 5-14.              8

Aiyagari, S. Rao, "Uninsured Idiosyncratic Risk and
Aggregate Saving," Quarterly Journal of Economics, Vol.
109, No. 3, pp. 659-684, 1994.                                   7

Barro, Robert J. (1974) "Are Government Bonds Net
Wealth?" Journal of Political Economy, Vol. 82, No. 6,
pp. 1095-1117.                                                   7

Bils, Mark J. and Peter J. Klenow (2004) "Some Evidence
on the Importance of Sticky Prices," Journal of
Political Economy, Vol. 112, No. 5, pp. 947-985.                 7

Lucas, Robert E. (1982) "Interest Rates and Currency
Prices in a Two-Country World," Journal of Monetary
Economics, Vol. 10, pp. 335-359.                                 7

Mehra, Rajinish and Edward C. Prescott (1985) "The
Equity Premium: A Puzzle," Journal of Monetary
Economics, Vol. 15, March, pp. 145-162.                          7

Prescott, Edward (1986) "Theory Ahead of Business Cycle
Measurement," Carnegie-Rochester Conference on Public
Policy, Vol. 24, pp. 11-44. Reprinted in Federal Reserve
Bank of Minneapolis Quarterly Review, Vol. 10, pp. 9-22.         7

Caballero, Ricardo and Mohamad Hammour, "The Cost of
Recessions Revisited: A Reverse-Liquidationist View,"
MIT Mimeo, 2001.                                                 6

Campbell John Y., "Inspecting the Mechanism: An
Analytical Approach to the Stochastic Growth Model,"
Journal of Monetary Economics, Vol. 33, June 1994, pp.
463-506.                                                         6

Golosov, Mikhail and Robert E. Lucas, "Menu Costs and
Phillips Curves," NBER Working Paper No. 10187, December
2003.                                                            6

Hansen, Gary D. (1985) "Indivisible Labor and the
Business Cycle," Journal of Monetary v Economics, Vol.
16, pp. 309-27.                                                  6

Kehoe, Patrick J. and Fabrizio Perri (1996)
"International Business Cycles with Endogenous
Incomplete Markets," Unpublished Paper, Federal Reserve
Bank of Minneapolis.                                             6

Reis, Ricardo, "Inattentive Consumers," (2004) NBER
Working Paper No. 10883.                                         6

Abraham, K. and J. Haltiwanger, "Real Wages and the
Business Cycle," Journal of Economic Literature,
September 1995, Vol. 33, No. 3, pp. 1215-1264.                   5

Atkeson, A, "International Lending with Moral Hazard and
Risk of Repudiation", Econometrica, 1991, Vol. 59, No.
4, pp. 1069-1089.                                                5

Atkeson, Andrew, and Ariel Burstein (2005) "Trade Costs,
Pricing to Market, and International Relative Prices,"
Department of Economics, UCLA Manuscript.                        5

Cass, D. (1965) "Optimum Growth in an Aggregative Model
of Capital Accumulation," Review of Economic Studies,
Vol. 32, No. 3, pp. 233-240.                                     5

Chari, V.V., Patrick J. Kehoe and Ellen McGrattan,
"Sticky Price Models of the Business Cycle: Can the
Contract Multiplier Solve the Persistence Problem?"
Federal Reserve Bank of Minneapolis Staff Paper No. 217,
May 1998.                                                        5

Christiano, Lawrence J., Martin Eichenbaum and Charles
Evans, "Monetary Policy Shocks: What Have We Learned and
to What End?" in Handbook of Macroeconomics, Taylor,
J., and Woodford, M., editors, New York, NY,
Elsevier, 1999.                                                  5

Christiano, Lawrence and Martin Eichenbaum (1992)
"Current Real Business Cycle Theories and Aggregate
Labor-Market Fluctuations," American Economic Review,
Vol. 82, No. 3, pp. 430-450.                                     5

Cole, Harold L. and Maurice Obstfeld (1991) "Commodity
Trade and International Risk Sharing," Journal of
Monetary Economics, Vol. 28, pp. 3-24.                           5

Cooley, Thomas F. and Edward C. Prescott, "Economic
Growth and Business Cycles," in Thomas F. Cooley
(editor) Frontiers of Business Cycle Research,
Princeton, 1995.                                                 5

Cooley, Thomas F. and Gary D. Hansen, "Money and the
Business Cycle" in Frontiers of Business Cycle Research,
Princeton University Press, 1995                                 5

Diamond, Douglas W. and Philip H. Dybvig (1983) "Bank
Runs, Deposit Insurance, and Liquidity," Journal of
Political Economy, Vol. 91, pp. 401-19.                          5

Epstein, Larry and Stanley Zin, "Substitution, Risk
Aversion, and the Temporal Behavior of Consumption and
Asset Returns: A Theoretical Framework," 1989,                   5
Econometrica, Vol. 57, No. 4, pp. 937-969.

Hall, Robert, "Lost Jobs," Brookings Papers on Economic
Activity, 1995, Vol. 1, pp. 221-273.                             5

Hall, Robert (1978) "Stochastic Implications of the Life
Cycle Permanent Income Hypothesis: Theory and Evidence,"
Journal of Political Economy, October, Vol. 86, No. 5.           5

Kydland, Finn E. and Edward C. Prescott (1977) "Rules
Rather Than Discretion: The Inconsistency of Optimal
Plans," Journal of Political Economy, Vol. 85, 473-91.           5

Mortensen, Dale and Christopher Pissarides, "Job
Creation and Job Destruction in the Theory of
Unemployment," Review of Economic Studies, 1994, Vol.            5
61, pp. 397-415.

Mortensen, Dale T. and Christopher A. Pissarides, "Job
Reallocation, Employment Fluctuations and Unemployment,"
in Handbook of Macroeconomics, edited by Taylor and
Woodford, Chapter 18, Vol IB, 1999.                              5

Shimer, Robert (2005) "The Cyclical Behavior of
Equilibrium Unemployment and Vacancies", American
Economic Review, Vol. 95, pp. 25-49.                             5

TABLE 3.
Top Macromonetary Economists by Number of
Different Articles and Books Contributed to
Master List

Author                              Articles and
                                   Books Listed *

Caballero, Ricardo                    39 (38)
Lucas, Robert                         30 (27)
Christiano, Lawrence                  25 (25)
Prescott, Edward                      25 (23)
Shell, Karl                           25 (25)
Woodford, Michael                     24 (22)
Blanchard, Olivier                    21 (20)
Obstfeld, Maurice                     20 (20)
Acemoglu, Daron                       20 (20)
Chari, V. V.                          16 (16)
Hall, Robert                          16 (16)
King, Robert                          15 (15)
Barro, Robert                         14 (12)
Campbell, John                        14 (12)
Alvarez, Fernando                     14 (14)
Carroll, Christopher                  14 (14)
Frankel, Jeffrey                      13 (12)
Shimer, Robert                        13 (13)
Davis, Steven                         12 (12)
Wright, Randall                       12 (12)
Backus, David                         11 (11)
Clarida, Richard                      11 (11)
Stokey, Nancy                         11 (10)
Cole, Harold                          10 (10)
Ventura, Jaume                        10 (10)
Abel, Andrew                          10 (10)
Chinn, Menzie                         10 (10)
Cochrane, John                        10 (10)
Krugman, Paul                         12 (10)
Aghion, Phillipe                      10 (8)
Diamond, Peter                         8 (8)

* The number of articles alone is in parentheses.

TABLE 4.
Total Number of Syllabi Citations

Author                            Number of syllabi
                                      Citations

Caballero, Ricardo                        74
Kehoe, Patrick                            58
Lucas, Robert                             58
Blanchard, Olivier                        56
Obstfeld, Maurice                         56
Prescott, Edward                          51
Sargent, Thomas                           50
Christiano, Lawrence                      49
Woodford, Michael                         44
Chari, VV.                                42
Hall, Robert                              34
Gertler, Mark                             33
Shell, Karl                               32
Rogoff, Kenneth                           30
Kydland, Finn                             29
Rebelo, Sergio T.                         29
Stokey, Nancy                             27
Davis, Steven                             26
Engel, Charles                            26
Acemoglu, Daron                           25
Barro, Robert                             25
Alvarez, Fernando                         24
Backus, David                             23
Clarida, Richard                          23
Ljungqvist, Lars                          23
Carroll, Christopher                      22
King, Robert                              22
Kocherlakota, Narayana                    22
Watson, Mark                              21
Campbell, John                            20
Diamond, Peter                            20
Shimer, Robert                            20
Cooley, Thomas F.                         19
Gali, Jordi                               19
Hansen, Gary                              19
Hansen, Lars Peter                        19
Krusell, Per                              19
Aghion, Phillipe                          18
Cole, Harold                              18
Jermann, Urban                            18
Cochrane, John                            17
Howitt, Peter                             17
Mankiw, Gregory                           17
Rogerson, Richard                         17
Romer, David                              16
Wright, Randall                           16
Abel, Andrew                              15
Baxter, Marianne                          15
Bernanke, Ben                             15
Stock, James                              15
Aiyagari, S. Rao                          14
Engel, Eduardo                            14
Krugman, Paul                             14
Quadrini, Vincenzo                        14
Ventura, Jaume                            13
Bils, Mark J.                             12
Dornbusch, Rudiger                        12
Frankel, Jeffrey                          12
Mark, Nelson C.                           12
Svensson, Lars                            12
Watson, Joel                              12
Caplin, Andrew                            11
Cass, David                               11
Eaton, Jonathan                           11
Mehra, Rajinish                           11
Reis, Ricardo                             11
Stockman, Alan C.                         11
Abraham, Katherine                        10
Attanasio, Orazio P.                      10
Chinn, Menzie                             10
Hopenhayn, Hugo                           10
Jovanovic, Boyan                          10
Rios-Rull, Victor                         10
van Wincoop, Eric                         10
Deaton, Angus                              9
Golosov, Mikhail                           9
Heathcote, Jonathan                        9
Romer, Paul                                9
Brock, William A.                          8
Diamond, Douglas                           8
Eberly, Janice                             8
Galor, Oded                                8
Storesletten, Kjetl                        8
Wright, Mark                               8
Heaton, Jonathan                           7
Rose, Andrew                               7
Rotemberg, Julio                           7

TABLE 5.
Top Journals for Macromonetary Articles

                                              Number of
Journals                                       Articles

American Economic Review                         163
Journal of Political Economy                     134
National Bureau of Economic
  Research                                       113
Journal of Monetary Economics                     84
Quarterly Journal of Economics                    78
Econometrica                                      65
Review of Economic Studies                        62
Journal of Economic Theory                        22
Quarterly Review (Minn. Fed.)                     21
Brookings Papers                                  21
Journal of Economic Dynamics and
  Control                                         18
International Economic Review                     17
Journal of Economic Literature                    16
Journal of Economic Perspectives                  16

TABLE 6.
Top Graduate Macromonetary Textbooks

                                                      Number of
Textbook                                             times listed

Ljungqvist, L and T. Sargent, 2004, Recursive
  Macroeconomic Theory (2nd edition), MIT Press.          22
Blanchard, O. and S. Fischer, Lectures on
  Macroeconomics, MIT Press 1989                          18
Obstfeld, M. and K. Rogoff, 1996, Foundations
  of International Macroeconomics, MIT Press.             15
Stokey N., R. Lucas, E. Prescott (1989).
  Recursive Methods in Economic Dynamics.
  Harvard University Press.                               14
Woodford, M. Interest & Prices: Foundations of
  a Theory of Monetary Policy, Princeton
  University Press 2003, Princeton, NJ.                   13
Romer, D. (2001) Advanced Macroeconomics. 2nd
  Edition. New York: McGraw Hill.                          8
Mark, N., 2001, International Macroeconomics
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