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2014 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 couple of changes to the Editorial Board composition. Galina Vereshchagina (Arizona State) has joined us as an Associate Editor. Special thanks, on behalf of the Society, to David Backus, Urban Jermann, Tim Kehoe, and Matt Mitchell, who have resigned from their positions as Editors and Associate Editors after many years of service.

As of September 2014, the Editors of RED are: Marco Bassetto (UCL), Jesus Fernandez-Villaverde (University of Pennsylvania), Jonathan Heathcote (Federal Reserve Bank of Minneapolis), Vincenzo Quadrini (USC), Martin Schneider (Stanford), and Gianluca Violante (NYU).

The Associate Editors are: Cristina Arellano (University of Minnesota), Ariel Burnstein (UCLA), Hector Chade (ASU), Tim Cogley (NYU), Jan Eeckhout (UCL), Gino Gancia (CREI), Fatih Guvenen (University of Minnesota), Matteo Iacoviello (Federal Reserve Board), Nir Jaimovich (Duke), Maurizio Mazzocco (UCLA), Virgiliu Midrigan (NYU), Fabrizio Perri (University of Minnesota), Diego Restuccia (University of Toronto), Richard Rogerson (Princeton), Andrea Tambalotti (New York Fed), Galina Vereshchagina (ASU), Pierre-Oliver Weil (UCLA), Steve Williamson (St. Louis Fed), 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 2013, RED received 296 submissions (we had 270 submissions in 2012). As of July 2014, all of these submissions had already received at least a first decision. The mean processing time from submission to first decision was 64 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 2013 Submissions
Number of decisionsNumber of desk rejectsNumber of rejects after reviewNumber of R&R
Total29612612050
Within 3 months66%100%43%33%
3 to 4 months16%0%28%27%
4 to 5 months7%0%12%13%
More than 5 months11%0%28%27%
Average days since submission646100120

Note that 82% of all submissions were dealt with within 4 months, and only 11% of all submissions took longer than 5 months.

Among all the manuscripts with a final disposition in 2013, the acceptance rate was 12%. 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
201320122011201020092008August 2014
Review of Economic Dynamics1.7641.6021.3581.2590.9750.9541.512
Journal of Economic Growth3.1252.2502.4582.4683.0832.5422.546
AEJ: Macroeconomics2.8873.1913.800------2.205
Journal of Monetary Economics2.0651.6491.8921.6541.7551.4291.725
International Economic Review1.4151.1621.5591.5161.0301.1500.719
Journal of Economic Theory0.9191.0691.2351.1121.0921.2240.896
Journal of Money Credit and Banking0.9541.1041.0931.1501.1941.4220.711
Journal of Economic Dynamics and Control1.0570.8070.8551.1171.0970.8850.497
Macroeconomic Dynamics0.9130.4200.4520.7630.5170.5160.419
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 (St. Louis Fed), are currently editing a special issue on "Money, Credit, and Financial Frictions" which is scheduled to appear in the January 2015 issue of RED. In addition, Guest Editors Guido Menzio (Penn) and Randy Wright (Wisconsin) are preparing a special issue in honor of Dale Mortensen, which is slated to be published in the January 2016 issue.

Sincerely,

Matthias Doepke, Managing Editor
Review of Economic Dynamics