This article explores the place of academic macroeconomics discourse in the discussions of monetary policy makers, using the transcripts of meetings of the Federal Open Market Committee (FOMC) from 1976 to 2016. Latent Dirichlet Allocation (LDA) is used to separate the transcripts into topics of discussion. The article shows that policy makers with a PhD in economics contributed more to the discussion of econometric models and theoretical frameworks. At the same time, they were not inclined to discuss issues of monetary policy credibility to a greater extent. Having received a PhD from a “freshwater” or a “saltwater” school of macroeconomics was found to not be linked with a greater or lesser contribution to the discussion of the “academic” topics. This article’s findings support the existing evidence for the growing link between academia and central banks, demonstrating an increase in the discussion of econometric models and theoretical frameworks in recent decades.
{"title":"Academic Macroeconomics and Monetary Policy: Topic Modeling Based on Transcripts of the Meetings of the Federal Open Market Committee from 1976 to 2016","authors":"Murat Bakeev","doi":"10.4000/oeconomia.15513","DOIUrl":"https://doi.org/10.4000/oeconomia.15513","url":null,"abstract":"This article explores the place of academic macroeconomics discourse in the discussions of monetary policy makers, using the transcripts of meetings of the Federal Open Market Committee (FOMC) from 1976 to 2016. Latent Dirichlet Allocation (LDA) is used to separate the transcripts into topics of discussion. The article shows that policy makers with a PhD in economics contributed more to the discussion of econometric models and theoretical frameworks. At the same time, they were not inclined to discuss issues of monetary policy credibility to a greater extent. Having received a PhD from a “freshwater” or a “saltwater” school of macroeconomics was found to not be linked with a greater or lesser contribution to the discussion of the “academic” topics. This article’s findings support the existing evidence for the growing link between academia and central banks, demonstrating an increase in the discussion of econometric models and theoretical frameworks in recent decades.","PeriodicalId":43377,"journal":{"name":"Oeconomia-History Methodology Philosophy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135194223","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Aurélien Goutsmedt, François Claveau, Catherine Herfeld
{"title":"Quantitative and Computational Approaches in the Social Studies of Economics","authors":"Aurélien Goutsmedt, François Claveau, Catherine Herfeld","doi":"10.4000/oeconomia.15799","DOIUrl":"https://doi.org/10.4000/oeconomia.15799","url":null,"abstract":"","PeriodicalId":43377,"journal":{"name":"Oeconomia-History Methodology Philosophy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135194718","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The decline of Neoclassical dominance has paved the way to a more fragmented Mainstream. In this article, we empirically explore the Mainstream’s thematic structure and its fragmentation’s effects on within-discipline communication. For this purpose, we exploit a dataset containing 10,064 articles published in economics in seven Blue Ribbon Eight journals between 1985 and 2006 and their citations. Articles are assigned to 18 topics created via Latent Dirichlet Allocation to represent specialities within economics. Results show that the economic Mainstream has yet to experience a dramatic increase in fragmentation in the observed period, and the prevailing topics are related to market equilibrium and econometrics. Moreover, the Mainstream’s thematic structure does not include any heterodox approach. Regarding communication, economists increasingly tap into diverse sources of information, and such diversity positively impacts the citational patterns of articles. The same result holds for the articles written by Nobel Prize winners and the most cited articles in the discipline, which exhibit a higher diversity than the whole sample.
{"title":"The Fragmentation of the Mainstream and Communication in Economics: A View from the Top","authors":"Magda Fontana, Martina Iori","doi":"10.4000/oeconomia.16153","DOIUrl":"https://doi.org/10.4000/oeconomia.16153","url":null,"abstract":"The decline of Neoclassical dominance has paved the way to a more fragmented Mainstream. In this article, we empirically explore the Mainstream’s thematic structure and its fragmentation’s effects on within-discipline communication. For this purpose, we exploit a dataset containing 10,064 articles published in economics in seven Blue Ribbon Eight journals between 1985 and 2006 and their citations. Articles are assigned to 18 topics created via Latent Dirichlet Allocation to represent specialities within economics. Results show that the economic Mainstream has yet to experience a dramatic increase in fragmentation in the observed period, and the prevailing topics are related to market equilibrium and econometrics. Moreover, the Mainstream’s thematic structure does not include any heterodox approach. Regarding communication, economists increasingly tap into diverse sources of information, and such diversity positively impacts the citational patterns of articles. The same result holds for the articles written by Nobel Prize winners and the most cited articles in the discipline, which exhibit a higher diversity than the whole sample.","PeriodicalId":43377,"journal":{"name":"Oeconomia-History Methodology Philosophy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135194224","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Thierry Rossier, Pierre Benz, Anton Grau Larsen, Kristoffer Kropp
Within the Social Studies of Economics, research has been dominated by case-oriented approaches. In this article, we propose and demonstrate the value of adding a quantitative, field-theoretical approach. Specifically, we outline a perspective for studying economics as a social field, focusing on the homology between research topics and the resources and characteristics of researchers. We specifically attend to the Swiss case, entailing integration of this highly internationalised discipline within national elite networks. Our study draws on a combination of two data sources: the Swiss National Science Foundation (SNSF), which provides abstracts of all projects funded since 2008, and the Swiss Elite Database, which contains extensive prosopographical data on all tenured economics professors employed at Swiss universities. In the first analytical part of the study, we construct the space of research topics based on 637 abstracts using Latent Dirichlet Allocation, a topic modelling technique. We identify a set of recurring topics, using multiple correspondence analysis to project these topics into a geometric space, thereby identifying three main dimensions structuring the space of the topics: (1) financial markets versus labour and behaviour economics, (2) macroeconomics versus microeconomics and (3) public economics versus labour economics. In the second part of the study, we map the most frequently used terms in relation to the profiles of the 647 applicants (including 156 economics professors). Our findings reveal a homology existing between the space of topics and the space of individual positions. Unlike microeconomics topics, macroeconomics topics are linked to scientific and academic prestige. Other individual properties and resources, such as those related to public expertise, corporate networks or gender are linked, respectively, to the study of state and public concerns and market surveillance, corporate governance, and gendered inequalities in the workplace. This article provides an original quantitative and computational approach that opens up new and promising research avenues for expanding the Social Studies of Economics and the history of economic thought.
{"title":"The Space of Research Topics in Economics: Scientific Position-Takings and Individual Positions in Swiss Economic Science","authors":"Thierry Rossier, Pierre Benz, Anton Grau Larsen, Kristoffer Kropp","doi":"10.4000/oeconomia.15359","DOIUrl":"https://doi.org/10.4000/oeconomia.15359","url":null,"abstract":"Within the Social Studies of Economics, research has been dominated by case-oriented approaches. In this article, we propose and demonstrate the value of adding a quantitative, field-theoretical approach. Specifically, we outline a perspective for studying economics as a social field, focusing on the homology between research topics and the resources and characteristics of researchers. We specifically attend to the Swiss case, entailing integration of this highly internationalised discipline within national elite networks. Our study draws on a combination of two data sources: the Swiss National Science Foundation (SNSF), which provides abstracts of all projects funded since 2008, and the Swiss Elite Database, which contains extensive prosopographical data on all tenured economics professors employed at Swiss universities. In the first analytical part of the study, we construct the space of research topics based on 637 abstracts using Latent Dirichlet Allocation, a topic modelling technique. We identify a set of recurring topics, using multiple correspondence analysis to project these topics into a geometric space, thereby identifying three main dimensions structuring the space of the topics: (1) financial markets versus labour and behaviour economics, (2) macroeconomics versus microeconomics and (3) public economics versus labour economics. In the second part of the study, we map the most frequently used terms in relation to the profiles of the 647 applicants (including 156 economics professors). Our findings reveal a homology existing between the space of topics and the space of individual positions. Unlike microeconomics topics, macroeconomics topics are linked to scientific and academic prestige. Other individual properties and resources, such as those related to public expertise, corporate networks or gender are linked, respectively, to the study of state and public concerns and market surveillance, corporate governance, and gendered inequalities in the workplace. This article provides an original quantitative and computational approach that opens up new and promising research avenues for expanding the Social Studies of Economics and the history of economic thought.","PeriodicalId":43377,"journal":{"name":"Oeconomia-History Methodology Philosophy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135194225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Neuroeconomics: Hype or Hope? An Answer","authors":"Alexandre Truc","doi":"10.4000/oeconomia.15489","DOIUrl":"https://doi.org/10.4000/oeconomia.15489","url":null,"abstract":"","PeriodicalId":43377,"journal":{"name":"Oeconomia-History Methodology Philosophy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135194719","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Laurent Feller and Agnès Gramain, L’évident et l’invisible. Questions de méthode en économie et en histoire","authors":"Loïc Charles","doi":"10.4000/oeconomia.14701","DOIUrl":"https://doi.org/10.4000/oeconomia.14701","url":null,"abstract":"","PeriodicalId":43377,"journal":{"name":"Oeconomia-History Methodology Philosophy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135194644","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Anthony Galluzzo, Le mythe de l’entrepreneur. Défaire l’imaginaire de la Silicon Valley","authors":"Tristan Velardo","doi":"10.4000/oeconomia.14691","DOIUrl":"https://doi.org/10.4000/oeconomia.14691","url":null,"abstract":"","PeriodicalId":43377,"journal":{"name":"Oeconomia-History Methodology Philosophy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135194742","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"De la politique à l’économie de la maintenance","authors":"Christian Bessy","doi":"10.4000/oeconomia.15105","DOIUrl":"https://doi.org/10.4000/oeconomia.15105","url":null,"abstract":"","PeriodicalId":43377,"journal":{"name":"Oeconomia-History Methodology Philosophy","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135194743","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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