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2013 Report from the Managing editors

The Review of Economic Dynamics (RED) is the official journal of the Society for Economic Dynamics. The journal publishes meritorious original contributions to dynamic economics. The scope of the journal is intended to be broad and to reflect the view of the Society for Economic Dynamics that the field of economics is unified by the scientific approach to economics. We publish contributions in any area of economics provided they meet the highest standards of scientific research. In particular, RED publishes original articles on applications of dynamic economic theory to a wide variety of problems in economics. Related measurement and empirical papers are also welcomed.

Editorial Board Composition

Since last year, there have been a number of changes to the Editorial Board composition. First and foremost, Gianluca Violante's tenure as Managing Editor has come to an end on July 1st, 2013. The new Managing Editor is Matthias Doepke (Northwestern). Gianluca will stay on as Editor and continue to handle all past submission still under review/revision. In addition, Cristina Arellano (Minnesota), Tim Cogley (NYU), Gino Gancia (CREI), Fatih Guvenen (Minnesota), Matteo Iacoviello (Federal Board), Andrea Tambalotti (New York Fed), and Pierre-Oliver Weil (UCLA) joined us as Associate Editors. Jonathan Heathcote (Minneapolis Fed) and Vincenzo Quadrini (USC) are now Editors of the Journal.

Special thanks, on behalf of the Society, to Ricardo Lagos, Giorgio Primiceri, and Stephanie Schmitt-Grohé, who have resigned from their positions as Associate Editors after many years of service.

As of October 2013, the Editors of RED are: David Backus (Stern, NYU), Marco Bassetto (Chicago Fed), Jesus Fernandez-Villaverde (Pennsylvania), Jonathan Heathcote (Federal Reserve Bank of Minneapolis), Urban Jermann (Wharton, Pennsylvania), Vincenzo Quadrini (USC), Martin Schneider (Stanford), and Gianluca Violante (NYU).

The Associate Editors are: Cristina Arellano (Minnesota), Ariel Burnstein (UCLA), Hector Chade (ASU), Tim Cogley (NYU), Jan Eeckhout (UCL), Gino Gancia (CREI), Fatih Guvenen (Minnesota), Matteo Iacoviello (Federal Board), Nir Jaimovich (Duke), Tim Kehoe (Minnesota), Maurizio Mazzocco (UCLA), Virgiliu Midrigan (NYU), Matthew Mitchell (Rotman, Toronto), Fabrizio Perri (Minnesota), Diego Restuccia (Toronto), Richard Rogerson (Princeton), Andrea Tambalotti (New York Fed), Pierre-Oliver Weil (UCLA), Steve Williamson (Washington University, St. Louis), and Christian Zimmermann (St. Louis Fed).

Turnaround Statistics

RED strives to deliver fast and efficient turnaround of manuscripts, without compromising the quality of the refereeing process. Besides desk rejections, virtually all submitted manuscripts receive two referee reports. In 2012, RED received 270 submissions (we had 268 submissions in 2011). As of July 2013, all of these submissions had already received at least a first decision. The mean processing time from submission to first decision was 8.8 weeks or 60 days. The table below describes the distribution of first decisions by type: desk reject, reject after review, and revise and resubmit (which includes both minor and major revisions requested).

Distribution of First Decision Times on 2012 Submissions
Number of decisionsNumber of desk rejectsNumber of rejects after reviewNumber of R&R
Total27010611450
Within 3 months64%100%49%50%
3 to 4 months19%0%30%18%
4 to 5 months11%0%16%16%
More than 5 months6%0%5%16%
Average days since submission6089793

Note that 83 percent of all submissions were dealt with within 4 months, and only 6% of all submissions (or roughly 16 papers) took longer than 5 months. Often, these are difficult decisions, where the Referees are split and the Editor deems it necessary calling upon a third Referee. Conditional on receiving a R&R, the average time since manuscript submission was 93 days. Conditional on not being desk rejected, the average turnaround time was 96 days.

Among all the manuscripts with a final disposition in 2012, the acceptance rate was 12%, corresponding to 24 articles. This acceptance rate, comparable to that of other top economics journals, reflects the fact that only submissions of the highest quality are selected for publication in the Review. The continuous rise of the Impact factor for the Review (see the next section) is proof of this commitment to constantly improving our standards of publication.

Impact Factors

The table below shows two citation indexes for RED and for a comparison group of journals. The first one, reported since 2008, is the 2-Year ISI Impact Factor (one of the most widely used indicator of a journal's quality). This index is calculated as the number of times articles published in year t-1 and t-2 in a given journal were cited by all journals during year t. The second is the IDEAS/RePEc Recursive Discounted Impact Factor which 1) weighs each citation by the Impact Factor of the citing Journal -- this Impact Factor being itself computed recursively in the same fashion, and 2) considers all articles ever published in a given journal, but divides each citation by its age in years. The Discounted Recursive Impact Factors are normalized so that the average citation has a weight of 1. In other words, this index gives more weight to citations in good journals, and to recent citations.
2-Year ISI Impact FactorRecursive Discounted
Impact Factor
20122011201020092008June 2013
Review of Economic Dynamics1.6021.3581.2590.9750.9541.512
AEJ: Macroeconomics3.1913.800------2.205
Journal of Economic Growth2.2502.4582.4683.0832.5422.546
Journal of Monetary Economics1.6491.8921.6541.7551.4291.725
International Economic Review1.1621.5591.5161.0301.1500.719
Journal of Economic Theory1.0691.2351.1121.0921.2240.896
Journal of Money Credit and Banking1.1041.0931.1501.1941.4220.711
Journal of Economic Dynamics and Control0.8070.8551.1171.0970.8850.497
Macroeconomic Dynamics0.4200.4520.7630.5170.5160.419
As witnessed by the table above, the Impact Factor of RED continues its steady growth. Moreover, the Recursive Discounted IF shows that articles published in RED are very well cited by articles published in the top economics journals.

Upcoming Special Issues

RED relies predominantly on regular submissions of manuscripts. Throughout our history, we have also published special issues representing the frontier of academic research on topics which are of particular interest to members of the Society. Articles in special issues are usually selected from a broad call for papers, as well as through direct solicitations. They all go through a full refereeing process. Guest Editor Mark Gertler (NYU) and our own Steve Williamson (Washington University, St. Louis), are currently editing a special issue on "Money, Credit, and Financial Frictions" which is scheduled to appear in the January 2015 issue of RED. A conference will be held by the Federal Reserve Bank of St. Louis on December 5-6, where first drafts of the accepted papers will be presented and discussed.

Move to Article-Based Publishing

The move to article-based publishing, which was announced in last year's Editor's report and should have taken place in 2013, was delayed because of technical reasons -- a decision taken jointly by Elsevier and the Editors of RED at the last Board Meeting in Seoul. Once the technical problems are resolved, the Board of RED will reconsider the transition.

Sincerely,

Gianluca Violante, Managing Editor
Matthias Doepke, Managing Editor
Review of Economic Dynamics