The Brookings Papers on Economic Activity fosters research on current, large-scale issues in macroeconomics, broadly defined. The consistent emphasis is on innovative analysis that has an empirical orientation, takes real-world institutions seriously, and is relevant to economic policy. Papers are presented and discussed at conferences held twice each year, and the papers and discussant remarks from each conference are published in the journal a few months later. Research findings are described in a clear and accessible style to maximize their impact on the economics profession and economic policymaking; the intended audience includes analysts from universities, governments, and businesses.
The editors of the Brookings Papers are Douglas Elmendorf of the Brookings Institution, Gregory Mankiw of Harvard University, and Lawrence Summers of Harvard University. Topics covered by the journal include fiscal and monetary policy, consumption and saving behavior, business investment, housing, asset pricing, labor markets, wage- and price-setting, business cycles, long-run economic growth, the distribution of income and wealth, international capital flows and exchange rates, international trade and development, and the macroeconomic implications of health costs, energy supply and demand, environmental issues, and the education system.
The Brookings Papers attracts leading scholars to write and discuss papers. The topics and participants are chosen by the editors with input from an advisory panel. The editors solicit most of the papers but also consider proposals submitted in response to an open "call for papers." Extensive interaction among the editors, authors, and discussants preceding each conference, as well as spirited dialogue during the conferences by economists with a broad set of expertise, bolsters the quality of the finished papers. To ensure that a variety of views are included in this intellectual process, the authors, discussants, editorial advisers, and other conference participants represent a wide range of leading universities and policy institutions.
The findings of papers presented at Brookings Papers conferences are disseminated widely. In addition to being published in the journal itself, most papers are included in working paper series in which the authors participate, and many are posted on the authors' web sites. The Brookings Papers' own web site reports the agendas for past and future conferences, and it provides short summaries of the papers. In addition, the editors collect information on electronic downloads of papers as well as references to papers in traditional and electronic media; this monitoring ensures that appropriate adjustments can be made to the selection and distribution of papers over time.
In sum, the Brookings Papers is a central meeting place for leading scholars analyzing important economic problems and an important resource for influencing economic understanding beyond the academic world.
For more than forty years, the Brookings Papers on Economic Activity (BPEA) has published research on important economic policy issues. The topics covered include fiscal and monetary policy, labor markets, consumption and saving behavior, business investment, housing, wage- and price-setting, business cycles, long-run economic growth, the distribution of income and wealth, international capital flows and exchange rates, international trade and development, the macroeconomic implications of health costs, energy supply and demand, environmental issues, and the education system. Intellectual Merit of the Proposal The analysis is careful, based mainly on empirical evidence, takes real-world institutions into account, and focuses on relevance to policy. BPEA papers are presented and discussed twice yearly at gatherings of top economists, and the papers and discussant remarks from each conference are published in electronic and hardcopy journal form with a few months. A key characteristic of BPEA is the focus on current economic issues, and an attempt to make theory and data relevant to economic policy. This requires an expansive definition of macroeconomics. The intellectual merit of BPEA is also due to its uniquely high degree of interaction among the editors, authors, discussants, and other conference participants which generates particularly insightful critiques and provides an important variety of perspectives. Each author engages in an intensive process of three rounds of review, criticism, discussion, and editing. This process substantially bolsters the quality of finished BPEA papers and sharply increases the integrity of their intellectual rigor. The findings are described in a clear and accessible style to maximize their impact in the policy community. Broader Impact of BPEA BPEA will continue supporting economic research that makes important contributions both to our understanding of the world and to public policy. Indeed, across the entire range of government policies, economic research plays a critical role in public discussions and policy formulation, while the interest of policymakers in economic analysis spurs research that illuminates fundamental aspects of economic behavior. BPEA stands at the intersection of these forces, encouraging analysts to apply the best knowledge of the profession to pressing policy issues and to use policy concerns to point the profession’s way toward deeper and broader knowledge. The dramatic developments in financial markets and the economy over the past three years have underscored the important role BPEA in shaping how economists and government leaders think about policy. For example, the Fall 2008 conference—held at the height of the financial crisis—was dedicated exclusively to financial issues. No other conference series or journal has consistently maintained such a sharp focus on current developments and their policy implications. Maximizing Outreach and Dissemination Tools to Achieve Impact The editors are also committed to maximizing BPEA’s impact and contributions to the field of economics by (1) revitalizing its website (2) creating open access to research and data for policymakers and analysts, and (3) increasing BPEA’s media presence. One of the most important tools to increase BPEA’s direct access to consumers is its revitalized website, a user-friendly vehicle of access to the full range of BPEA’s content. Visitors to the new website may access and download BPEA original conference papers immediately following the conference. Directly from the BPEA homepage, they may order a bound copy of the BPEA journal, and also sign up for e-newsletters to receive periodic information updates. The website now truly serves as a direct access line into each BPEA conference, opening its content to the public. The website also features BPEA’s new online open access, making all BPEA papers from the first conference in 1970 forward available free online. Editor Justin Wolfers explained the economics of BPEA’s new open access by saying that the "socially optimal price of online access to economics journals articles… [is] free." The goal of providing BPEA open access online is to open its content to not just academics, but to policymakers, congressional and administration personnel, media, and private-sector economists. BPEA has also adopted the policy on data availability being used by the American Economic Review to create even wider access. Under this policy, BPEA publishes papers only if the data used in the analysis are precisely documented and are readily available to any researcher (via the website) for purposes of replication. Coverage of the research in media publications represents another channel through which BPEA conveys important information to those who require high quality economic research to make critical decisions and to develop new ideas. Romer and Wolfers have worked with the Economic Studies’ Director of Communications to significantly increase the visibility of BPEA’s work in a wide range of print, television, and online media. During the past three years, BPEA’s research reached tens of millions of readers and viewers.
