One Hundred Twenty-Five Years of the Journal of Political Economy: a Bibliometric Overview

One hundred twenty-five years of the Journal of Political Economy: A bibliometric overview

Lluis Amiguet1, Anna M. Gil-Lafuente2, Finn E. Kydland3, José M. Merigó4

1Department of Communication, Rovira i Virgili University, Av. Catalunya 35, 43002 Tarragona, Spain

2Department of Business Administration, University of Barcelona, Av. Diagonal 690, 08034 Barcelona, Spain

3Department of Economics, University of California – Santa Barbara, 2127 North Hall, Santa Barbara, CA 93106, USA

4Department of Management Control and Information Systems, School of Economics and Business, University of Chile, Av. Diagonal Paraguay 257, 8330015 Santiago, Chile

Emails: [email protected]; [email protected]; [email protected]; [email protected]

Abstract

The Journal of Political Economy was created in December 1892. In 2017, the journal celebrates the 125th anniversary. Motivated by this event, this study presents a bibliometric overview of the leading trends of the journal according to a wide range of criteria including authors, institutions, countries, papers and keywords. The work uses the Scopus and the Web of Science databases to collect the bibliographic material and considers a wide range of bibliometric indicators including the number of citations and publications, the h-index, citation thresholds and the cites per paper. The study also uses software for the visualization of similarities by using several bibliometric techniques including bibliographic coupling, co-citation and co-occurrence of keywords. The results indicates that research published in the journal is mainly carried out by US economists, being the University of Chicago the most productive and influential institution. Several authors that published their seminal work in the journal have obtained the Nobel Prize in economics. The journal is well-recognized in the scientific community as one of the Top 5 journals in economics.

1 1. Introduction

The Journal of Political Economy (JPE) is one of the leading journals in economics and was launched in 1892. J. Laurence Laughlin, founder and chairman of the Department of Political Economy (later Department of Economics) at the University of Chicago, was the first editor of the journal (Longawa, 1992). After Laughlin, many other economists became editors of JPE including several Nobel Prize winners such as Robert Mundell, George J. Stigler, Robert Lucas Jr, James J. Heckman and Gary S. Becker (Longawa, 1992). JPE started as a quarterly journal until 1906 when it started publishing 10 issues per year. In 1922, the journal became bimonthly and continues today to do so. Note that in some exceptional years, the journal published less issues (1944 and 1945) and in some other years it also published some additional supplements. In 2017, JPE becomes 125 years old. In order to celebrate this anniversary, this study develops a bibliometric analysis of the publications of JPE. The objective is to identify the leading trends occurring in the journal by identifying the most productive and influential authors, institutions and countries. Additionally, the work also identifies the most influential papers, keywords and journals in JPE. The analysis employs several bibliometric indicators and techniques by using the Web of Science database and a software for building graphical maps. Bibliometrics is a research field of library and information science (Bar-Ilan, 2008) that studies the bibliographic material with quantitative methods (Broadus, 1987; Pritchard, 1969). It is very useful for classifying academic research providing general overviews of a specific issue like a research field, a journal or a country (Bonilla et al. 2015). From this point of view, bibliometrics is considered a useful tool for predicting future Nobel Prize winners (Björk et al. 2014). In the literature, there are many bibliometric studies in a wide range of areas including management (Podsakoff et al. 2008), entrepreneurship (Landström et al. 2012), innovation (Fagerberg et al. 2012), operations research and management science (Merigó and Yang 2017), finance (Borokhovich et al. 1995a) and operations management (Pilkington and Meredith, 2009). In economics, there are also many bibliometric works. For example, Coupé (2003) and García-Castrillo et al. (2002) present a worldwide overview of production in economics. Kocher and Sutter (2001) analyse the institutional concentration of authors in

2 top journals in economics. Kim et al. (2006) analyse the most cited papers in economics since the seventies. Davis and Papanek (1984) and Dusansky and Vernon (1998) develop a ranking of US economics departments. Lubrano et al. (2003) present a similar approach for economics departments in Europe. Stigler and Friedland (1975) study the citation practices of doctorates in economics. Many other authors have focused on ranking economics journals in order to identify the most prominent outlets and how they are evolving through time (Stigler et al. 1995). Hawkins et al. (1973) develop a ranking of economics journals with a survey among 111 economists and Axarloglou and Theoharakis (2003) with 2103 researchers. Liebowitz and Palmer (1984) produce a ranking based on citations in the second half of the twentieth century and up to the eighties. Laband and Piette (1994), provide an updated ranking based on the latest changes occurring over the last years. Hudson (2013) considers several lists of economics journals and identifies how these rankings where favouring one type of journal or another one. Stern (2013) studies the rankings by the Journal Citation Reports of 2011 and how these results can be considered robust or instead they generate uncertainties between journals in similar positions. Palacios-Huerta and Volij (2004) present a journal ranking based on new methods for measuring intellectual influence (Perry and Reny, 2016). Kalaitzidakis et al. (2003) also develop a ranking of economics journals but additionally build a ranking of institutions in economics. Laband (2013) builds a ranking of economics journals based on the total citations received and other related indicators. Card and Dellavigna (2013) analysed the Top 5 journals in economics and how publishing in them has changed since the 1970 (Ellison, 2002). Particularly, it is worth mentioning the significant decrease in the acceptance rate over time and the increase on the number of publications of the American Economic Review. Other studies focus on a specific area of economics. For example, Wagstaff and Culyer (2012) develop a bibliometric overview of health economics. Hoepner et al. (2012) present a bibliometric analysis of environmental and ecological economics. Hall (1990) and Baltagi (2007) provide some worldwide rankings in econometrics research. Some other works put their attention on a specific country or region. For example, Kalaitzidakis et al. (1999) analyses the publications of European institutions in the core journals and Bonilla et al. (2015) present a country analysis of economics research in Latin America. Neri and

3 Rodgers (2015) analyse the publications of Australian institutions while Davies et al. (2008) focus on Canadian research. Yu and Gao (2010) provides a ranking for Chinese institutions and Rodríguez (2006) for Spanish academics. When a journal celebrates a special anniversary, it is very common to publish some documents related to the anniversary such as an editorial (Christ, 1983; Hart and Mizon, 1983; Van Fleet et al. 2006) or a review (Kozlowski et al. 2017). Sometimes, some journals organize a special issue to celebrate the anniversary. For example, the American Economic Review published a Centenary Special Issue in order to celebrate the 100th anniversary in 2011 (Arrow et al. 2011; Margo, 2011). This special issue included many classic papers and a committee of leading economists constituted by Kenneth J. Arrow, B. Douglas Bernheim, Martin S. Feldstein, Daniel McFadden, James M. Poterba, and Robert M. Solow, made a selection of the Top 20 articles that were published in the American Economic Review during the first one hundred years (Arrow et al. 2011). The American Political Science Review (Sigelman, 2006a) also published a Centennial Issue. This issue published several retrospective papers including an historical overview (Gunnell, 2006) and the most cited papers of the journal (Sigelman, 2006b). The Economic Journal published a special issue in order to celebrate the 125th anniversary (Cripps et al. 2015). The Journal of Political Economy also published a Centennial Issue in 1992 with several remarkable papers including a short editorial analysing some key issues of the history of the journal (Longawa, 1992). But still there is no bibliometric study of the publications of JPE. Therefore, the aim of this work is to solve this problem providing a general bibliometric overview of the journal identifying the leading publication and citation trends that have occurred in JPE. Note that there are many other journals that have already published a bibliometric overview, or a related retrospective approach, of their publications. For example, Heck et al. (1986) study the leading authors and institutions of the Journal of Finance between 1946 and 1985. Heck and Bremser (1986) develop a similar approach for the first sixty years of The Accounting Review. Schwert (1993) presents a retrospective evaluation of the Journal of Financial Economics between 1974 and 1991 identifying the leading authors, institutions and papers of the journal. Inkpen and Beamish (1994) analyze the first twenty-five years of the Journal of International Business Studies and Borokhovich et al. (1995b) of Financial

4 Management. Watts (1998) study the Journal of Accounting and Economics motivated by the 25th anniversary of the journal. Sprott and Miyazaki (2002) study the first two decades of the Journal of Public Policy & Marketing and Ramos-Rodríguez and Ruíz-Navarro (2004) the Strategic Management Journal. Weis and Qiu (2008) present an overview of the publications of the Journal of Risk & Insurance for the 75th anniversary and Chan et al. (2009) of the European Financial Management between 1995 and 2008. Merigó et al. (2015) produces a bibliometric overview of the Journal of Business Research between 1973 and 2014. Recently, there are more bibliometric studies appearing in the literature for many journals including the Journal of Business & Industrial Marketing (Valenzuela et al. 2017), European Journal of Operational Research (Laengle et al. 2017), Public Administration Review (Ni et al. 2017) and Computers & Industrial Engineering (Cancino et al. 2017). The rest of the paper is organized as follows. The next section briefly reviews the bibliometric methods and indicators used in the paper. Section 3 presents the results obtained from the Web of Science Core Collection database. Section 4 develops a graphical visualization of the bibliographic material by using the visualization of similarities (VOS) viewer software. Section 5 summarizes the main findings and conclusions of the paper.

2. Bibliometric methods

There are a wide range of bibliometric methods in order to analyse the bibliographic data of a set of documents (Ding et al. 2014; Garfield, 1955). A first important question is to select the bibliometric indicators that will represent the results considered in the analysis. This work focuses on the total number of papers and citations because these two indicators are very useful to measure productivity and influence (Merigó et al. 2017). In order to combine both concepts, the study also uses the cites per paper and the h-index (Hirsch, 2005). Recall that the cites per paper shows the average number of citations that each paper receives among the selected documents. The h-index measures the X number of documents that have received X citations or more and at the same time it does not have X+1 documents with X+1 citations or more. The article also considers citation thresholds in order to identify the number of documents that reach a specific number of cites. Sometimes, the work also uses some particular indicator for a specific problem such as the general university world rankings in order to identify the general ranking of the leading institutions in JPE. For

5 doing so, the analysis uses the Academic Ranking of World Universities (ARWU) and the Quacquarelli & Symonds (QS) University Ranking. In order to search for the bibliographic data of JPE, the work uses the Web of Science Core Collection database which is usually regarded as one of the leading databases for classifying academic research. Currently, Web of Science includes more than fifteen thousand journals and fifty million documents. The search process considers all the publications of JPE available in Web of Science between 1967 and 2016. For doing so, the analysis uses the keyword “Journal of Political Economy” in the “publication name” option. In order to provide a representative overview, the work considers the last fifty years which represents a reasonable period of time to analyse the results. However, in some special cases such as the identification of the most cited papers in JPE of all-time, the study considers all the publications of JPE since 1892. The reason is that in this particular analysis it is interesting to see all the papers and not only those from the last fifty years. In order to map graphically the bibliographic results, the work uses the VOS viewer software (Van Eck and Waltman, 2010). VOS viewer is a computer software that collects the bibliographic data and builds a wide range of results in the form of maps and tables. It uses several bibliometric techniques including bibliographic coupling, co-citation and co- occurrence of author keywords. Bibliographic coupling (Kessler, 1963) occurs when two documents cite the same third document. Co-citation (Small, 1973) appears when two articles receive a citation by the same third document. And co-occurrence of keywords analyses the keywords that appear more frequently in the same papers. Note that this study uses bibliographic coupling for authors and institutions, co-citation for documents and journals, and co-occurrence of keywords for the keywords that Web of Science gives to each paper in order to classify them under general topics.

3. Results

This section presents the bibliometric results of JPE. The first part focuses on the publication and citation structure of the journal identifying the most cited papers and the publication evolution. The second part analyses the most productive authors, institutions and countries of the journal.

6 3.1.Publication and citation structure of JPE

JPE started publishing papers in 1892. Since then the journal has been growing and establishing as a leading journal in the field of economics. In order to see the evolution of the publications through time, Figure 1 presents the annual number of papers published in JPE since 1967. Figure 1 here During the seventies, JPE published around one hundred papers each year. Later, the journal has been decreasing the number of papers published from sixty papers in the eighties to a bit more than thirty during the last years reaching a minimum of twenty-nine in 2013. Note that the journal has published 3026 documents between 1967 and 2016 if only considering articles, reviews, letters and notes. If considering all the documents of the journal, then JPE has published 3593 documents over the last fifty years. JPE has received a bit more than three hundred thousand citations and an h-index of 250. In order to deepen into the citations received (Quandt, 1976), Table 1 presents the annual citation structure showing the number of papers that each year reaches a certain citation threshold. Table 1 here One percent of the papers receive more than one thousand citations and twenty-two percent more than one hundred. Sixty percent receive more than twenty citations and ninety-five percent at least one. These results clearly prove the strong impact that papers published in JPE have because they are well cited in the academic community. Next, let us look into the most cited papers of all-time of JPE. The aim is to identify those studies that have more influence and impact in the scientific community. Table 2 presents a list with the Top 50. Table 2 here The most cited paper in JPE is the seminal work of Fischer Black and Myron Scholes regarding the “pricing of options and corporate liabilities” that introduced the famous Black-Scholes model for determining the price of financial options (Black and Scholes, 1973). This research led Scholes to win the Nobel Prize in economics in 1997. Note that the reason why Black did not get the Nobel Prize was his decease in 1995. Six papers have more than three thousand citations and thirteen documents have more than two

7 thousand. Several authors of these papers have won the Nobel Prize in economics and in part thanks to the paper/s published in JPE. Gary S. Becker has five papers in the Top 50, Andrei Shleifer has four and Robert J. Barro, Eugene F. Fama, Robert W. Vishny, Phillip Nelson and Paul M. Romer have two. The youngest paper in the list is from 2005 and the oldest from 1931. Observe that old papers are less accessible and often on topics not connected to the current research trends. Therefore, they are not so cited than younger papers published during the second half of the 20th Century. Another interesting issue is to analyse the papers most cited by documents published in JPE. For doing so, the work uses the VOS viewer software (Van Eck and Waltman, 2010) and analyses co-citation of documents. Through this approach, the software provides the co-citations of those documents that reach a minimum threshold of citations but at the same time it identifies the most cited documents. Table 3 presents a list with the forty most cited documents in JPE between 1967 and 2016. Table 3 here The most cited document in JPE is the classic book of Milton Friedman about the “Theory of the Consumption Function”. Gary S. Becker is the author with the highest number of documents in the list with six publications. Robert E. Lucas has four documents, and Friedman and Lars Peter Hansen have three. The list contains thirty articles and ten books. Thirteen articles are from JPE and seven from Econometrica. The oldest document in the list is the famous book of John Maynard Keynes regarding “The General Theory of Employment, Interest and Money”. The youngest document is from 1988 by Robert J. Lucas and published in the Journal of Monetary Economics. A further interesting aspect is to identify who is giving citations to JPE. In order to do this, the analysis goes to the citation report of the Web of Science Core Collection and selects the results available in the “citing articles” option. Note that the work analyses the citing articles of documents published in JPE between 1967 and 2016. Table 4 shows the results. Table 4 here The American Economic Review is the journal that cites more frequently the JPE. Applied Economics, Economics Letters and the self-citations of JPE are also significant in the list. All the journals are connected to economics and finance. From the institution point

8 of view, Harvard is the university giving more citations to JPE followed by the Federal Reserve System of the USA and the University of Chicago. Note that these results depend significantly on the productivity. Therefore, universities and institutions that publish a lot tend to appear in higher positions in the ranking. At the country level, the USA is clearly the country giving more citations to JPE followed by the UK, Canada, Germany and China. Most of the countries are developed economies although developing countries are also improving a lot and some of them are already appearing on the list including Turkey, India and Brazil.

3.2. Leading authors, universities and countries of JPE Many authors have made significant contributions to JPE. In order to identify the most productive authors, Table 5 presents a list with the fifty authors with the highest number of papers published in the journal. In order to provide a complete overview of the most productive authors, the table also shows other indicators such as the total number of citations, the h-index and the cites per paper. Note that in the case of a tie, the ranking is based on the number of citations. Table 5 here Gary S. Becker, former editor of JPE, is the most productive author and also the author with the highest number of citations. As shown in Table 2, he has five papers among the fifty most cited in the journal. The second place goes to Daron Acemoglu, a younger economist that has become very popular during the last years. However, the second author with the highest number of citations is Andrei Shleifer with more than ten thousand. Only five authors among the Top 50 work at a non-US institution, including three in Israel, and one in France and the UK. Next, let us analyse more deeply the most productive institutions in JPE. Note that an institution refers to the authors that work there at the time of publishing in JPE. Table 6 presents a list with the fifty most productive institutions in JPE between 1967 and 2016. Similarly to Table 5, the ranking is based on the number of papers and in the case of a tie, according to the number of citations. Additionally, the table also shows other indicators in order to provide a complete picture of each of the leading institutions. Table 6 here

9 The University of Chicago is by far the most productive and influential university in JPE. This result is quite obvious since JPE is published by the University of Chicago Press. Note that the table does not show the results of the National Bureau of Economic Research (NBER) and the Centre for Economic Policy Research (CEPR) since many authors from different universities are affiliated to these institutions. Therefore, it is not possible to obtain a clear geographical perspective of the contributors of these institutions. In any case, NBER would be the first one on the list if included and CEPR would also be among the Top 50. Nevertheless, in the majority of the cases, the authors only use this affiliation as a secondary one. Some other non-universities that appear on the ranking are the Federal Reserve System of the USA, the RAND Corporation, the International Monetary Fund and the World Bank. Only seven non-US universities appear on the list including three from Canada and two from Israel and the UK. In order to see how the leading institutions in JPE have evolved their productivity through time, Tables 7–11 show the twenty most productive institutions in periods of ten years between 1967 and 2016. Tables 7–11 Between 1967 and 2006, the University of Chicago has been the most productive university in JPE. However, during the last decade, Harvard University has become the most productive university with 36 documents versus 34 of Chicago. Another interesting issue is to analyse the results at the country level in order to see who is publishing in JPE worldwide. In order to do so, Table 12 presents the thirty most productive countries in JPE. Again the ranking is based on the number of papers and in the case of a tie according to the number of citations. Note that the table shows some additional indicators including the number of papers in periods of ten years between 1967 and 2016. Table 12 here Most of the publications in JPE come from authors working at US institutions. English-speaking countries such as Canada, UK and Australia publish regularly in the journal although their numbers are very low even if normalizing per person. The only country standing at an equivalent publication level per person than the USA is Israel. The rest of the countries have published a very low number of papers in the journal. Particularly, it is worth noting that it is very uncommon to see developing countries

10 publishing in the journal. Note that according to Figure 1, JPE has been decreasing the annual number of papers published in the journal. Therefore, most of the leading countries in JPE have decreased their number of papers through time.

4. Graphical analysis of JPE with VOS viewer

The results of the previous section provide some rankings based on specific criteria. But another interesting question is to analyse how the bibliographic data is connected between each other in order to identify similar profiles between the different variables. An alternative for doing this is by developing a graphical analysis (Cobo et al. 2011). This work uses the VOS viewer software (Van Eck and Waltman, 2010) in order to map the bibliographic information. Note that the software uses fractional counting when measuring the number of documents and citations. Therefore, each author of the paper gets a fraction of the paper instead of the whole unit. Observe that this is one of the current disadvantages of Web of Science because the database uses full counting, giving one unit to each participating institution. By using fractional counting in the software, the study partially solves this limitation by obtaining a different perspective of the results. Nevertheless, there are no significant deviations in the results. First, let us look into co-citation of journals in JPE. That is, identification of the most cited journals in JPE and connect those that receive more citations from the same sources. Figure 2 presents the results for the publication in JPE between 1967 and 2016 by establishing a threshold of twenty citations and the one hundred strongest co-citation connections. Figure 2 here The self-citations of JPE are the most relevant ones followed by the citations given to American Economic Review, Econometrica and the Quarterly Journal of Economics. Most of the journals cited in JPE are connected to economics although some journals from other related fields do also appear on the graph including journals in finance, accounting, operations research and politics. In order to see more specifically the most cited journals, Table 13 presents the Top 50 between 1967 and 2016 and over the last decades. Table 13 here

11 The results are consistent with Figure 2. However, the table identifies more clearly the most cited journals and the evolution through time. It is worth noting that in the first two decades, the self-citations of JPE are leading the list. Nevertheless, in the last decade, JPE is citing more the American Economic Review than itself. Note that in all the periods of time, the usually recognized as the Top 5 journals in economics (Card and Dellavigna, 2013) are the most cited ones in JPE. Next, let us look into bibliographic coupling of institutions in order to identify the most productive universities and analyse which of them tend to cite the same material. Figure 3 visualizes the results considering a minimum threshold of five documents and the one hundred most representative bibliographic coupling connections. Note that this figure includes the National Bureau of Economic Research (NBER) and the Center for Economic Policy Research (CEPR). Figure 3 here The results are consistent with Table 6 where the University of Chicago is the most productive one. However, since this figure includes NBER, this is the institution with the highest productivity and broadest network. As mentioned in Table 6, this institution includes economists from many different universities. There are not many non-US institutions in the graph with few exceptions, similar to Table 6. Another interesting issue is to analyse bibliographic coupling of authors that publish in JPE. Figure 4 presents the results considering a minimum threshold of five documents and one hundred connections. Figure 4 here The results are in accordance with Table 5 with the difference that the figure shows which authors tend to cite the same material. That is, those authors that have a similar research profile. Note that co-authorship also conditions the figure because this implies one or more papers where the authors use the same citations. Finally, let us analyse the most common keywords in JPE. Usually, with the software it is possible to analyse the author keywords of the papers (Cancino et al. 2017; Laengle et al. 2017). However, JPE is a journal that does not use keywords in the title page. Therefore, in order to study the most common keywords of JPE, the work uses the Keyword Plus section of Web of Science Core Collection database. This section classifies

12 all the papers in general keywords that are selected by some experts that handle the Web of Science database. By using this approach, the software develops a graphical map by analysing the co-occurrence of the Keyword Plus. That is, the most common keywords and those that appears more frequently in the same documents. Figure 5 shows the results considering a minimum threshold of five occurrences and the one hundred most frequent co-occurrence connections. Figure 5 here The most common keyword is “markets” followed by “equilibrium” and “information” that appear together in the map. Some other common keywords are “consumption”, “United States”, “growth” and “demand”. The results of the figure indicate that JPE is a diverse journal publishing documents from a wide range of fields in economics. This is consistent with the aims and scope of the journal where JPE is qualified as a general economics journal.

5. Conclusions This study provides a bibliometric overview of the publication and citation structure of JPE. The work is motivated due to the 125th anniversary of the journal in 2017. The analysis collects the information from the Web of Science Core Collection database and develops several rankings for different criteria including papers, authors, universities and countries. The aim is to identify the leading trends that are occurring in the journal over the last decades with a particular emphasis between 1967 and 2016. The work also uses the VOS viewer software in order to map graphically the bibliographical material by using co- citation, bibliographic coupling and co-occurrence of keywords. The results show a strong dominance by the USA that currently publishes most of the papers of the journal. Therefore, it has the most productive and influential authors and institutions, and has published the majority of highly cited papers of JPE. This trend seems to continue in the future although the differences with other countries are reducing a bit. Nevertheless, note that the USA is a country that imports researchers and economists from all over the world. Therefore, there are many foreign economists working at US institutions and these authors are counted as the USA because they are working in the country. A very remarkable example is Daron Acemoglu from the Massachusetts Institute of Technology,

13 the second most productive author in JPE that has US nationality but is original from Turkey. The other English-speaking countries such as Canada, UK and Australia, also publish regularly in the journal and have made some significant contributions in JPE. However, their results are far away from the USA. When measuring the results per capita, they obtain better results but still below the USA. Some of their institutions obtain remarkable positions such as the London School of Economics, the University of Western Ontario and the University of Toronto. Israel is the only country that performs at a similar level than the USA when measuring per capita. Tel Aviv University and the Hebrew University of Jerusalem enter the Top 50 and three Israeli economists working in Israel are among the fifty most productive ones. Countries from Continental Europe have published some papers in JPE but a very low number according to their average productivity level in other sciences. Sweden and Norway are performing relatively well according to their population size. Developing countries do not publish so much in the journal although the expectations for the future are that some of these countries will improve their productivity in the journal. However, note that many leading researchers from these countries work at US institutions. Therefore, their results are included in the USA. This work gives a general overview of the current trends that occur in the journal. Nevertheless, note some limitations that happen when developing a bibliometric analysis. First, the paper uses the Web of Science Core Collection database. Therefore, the limitations of this database also apply to this study. For example, it uses full counting giving one unit to each participating variable independently of the number of authors and institutions. Additionally, it gives the same unit to any journal although some journals may be more relevant and their publications and citations should have a higher value. Second, the results analyze the publications up to 2016 and with the data available in Web of Science in September 2017. This is the picture today but obviously the results are dynamic and evolve through time. Thus, new trends will appear in the future bringing some differences in the current rankings. For example, young researchers and papers still have to grow more in the rankings and many new authors and topics may emerge in the future.

14 Finally, note that academic research has a lot of peculiarities that many times are not easy to measure including exceptional papers that are not so popular in the literature and other related factors that could condition the current rankings and results of the analysis. Therefore, the objective of this study is to provide a general overview that shows the publication and citation results of JPE according to Web of Science database. This is useful to identify many leading and significant trends in JPE. But do not forget that many times less cited and productive research may also have a lot of influence today or in the future.

Acknowledgements

Support from the Spanish Royal Academy of Economics and Financial Sciences is gratefully acknowledged. José M. Merigó acknowledges support from the Chilean Government through the Fondecyt Regular program (project number 1160286). Valuable assistant support by Felipe Manzor is also appreciated.

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21 FIGURES

Total Documents 140

120

100

0 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Figure 1. Annual number of publications in JPE (1967–2016)

Figure 2. Co-citation of journals cited in JPE

Figure 3. Bibliographic coupling of universities that publish in JPE

Figure 4. Bibliographic coupling of authors that publish in JPE

Figure 5. Co-occurrence of Web of Science Keyword Plus of documents published in JPE

26 Table 1. Annual citation structure of JPE Year TP ≥1000 ≥500 ≥250 ≥100 ≥50 ≥20 ≥10 ≥5 ≥1 1967 82 0 1 3 6 13 26 42 48 70 1968 95 1 1 3 7 13 31 42 58 82 1969 81 0 1 2 5 8 22 34 52 74 1970 82 1 1 4 5 12 26 34 46 75 1971 112 0 0 2 8 19 33 54 72 96 1972 129 1 2 2 6 11 30 46 67 107 1973 112 2 5 7 15 32 45 59 80 104 1974 111 4 6 8 19 30 47 65 74 97 1975 75 0 4 5 13 26 39 51 55 67 1976 103 1 1 4 18 39 58 71 79 96 1977 74 1 4 5 16 25 53 62 67 73 1978 74 1 3 5 16 26 49 61 66 72 1979 87 0 3 9 18 35 61 71 81 87 1980 78 1 3 3 17 27 36 53 62 71 1981 68 3 5 11 22 31 41 53 60 68 1982 68 0 2 6 17 28 46 52 60 67 1983 56 1 5 9 19 28 44 46 47 54 1984 58 0 1 3 10 23 37 43 51 57 1985 63 1 3 5 13 29 44 54 57 62 1986 69 3 5 7 18 34 46 58 61 68 1987 69 0 2 4 18 34 55 63 66 67 1988 64 1 6 8 17 30 45 56 60 64 1989 71 0 5 13 25 43 58 64 65 71 1990 62 6 9 11 28 40 53 60 60 62 1991 58 1 3 12 27 39 49 53 56 58 1992 49 3 5 14 22 32 42 47 48 49 1993 49 0 3 8 21 30 41 42 48 49 1994 50 0 2 10 24 30 39 47 49 50 1995 50 0 2 8 23 33 45 47 49 50 1996 46 0 1 8 25 33 43 44 46 46 1997 51 1 4 8 17 31 41 48 51 51 1998 42 1 2 6 18 27 36 42 42 42 1999 55 1 1 5 17 30 49 55 55 55 2000 49 0 1 3 20 34 43 46 49 49 2001 44 0 0 3 12 21 37 43 44 44 2002 48 0 0 4 19 33 44 47 47 48 2003 42 0 1 4 6 21 35 38 42 42 2004 56 0 1 6 22 32 44 52 56 56 2005 42 1 3 4 14 27 38 39 41 41 2006 37 0 0 0 11 18 33 36 36 37 2007 32 0 0 1 11 17 27 28 31 32 2008 31 0 0 1 7 17 24 30 31 31 2009 31 0 0 0 2 9 25 30 31 31 2010 30 0 0 0 2 9 24 27 28 30 2011 30 0 0 0 2 8 19 26 29 30 2012 30 0 0 0 0 3 14 22 29 30 2013 29 0 0 0 0 2 10 17 22 29 2014 31 0 0 0 0 0 4 13 24 31 2015 34 0 0 0 0 0 0 3 17 33 2016 39 0 0 0 0 0 1 5 12 33 Total 3026 36 107 244 678 1172 1832 2221 2507 2888 % 100,00% 1,19% 3,54% 8,06% 22,41% 38,73% 60,54% 73,40% 82,85% 95,44%

27 Abbreviations: TP = Total papers; ≥1000, ≥500, ≥250, ≥100, ≥50, ≥20, ≥10, ≥5, ≥1 = Number of papers with equal or more than 1000, 500, 250, 100, 50, 20, 10, 5 and 1 citations.

28 Table 2. The 50 most cited documents of JPE of all-time R Title Author/s Year TC C/Y 1 Pricing of options and corporate liabilities Black, F; Scholes, M 1973 8004 182 La Porta, R; Lopez-De-Silanes, F; 2 Law and finance Shleifer, A; Vishny, RW 1998 4604 242 3 Increasing returns and long-run growth Romer, PM 1986 4442 143 4 A pure theory of local expenditures Tiebout, CM 1956 4258 70 5 Crime and punishment: economic approach Becker, GS 1968 3725 76 6 Hedonic prices and implicit markets: product differentiation in pure competition Rosen, S 1974 3142 73 7 Risk, return, and equilibrium: empirical tests Fama, EF; MacBeth, JD 1973 2854 65 8 New approach to consumer theory Lancaster, KJ 1966 2793 55 9 Endogenous technological change Romer, PM 1988 2731 94 10 Increasing returns and economic geography Krugman, P 1991 2619 101 11 Agency problems and the theory of the firm Fama, EF 1980 2587 70 12 The costs and benefits of ownership: a theory of vertical and lateral integration Grossman, SJ; Hart, OD 1986 2556 82 13 The economics of information Stigler, GJ 1961 2437 44 14 Rules rather than discretion: inconsistency of optimal plans Kydland, FE; Prescott, EC 1977 1912 48 15 Bank runs, deposit insurance, and liquidity Diamond, DW; Dybvig, PH 1983 1849 54 16 Information and consumer behavior Nelson, P 1970 1832 39 17 Large shareholders and corporate control Shleifer, A; Vishny, RW 1986 1773 57 18 Performance pay and top management incentives Jensen, MC; Murphy, KJ 1990 1741 64 19 Are government bonds net wealth Barro, RJ 1974 1693 39 Bikhchandani, S; Hirshleifer, D; 20 A theory of fads, fashion, custom, and cultural change as informational cascades Welch, I 1992 1671 67 21 The economic theory of a common property resource: The fishery Gordon, HS 1954 1660 26 22 The structure of corporate ownership: causes and consequences Demsetz, H; Lehn, K 1985 1622 51 23 Convergence Barro, RJ; Sala-i-Martin, X 1992 1620 65 24 Concept of health capital and demand for health Grossman, M 1972 1579 35 25 Rank order tournaments as optimum labor contracts Lazear, EP; Rosen, S 1981 1503 42 26 The economics of exhaustible resources Hotelling, H 1931 1465 17 Glaeser, EL; Kallal, HD; 27 Growth in cities Scheinkman, JA; Shleifer, A 1992 1457 58 28 Property rights and the nature of the firm Hart, O; Moore, J 1990 1448 54 29 Expectations and exchange rate dynamics Dornbusch, R 1976 1425 35 30 The role of market forces in assuring contractual performance Klein, B; Leffler, KB 1981 1420 39 31 Investment in human capital: A theoretical analysis Becker, GS 1962 1351 25 Kahneman, D; Knetsch, JL; Thaler, 32 Experimental tests of the endowment effect and the Coase theorem RH 1990 1290 48 Christiano, LJ; Eichenbaum, M; 33 Nominal rigidities and the dynamic effects of a shock to monetary policy Evans, CL 2005 1282 107 34 Uncertainty, evolution, and economic theory Alchian, AA 1950 1268 19 Delong, JB; Shleifer, A; Summers, 35 Noise trader risk in financial markets LH; Waldmann RJ 1990 1251 46 36 A theory of rational addiction Becker, GS; Murphy, KM 1988 1246 43 37 Credit cycles Kiyotaki, N; Moore, J 1997 1235 62 38 The costs and returns of human migration Sjaastad, LA 1962 1202 22 39 Entrepreneurship: productive, unproductive, and destructive Baumol, WJ 1990 1164 43 40 Advertising as information Nelson, P 1974 1139 26 Stochastic implications of the life cycle permanent income hypothesis: theory and 41 evidence Hall, RE 1978 1127 29 An exact consumption loan model of interest with or without the social contrivance of 42 money Samuelson, PA 1958 1123 19 43 Theory of social interactions Becker, GS 1974 1121 26 44 The utility analysis of choices involving risk Friedman, M; Savage, LJ 1948 1100 16 45 A rational theory of the size of government Meltzer, AH; Richard, SF 1981 1099 31 By force of habit: A consumption based explanation of aggregate stock market 46 behavior Campbell, JY; Cochrane, JH 1999 1061 59 47 Cardinal welfare, individualistic ethics, and interpersonal comparisons of utility Harsanyi, JC 1955 1009 16 48 Effect of americanization on earnings of foreign born men Chiswick, BR 1978 957 25 49 Job matching and the theory of turnover Jovanovic, B 1979 950 25 50 Theory of marriage 1. Becker, GS 1973 929 21 Abbreviations: R = Rank; TC = Total citations; C/Y = Citations per year.

29 Table 3. Most cited documents in JPE documents (1967-2016) R Year Cited Reference Type Citations TLS 1 1957 Friedman M, A Theory of the Consumption Function B 53 35 2 1974 Barro RJ, J Polit Econ, V82, P1095 A 48 32 3 1973 Lucas RE, Am Econ Rev, V63, P326 A 44 43 4 1988 Lucas RE, J Monetary Econ, V22, P3 A 42 37 5 1956 Cagan P, Monetary Dynamics of Hyperinflation BC 41 28 6 1936 Keynes JM, General Theory of Employment, Interest and Money B 41 35 7 1972 Lucas RE, J Econ Theory, V4, P103 A 40 37 8 1965 Becker GS, Econ J, V75, P493 A 39 25 9 1982 Hansen LP, Econometrica, V50, P1029 A 39 31 10 1974 Mincer J, Schooling, Experience and Earnings B 39 26 11 1982 Kydland FE, Prescott EC, Econometrica, V50, P1345 A 38 32 12 1965 Patinkin D, Money, Interest and Prices B 38 24 13 1974 Rosen S, J Polit Econ, V82, P34 A 38 21 14 1968 Becker GS, J Polit Econ, V76, P169 A 37 5 15 1978 Hall RE, J Polit Econ, V86, P971 A 37 32 16 1964 Becker GS, Human Capital B 35 20 17 1981 Becker GS, A Treatise on the Family B 34 18 18 1975 Sargent TJ, Wallace N, J Polit Econ, V83, P241 A 34 33 19 1980 White H, Econometrica, V48, P817 A 34 12 20 1982 Hansen LP, Singleton KJ, Econometrica, V50, P1269 A 33 31 21 1963 Friedman M, A Monetary History of the USA: 1867-1960 B 32 18 22 1959 Musgrave RA, The Theory of Public Finance B 32 15 23 1979 Heckman JJ, Econometrica, V47, P153 A 31 19 24 1961 Muth JF, Econometrica, V29, P315 A 31 24 25 1986 Romer PM, J Polit Econ, V94, P1002 A 31 26 26 1961 Stigler GJ, J Polit Econ, V69, P213 A 30 9 27 1956 Tiebout CM, J Polit Econ, V64, P416 A 30 22 28 1952 Baumol WJ, Q J Econ, V66, P545 A 29 26 29 1985 Mehra R, Prescott EC, J Monetary Econ, V15, P145 A 29 23 30 1975 Azariadis C, J Polit Econ, V83, P1183 A 28 23 31 1958 Samuelson PA, J Polit Econ, V66, P467 A 28 22 32 1983 Becker GS, Q J Econ, V98, P371 A 27 23 33 1969 Friedman M, The Optimum Quantity of Money B 27 22 34 1983 Hansen LP, Singleton KJ, J Polit Econ, V91, P249 A 27 24 35 1979 Jovanovic B, J Polit Econ, V87, P972 A 27 11 36 1978 Lucas RE, Econometrica, V46, P1429 A 27 23 37 1972 Sims CA, Am Econ Rev, V62, P540 A 27 25 38 1956 Tobin J, Rev Econ Stat, V38, P241 A 27 27 39 1976 Barro RJ, J Monetary Econ, V2, P1 A 26 25 40 1974 Becker GS, J Polit Econ, V82, P1063 A 26 20 Abbreviations: R = Rank; A = Article; B = Book; BC = Book chapter; TLS = Total Link Strength.

30 Table 4. Citing articles of JPE (1967–2016) R Journal TP University TP Country TP 1 American Econ Rev 3400 Harvard U 4141 USA 90164 2 Applied Econ 2515 Federal Reserve System USA 3775 UK 18982 3 J Political Economy 2100 U Chicago 3149 Canada 10392 4 Economics Letters 1965 U Pennsylvania 2879 Germany 10004 5 J Monetary Econ 1680 Stanford U 2580 PR China 9063 6 J Finance 1664 Columbia U 2505 France 6449 7 J Public Econ 1653 U California Berkeley 2437 Australia 6064 8 J Banking & Finance 1613 New York U 2279 Italy 5747 9 Rev Econ and Statistics 1586 London School Economics 2225 Spain 5526 10 European Econ Rev 1566 U North Carolina 2172 Netherlands 5153 11 J Econ Dynamics Control 1512 MIT 2134 Japan 3667 12 J Financial Econ 1456 U Michigan 2022 Sweden 2984 13 J Econ Behavior Organization 1444 Yale U 1854 Switzerland 2930 14 Econ J 1433 Northwestern U 1825 Taiwan 2762 15 J Money Credit and Banking 1340 U California Los Angeles 1782 Israel 2669 16 Public Choice 1299 Cornell U 1731 South Korea 2629 17 J Econ Theory 1256 The World Bank 1661 Belgium 2347 18 J Int Econ 1251 Princeton U 1595 Norway 1819 19 Econ Inquiry 1198 U Wisconsin Madison 1570 Denmark 1698 20 Quarterly J Econ 1189 U Oxford 1546 Singapore 1505 21 Econ Modelling 1170 U Minnesota Twin Cities 1509 Austria 1468 22 Canadian J Econ 1156 Duke U 1506 Turkey 1262 23 Int Econ Rev 1147 U Maryland College Park 1455 India 1209 24 American J Agricultural Econ 1145 U Toronto 1448 Portugal 1132 25 J Development Econ 1124 CNRS France 1448 Finland 1120 26 Rev Financial Studies 1060 IMF 1433 Greece 1117 27 Southern Econ J 1053 Ohio State U 1310 New Zealand 985 28 J Int Money and Finance 1052 Penn State U 1271 Brazil 955 29 J Macroeconomics 1039 U Illinois Urbana Champaign 1237 Czech Republic 834 30 Rev Econ Studies 1013 U British Columbia 1193 Ireland 781 Abbreviations: R = Rank; TP = Total papers.

31 Table 5. Most productive authors in JPE R Author Name University Country TP TC H C/P ≥500 ≥100 ≥10 1 Gary S. Becker U Chicago USA 18 11448 18 636 7 13 18 2 Daron Acemoglu MIT USA 15 2054 11 137 1 6 12 3 Martin Feldstein Harvard U USA 15 1684 14 112 1 5 15 4 Robert J. Barro Harvard U USA 14 6868 14 491 5 8 13 5 Thomas J. Sargent NYU USA 14 2416 13 173 1 9 14 6 Andrei Shleifer Harvard U USA 13 10806 12 831 5 10 13 7 Boyan Jovanovic NYU USA 13 3287 10 253 3 6 10 8 Jean Tirole Toulouse Sch Econ FRA 12 2744 10 229 1 9 10 9 Mark Rosenzweig Yale U USA 11 1771 11 161 0 5 11 10 James J. Heckman U Chicago USA 11 1651 9 150 0 7 9 11 George J. Stigler U Chicago USA 11 812 8 74 0 1 8 12 Kevin M. Murphy U Chicago USA 10 3481 9 348 3 5 8 13 Pierre-Andre Chiappori Columbia U USA 10 1414 10 141 0 4 10 14 Milton Friedman U Chicago USA 10 1051 7 105 1 3 7 15 Harvey S. Rosen Princeton U USA 9 5272 8 586 2 4 8 16 Elhanan Helpman Harvard U USA 9 1572 8 175 1 4 9 17 Randall Wright U Wisconsin Madison USA 9 1454 9 162 0 5 9 18 Sam Peltzman U Chicago USA 9 1298 8 144 1 4 8 19 Edward P. Lazear Stanford U USA 8 3397 8 425 3 5 8 20 Isaac Ehrlich SUNY Buffalo USA 8 2000 8 250 1 5 8 21 Sergio Rebelo U Rochester USA 8 1824 7 228 1 6 7 22 Robert E. Lucas U Chicago USA 8 1498 8 187 0 5 8 23 William J. Baumol NYU USA 8 1296 7 162 1 1 6 24 Gene M. Grossman Princeton U USA 8 634 8 79 0 2 8 25 Jere R. Behrman U Pennsylvania USA 8 625 6 78 0 3 6 26 Assaf Razin Tel Aviv U ISR 8 402 6 50 0 1 6 27 Yoram Weiss Tel Aviv U ISR 8 341 7 43 0 1 7 28 Robert D. Tollison Clemson U USA 8 318 6 40 0 1 6 29 Joseph E. Stiglitz Columbia U USA 8 281 7 35 0 0 7 30 Edi Karni John Hopkins U USA 8 119 5 15 0 0 4 31 John H. Cochrane U Chicago USA 7 2378 7 340 2 5 7 32 Kenneth I. Wolpin Rice U USA 7 986 6 141 0 3 6 33 Neil Wallace Penn State U USA 7 920 6 131 1 2 6 34 Robert Pollak Washington U St Louis USA 7 879 7 126 0 3 6 35 Richard Rogerson Princeton U USA 7 752 7 107 0 2 7 36 Jacob A. Frenkel JP Morgan Chase USA 7 644 6 92 0 3 6 37 Vernon L. Smith Chapman U USA 7 578 6 83 0 1 6 38 Ezra J. Mishan London Sch Econ UK 7 342 5 49 0 1 4 39 Sara Gordon Indiana U Blomington USA 7 47 3 7 0 0 2 40 Eugene F. Fama U Chicago USA 6 6547 5 1091 3 4 5 41 Douglas W. Diamond U Chicago USA 6 3293 6 549 2 4 6 42 Edward L. Glaeser Harvard U USA 6 2837 5 473 2 5 5 43 Robert E. Hall Stanford U USA 6 2498 6 416 3 4 6 44 Martin Eichenbaum Northwestern U USA 6 1888 5 315 1 4 5 45 Jacob Mincer Columbia U USA 6 1289 5 215 2 3 4 46 Allan H. Meltzer Carnegie Mellon U USA 6 1270 5 212 1 1 4 47 Bert Douglas Bernheim Stanford U USA 6 1244 6 207 0 4 6 48 Dennis Epple Carnegie Mellon U USA 6 963 6 160 0 5 6 49 Patrick J. Kehoe Stanford U USA 6 834 6 139 0 2 6 50 Reuben Gronau Hebrew U Jerusalem ISR 6 756 6 126 0 2 6 Abbreviations are available in previous tables except: C/P = Cites per paper; H = h-index.

32 Table 6. The most productive and influential universities in JPE

R University Country TP TC H C/P ≥500 ≥100 ≥10 ARWU QS 1 U Chicago USA 324 76870 123 237 35 136 274 8 10 2 Harvard U USA 176 34687 73 197 13 65 147 1 3 3 MIT USA 153 37684 80 246 15 66 131 5 1 4 Federal Reserve System USA USA 153 15746 63 103 4 47 132 - - 5 Stanford U USA 126 14950 53 119 8 38 96 2 2 6 U Pennsylvania USA 119 12625 55 106 3 38 99 14 18 7 Princeton U USA 109 14678 55 135 8 33 89 5 11 8 Columbia U USA 97 13466 48 139 5 33 77 6 20 9 Northwestern U USA 93 10941 50 118 5 32 78 18 26 10 Yale U USA 90 13186 45 147 7 25 72 9 15 11 U California Los Angeles USA 90 9754 45 108 3 17 73 12 31 12 New York U USA 78 10677 42 137 6 23 64 29 46 13 U Michigan USA 73 5042 39 69 0 13 61 101-150 160 14 U Rochester USA 71 18109 43 255 6 26 63 101-150 185 15 U Minnesota Twin Cities USA 69 8028 38 116 2 21 59 33 137 16 U California Berkeley USA 65 7185 40 111 3 21 54 3 28 17 London School Econ Political Sci UK 60 5887 27 98 2 10 43 151-200 37 18 Carnegie Mellon U USA 54 10395 37 193 5 23 50 68 58 19 Tel Aviv U ISR 53 4001 30 75 2 10 44 151-200 212 20 U Wisconsin Madison USA 52 3986 25 77 1 12 35 28 53 21 U Virginia USA 47 4255 29 91 1 10 39 151-200 172 22 Hebrew U Jerusalem ISR 47 2385 27 51 0 6 36 87 148 23 U Western Ontario CAN 46 3008 24 65 1 8 35 201-300 198 24 Ohio State U USA 46 2805 24 61 1 8 31 79 88 25 U Washington Seattle USA 45 3499 24 78 1 4 34 11 59 26 U Toronto CAN 40 2721 24 68 0 9 27 27 32 27 Duke U USA 36 2763 24 77 1 12 28 20 24 28 Brown U USA 35 3161 22 90 1 8 27 90 49 29 U North Carolina USA 31 1896 18 61 1 6 23 35 78 30 Texas A&M U College Station USA 30 1821 15 61 1 3 19 101-150 160 31 Cornell U USA 30 3766 18 126 2 7 20 12 16 32 Boston U USA 28 1695 19 61 0 4 23 40 89 33 Rand Corporation USA 27 1359 19 50 0 3 23 - - 34 U Maryland College Park USA 26 2317 21 89 0 11 22 52 131 35 U California San Diego USA 26 3117 19 120 1 9 20 15 40 36 Michigan State U USA 26 993 13 38 0 3 16 101-150 160 37 U British Columbia CAN 25 1669 16 67 0 5 17 34 45 38 Virginia Polytech Inst State U USA 23 519 12 23 0 0 12 151-200 172 39 Johns Hopkins U USA 22 859 15 39 0 2 15 15 17 40 U Texas Austin USA 21 890 15 42 0 2 18 44 67 41 U California Santa Barbara USA 21 885 14 42 0 2 16 45 134 42 International Monetary Fund USA 21 781 15 37 0 2 17 - - 43 Washington U St Louis USA 20 4248 16 212 3 6 17 20 106 44 U Iowa USA 19 1293 13 68 0 4 13 151-200 393 45 U Florida USA 19 1027 12 54 0 1 6 90 185 46 Indiana U Bloomington USA 19 365 7 19 1 3 14 101-150 304 47 U College London UK 18 1502 13 83 0 5 12 17 7 48 The World Bank USA 18 1360 12 76 0 3 15 - - 49 Penn State U USA 18 970 14 54 0 1 14 77 95 50 California Inst Tech USA 18 699 14 39 0 1 14 7 4 Abbreviations are available in previous tables except: ARWU and QS = Ranking in the general ARWU and QS university rankings.

33 Table 7. The most productive universities in JPE: 1967–1976. R University TP TC H C/P 1 U Chicago 87 23855 37 274,20 2 Harvard U 42 6101 25 145,26 3 Massachusetts Institute of Technology 26 10333 12 397,42 4 Columbia U 26 5105 16 196,35 5 Yale U 26 721 14 27,73 6 Princeton U 25 1661 14 66,44 7 Stanford U 24 908 12 37,83 8 U California Los Angeles 23 996 14 43,30 9 London School Economics Political Science 23 648 11 28,17 10 U Washington Seattle 22 523 12 23,77 11 U Wisconsin Madison 21 1118 11 53,24 12 Hebrew U Jerusalem 20 892 14 44,60 13 U Rochester 19 3899 14 205,21 14 U Pennsylvania 17 1200 10 70,59 15 U Michigan 17 411 11 24,18 16 U Minnesota Twin Cities 15 1447 9 96,47 17 U North Carolina 15 666 8 44,40 18 Ohio State U 15 546 8 36,40 19 U Virginia 14 352 9 25,14 20 Federal Reserve System USA 14 264 7 18,86 Abbreviations are available in previous tables

34 Table 8. The most productive universities in JPE: 1977–1986. R University TP TC H C/P 1 U Chicago 64 15885 38 248,20 2 Massachusetts Institute of Technology 38 11459 33 301,55 3 Harvard U 33 3296 22 99,88 4 Yale U 28 6925 24 247,32 5 Columbia U 28 4895 21 174,82 6 Federal Reserve System USA 28 1394 18 49,79 7 Princeton U 26 4658 21 179,15 8 Stanford U 24 4740 18 197,50 9 Tel Aviv U 24 1510 17 62,92 10 U Rochester 23 8373 20 364,04 11 U Western Ontario 23 1454 13 63,22 12 U Virginia 21 2330 18 110,95 13 U California Los Angeles 20 4107 17 205,35 14 U Pennsylvania 17 1614 14 94,94 15 U Minnesota Twin Cities 17 1536 14 90,35 16 Carnegie Mellon U 16 5784 16 361,50 17 Hebrew U Jerusalem 16 985 11 61,56 18 New York U 16 843 13 52,69 19 U California Berkeley 15 1241 13 82,73 20 Ohio State U 15 799 9 53,27 Abbreviations are available in previous tables

35 Table 9. The most productive universities in JPE: 1987–1996. R University TP TC H C/P 1 U Chicago 65 19853 50 305,43 2 Federal Reserve System USA 40 5519 32 137,98 3 Harvard U 37 13305 32 359,59 4 U Pennsylvania 36 4972 30 138,11 5 Stanford U 33 6677 23 202,33 6 Northwestern U 29 5654 25 194,97 7 Massachusetts Institute of Technology 23 8029 22 349,09 8 Princeton U 22 5779 20 262,68 9 U Michigan 20 1879 18 93,95 10 New York U 17 6313 17 371,35 11 U Rochester 16 4077 15 254,81 12 U California Los Angeles 14 2817 13 201,21 13 U California Berkeley 14 2731 13 195,07 14 Carnegie Mellon U 14 2342 13 167,29 15 U Western Ontario 12 1368 11 114,00 16 U Minnesota Twin Cities 11 2266 11 206,00 17 Texas A&M U College Station 11 1410 10 128,18 18 Yale U 10 3111 10 311,10 19 Cornell U 10 2644 10 264,40 20 London School Economics Political Science 9 2666 9 296,22 Abbreviations are available in previous tables

36 Table 10. The most productive universities in JPE: 1997–2006. R University TP TC H C/P 1 U Chicago 74 16106 53 217,65 2 Federal Reserve System USA 41 7446 32 181,61 3 Massachusetts Institute of Technology 37 6680 35 180,54 4 U Pennsylvania 30 4365 27 145,50 5 Harvard U 28 10201 26 364,32 6 New York U 21 2787 18 132,71 7 Columbia U 21 2322 18 110,57 8 U California Los Angeles 21 1567 20 74,62 9 Northwestern U 20 3339 18 166,95 10 Stanford U 20 2147 19 107,35 11 U Michigan 20 2010 17 100,50 12 Princeton U 19 1971 19 103,74 13 U Minnesota Twin Cities 17 2552 17 150,12 14 U California Berkeley 15 2349 14 156,60 15 Yale U 14 2210 14 157,86 16 London School Economics Political Science 13 2318 13 178,31 17 U Rochester 11 1549 11 140,82 18 Carnegie Mellon U 10 1518 10 151,80 19 Boston U 10 641 10 64,10 20 U Texas Austin 10 581 10 58,10 Abbreviations are available in previous tables

37 Table 11. The most productive universities in JPE: 2007–2016. R University TP TC H C/P 1 Harvard U 36 1992 20 55,33 2 U Chicago 34 1581 20 46,50 3 Federal Reserve System USA 30 1192 19 39,73 4 Massachusetts Institute of Technology 29 1370 17 47,24 5 Stanford U 25 534 12 21,36 6 Northwestern U 20 593 11 29,65 7 U Pennsylvania 19 526 11 27,68 8 Princeton U 17 694 9 40,82 9 New York U 17 426 9 25,06 10 Columbia U 16 558 9 34,88 11 U California Berkeley 14 744 10 53,14 12 U California Los Angeles 12 314 9 26,17 13 Yale U 12 280 8 23,33 14 Duke U 9 394 7 43,78 15 U Michigan 9 354 7 39,33 16 U Minnesota Twin Cities 9 256 7 28,44 17 U Toronto 8 474 6 59,25 18 U Wisconsin Madison 8 91 6 11,38 19 London School Economics Political Science 7 113 5 16,14 20 U British Columbia 6 235 6 39,17 Abbreviations are available in previous tables

38 Table 12. The most productive and influential countries in JPE

R Country TP TC H C/P ≥500 ≥100 ≥10 D1 D2 D3 D4 D5 1 USA 2609 289104 244 111 106 647 1968 806 598 504 414 287 2 Canada 192 11485 52 60 2 29 127 53 55 39 20 25 3 UK 184 14887 55 81 5 34 127 54 29 21 51 29 4 Israel 113 7660 42 68 2 19 90 32 43 17 11 10 5 Australia 41 1077 19 26 0 2 22 15 11 7 5 3 6 France 36 3014 22 84 0 7 28 2 3 4 15 12 7 Germany 29 622 12 21 0 1 15 5 3 1 5 15 8 Italy 27 2645 18 98 1 5 20 2 0 5 9 11 9 Sweden 27 1890 17 70 0 8 23 3 11 2 5 6 10 Spain 22 1032 14 47 0 4 14 0 0 5 8 9 11 Japan 22 738 14 34 0 2 15 9 2 5 3 3 12 PR China 19 1415 13 74 1 1 15 0 0 7 7 5 13 Netherlands 18 725 12 40 0 1 14 3 0 4 5 6 14 Norway 17 2918 14 172 1 5 15 4 1 1 5 6 15 India 17 999 10 59 0 2 10 12 1 2 1 1 16 Belgium 15 1233 11 82 0 6 11 4 1 0 8 2 17 Switzerland 14 690 9 49 0 3 9 1 4 1 1 7 18 Portugal 7 1436 7 205 1 4 7 0 0 4 1 2 19 Brazil 7 490 6 70 0 3 6 3 2 0 0 2 20 Taiwan 7 239 5 34 0 1 4 1 0 2 2 2 21 Singapore 6 306 5 51 0 1 4 2 0 0 2 2 22 Chile 5 223 4 45 0 0 3 2 0 0 2 1 23 South Korea 5 211 4 42 0 1 4 0 0 2 1 2 24 Mexico 4 236 3 59 0 1 2 1 0 0 2 1 25 Austria 4 187 2 47 0 1 1 1 1 1 0 1 26 Argentina 4 73 4 18 0 0 4 3 0 0 0 1 27 Finland 3 396 2 132 0 1 2 0 0 1 1 1 28 Ireland 3 118 2 39 0 0 2 0 1 1 0 1 29 Denmark 3 72 2 24 0 0 2 1 0 0 2 0 30 Greece 3 25 2 8 0 0 1 1 0 0 1 1 Abbreviations are available in previous tables except: D1, D2, D3, D4,D5 = Number of documents published in 1967-1976, 1977-1986, 1987-1996, 1997-2006, and 2007-2016, respectively.

39 Table 13. Co-citation of journals in JPE: Global and temporal analysis. Global (1967-2016) 2007-2016 1997-2006 1987-1996 R Journal Cit CLS Journal Cit CLS Journal Cit CLS Journal Cit CLS 1 J Polit Econ 5975 4543.91 Am Econ Rev 1119 927.27 J Polit Econ 1171 954.27 J Polit Econ 1372 1060.43 2 Am Econ Rev 4309 3652.55 J Polit Econ 819 698.82 Am Econ Rev 855 727.69 Am Econ Rev 843 725.24 3 Econometrica 2808 2427.98 Econometrica 646 558.04 Econometrica 616 537.55 Econometrica 718 609.52 4 Q J Econ 2083 1877.16 Q J Econ 588 521.58 Q J Econ 543 487.25 Q J Econ 421 381.04 5 Rev Econ Stud 1522 1381.12 Rev Econ Stud 372 346.00 Rev Econ Stud 309 287.47 Rev Econ Stud 316 288.55 6 Rev Econ Stat 954 874.75 J Econ Theory 221 201.70 J Financ 267 197.15 J Monetary Econ 291 257.52 7 J Econ Theory 882 803.44 J Financ 206 165.03 J Econ Theory 201 183.76 J Econ Theory 215 195.82 8 J Monetary Econ 840 755.11 J Monetary Econ 204 179.41 J Monetary Econ 186 168.70 Rev Econ Stat 176 161.02 9 J Financ 838 685.81 J Public Econ 160 147.64 J Financ Econ 171 142.00 J Financ Econ 172 138.74 10 Econ J 683 627.70 Rev Econ Stat 156 149.83 J Public Econ 162 142.88 J Financ 166 145.49 11 J Public Econ 590 530.25 J Econ Lit 119 116.33 Rev Econ Stat 153 145.89 J Public Econ 162 139.82 12 Int Econ Rev 526 497.33 Rand J Econ 119 108.33 Rand J Econ 122 112.03 Bell J Econ 152 140.95 13 J Financ Econ 504 421.78 Econ J 114 110.09 J Econ Lit 119 114.81 Int Econ Rev 127 121.03 14 J Law Econ 452 403.23 J Econ Perspect 108 106.17 Int Econ Rev 101 98.35 J Law Econ 119 106.43 15 Bell J Econ 439 401.58 Int Econ Rev 99 95.30 J Labor Econ 98 91.81 Econ J 117 112.24 16 J Econ Lit 403 393.24 J Financ Econ 92 83.81 Econ J 96 92.55 J Labor Econ 94 84.74 17 Rand J Econ 327 304.09 Rev Financ Stud 92 83.64 J Law Econ 90 81.05 J Econ Lit 86 84.44 18 J Econometrics 306 289.63 J Econometrics 87 83.86 J Hum Resour 84 78.42 Rand J Econ 81 76.90 19 J Int Econ 303 269.98 J Int Econ 86 77.77 J Econ Perspect 81 76.31 J Econometrics 76 69.73 20 Economica 283 262.58 J Labor Econ 81 76.46 Rev Financ Stud 81 74.54 J Bus 73 69.81 21 J Labor Econ 280 261.44 Am Polit Sci Rev 69 60.40 J Econometrics 80 77.65 Public Choice 67 53.98 22 J Hum Resour 275 253.19 J Eur Econ Assoc 67 66.05 Bell J Econ 75 73.15 Brookings Papers Ec 64 62.16 23 J Am Stat Assoc 242 233.56 Rev Econ Dynam 63 61.39 Eur Econ Rev 75 72.86 Econ Inq 63 61.40 24 J Econ Perspect 242 229.40 J Hum Resour 59 55.30 Am Polit Sci Rev 66 55.91 J Hum Resour 62 57.23 25 J Money Credit Bank 230 217.30 J Law Econ 55 52.63 J Int Econ 64 53.72 J Econ Hist 55 46.07 26 J Bus 227 213.53 Game Econ Behav 54 51.52 Public Choice 58 48.21 J Econ Perspect 53 44.43 27 Public Choice 221 189.43 Manage Sci 53 49.01 Econ Inq 54 52.22 J Money Credit Bank 51 48.43 28 Econ Inq 218 211.32 J Urban Econ 51 45.76 Am J Polit Sci 47 39.77 J Urban Econ 49 38.41 29 Rev Financ Stud 206 189.48 J Dev Econ 48 46.45 J Money Credit Bank 44 40.72 J Int Econ 48 42.14 30 Brookings Papers Ec 197 191.02 Eur Econ Rev 45 44.73 Brookings Papers Ec 41 40.26 Econ Lett 45 44.56 Abbreviations: R = Rank; Cit = Citations; CLS = Citation link strength.