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Release: Immediate

UI economics department ranked among top 30 by journal Econometric Theory

IOWA CITY, Iowa -- The economics faculty at the University of Iowa College of Business Administration is among the 30 most productive in the world when it comes to the statistical analysis of the economy, according to a new study that compared scholarly papers published in prestigious journals in the field.

According to the study, which appeared in the February 1998 issue of the journal Econometric Theory, the UI department of economics ranked 22nd in publication activity based on work by faculty that appeared in the leading journals of theoretical econometrics from 1989 to 1995, and ranked 26th in publication activity in overall econometric journals for the same period.

The study named Joel L. Horowitz, professor of economics, as a member of the "Hall of Fame" in the field of econometrics for his work. N. Eugene Savin, the George Daly Professor of Economics, also was included as a top scholar in theoretical econometrics.

The study, conducted by Badi H. Baltagi of Texas A&M University, updated studies for the period 1980 to 1988 that appeared in the journal in 1988 and 1990. Using a "standardized page count," the study compared work that appeared in the 15 top journals in the areas of applied and theoretical econometrics and ranks the top 200 institutions.

In the earlier studies, the UI economics faculty ranked 39th in theoretical econometrics and 45th in overall econometrics.

The study is the latest to rank the economics program highly. The 1998 ratings by U.S. News and World Report ranked the UI's doctoral program in economics as the 30th best in the country.

Robert Forsythe, professor of economics and associate dean for faculty and development in the College of Business Administration, says the Econometric Theory study is an important benchmark because it recognizes the quality of work by faculty.

"The journals that the study compares are very competitive and accept work only by the best scholars in the United States and the rest of the world," Forsythe says. "The department's high rankings are an indication of the esteem with which our faculty are held by their colleagues."

The study compared publication activity in the following journals: American Economic Review, Econometrica, Econometric Reviews, Econometric Theory, Economic Journal, International Economic Review, Journal of the American Statistical Association, Journal of Applied Econometrics, Journal of Business and Economic Statistics, Journal of Econometrics, Journal of Monetary Economics, Journal of Political Economy, Journal of the Royal Statistical Society, Review of Economics and Statistics, Review of Economic Studies, and the Journal of Applied Econometrics.

In the study:

-- The UI department of economics ranked 22nd out of 200 institutions in theoretical econometrics publications. Yale University ranked first in the category, followed by the London School of Economics, Massachusetts Institute of Technology and the University of Michigan. The University of California at San Diego rounded out the top five.

-- The UI department of economics ranked 26th out of 200 institutions in all econometrics publications. Yale ranked first, followed by the University of Chicago, MIT, Harvard University and the University of Pennsylvania.

-- In a ranking of the top 100 individual contributors to the leading journals, what the study author calls the "Econometricians' Hall of Fame," the UI's Horowitz ranked 16th for his contributions to all econometrics publications. Faculty from Yale, Hong Kong University of Science and Technology, MIT and Boston College ranked in the top five.

-- In individual rankings by contributions to theoretical econometrics, Horowitz ranked 17th out of 100. Faculty from Yale, Hong Kong University of Science and Technology, MIT and the London School of Economics ranked in the top five.

-- In rankings based on the number of econometrics articles published in the 15 journals, Horowitz ranked 24th with 11 articles and 162.49 standardized pages.

-- In rankings based on the number of theoretical econometrics articles in the 15 journals, Horowitz ranked 26th with seven articles and 106.93 standardized pages; Savin ranked 32nd with seven articles and 41.99 standardized pages.

In concluding remarks, Baltagi cautioned readers to recognize that the study contains some subjectivity in the choice of journals, but says the rankings "are a useful guide to graduate students, faculty, and academic administrators."