A Journal Ranking Based on Central Bank Citations

Abstract

We present a ranking of journals geared toward measuring the policy relevance of research. We compute simple impact factors that count only citations made in central bank publications. Our baseline ranking focuses on the period 2014-2023 and examines all items published in the Research Papers in Economics (RePEc) database. This ranking confirms the high policy relevance of journals specializing in macro, monetary, and international economics. Also, the major general interest economic journals are represented reasonably well in this ranking. In contrast, the major finance journals fare somewhat less favorably, with the notable exception of those focused on financial intermediation.

Introduction

Economic policy is informed by and derives its credibility from academic research within areas such as monetary economics, international economics, financial intermediation, and applied econometrics. Over time, topics have shifted in lockstep with real events. For example, the Great Financial Crisis brought financial stability to the fore. Similarly, the COVID-19 pandemic has reinforced central bankers’ attention on inflation. And recent technological advancements, such as the emergence of cryptocurrencies, the expansion of big tech into finance, and the proliferation of artificial intelligence, have significantly broadened the realm of interest for central banks.

Despite the evolving nature of the scope of central banks’ interests, certain academic journals have successfully managed to remain consistently relevant for the policy community. To determine which academic journals are best able to attract and publish research of significance to economic policymaking, we introduce a unique ranking methodology centered on policy relevance for central banks. Specifically, our ranking is based on simple impact factors but differs from existing rankings mainly in that it does not include all citations, but only those cited in publications issued by a central bank, such as its working paper series or policy journals. (See also Kohlscheen (2011).) By gauging journal impact through citations within publications from central banks and international financial institutions, referred to as “central banks” (CB) herein, we endeavor to pinpoint the CBs’ evolving academic preferences.

Our ranking yields four key findings. First, journals specializing in topics at the core of central banking, such as monetary economics, rank much higher in the CB ranking compared with existing rankings. Second, the top five general interest economic journals rank highly in our CB ranking, at numbers 2, 9, 14, 15, and 16. Third, top finance journals rank somewhat less favorably (10, 18, and 21), while journals covering financial intermediation topics rank favorably in our CB ranking. (Particularly after the GFC, these journals have consistently improved in ranking over time.) Fourth, despite some improvement over time, journals dedicated to topics in econometrics do not rank highly in our CB ranking.