Econometrics Journal Editor's Report

The Managing Editor, Richard J Smith made the Annual Report, covering the period July 2007 to June 2008, to the Council of the Royal Economic Society in November. In a new departure, we are pleased to be able to include a summary of that report.

The Econometrics Journal was established in 1998 by the Royal Economic Society with the original intention of creating a high-quality refereed journal with a standard of intellectual rigour and academic standing similar to those of the pre-existing top international field journals for econometric research such as Econometric Theory, Journal of Applied Econometrics, Journal of Business and Economic Statistics, Journal of Econometrics and Review of Economics and Statistics. As a journal of the Royal Economic Society, The Econometrics Journal seeks to promote the general advancement and application of econometric methods and techniques to problems of relevance to modern economics.

Recent progress

Impact factor
The first data from the ISI Citation Index on The Econometrics Journal became available for 2007. The journal impact factor is 0.479 with the immediacy index at 0.034. The first of these data ranks The Econometrics Journal at 122 out of 191 economics journals. Overall these statistics are disappointing especially when viewed against competitor journals, e.g:

Econometric Theory 0.748 (84)
Journal of Econometrics 1.990 (13)
Review of Economics and Statistics 1.724 (17)
Journal of Applied Econometrics 1.094 (49)
Journal of Business and Economic Statistics 1.129 (46)

Royal Economic Society Annual Conference 2008
The Econometrics Journal organized a Special Session on Financial Econometrics at the RES Annual Conference 2008 at the University of Warwick. Papers were presented by Frank Diebold (University of Pennsylvania), Glenn Rudebusch (Federal Reserve Board), Enrique Sentana (CEMFI) and Neil Shephard (University of Oxford). It is expected that versions of these papers will appear in a Special Issue of The Econometrics Journal. Special Sessions associated with The Econometrics Journal will be arranged at subsequent RES Annual Conferences.

Special Issues
New Year 2008 marked the tenth anniversary of The Econometrics Journal. To celebrate this event a Special Issue is being commissioned by inviting contributions from a number of senior scholars in econometrics in all areas. A number of papers have already been accepted and will appear shortly on The Econometrics Journal website. It is anticipated that the Tenth Anniversary Special Issue will appear towards the end of 2008 or at the beginning of 2009.

Book and Software Reviews
Various publishers have been contacted concerning the possibility of reviews of econometrics texts and monographs appearing in The Econometrics Journal. The Books Reviews Editor will commission occasional reviews commencing 2009. It is anticipated that the Software Reviews Editor will commission a review of a leading econometric software package in the near future. The Software Reviews Editor is in contact with the publishers with the intention of archiving data associated with applications published in The Econometrics Journal.


Publicity and Marketing
In addition to displays at major conferences Wiley-Blackwells organised events at the Joint ASSA Meetings, New Orleans, January 2008, and the Econometric Society European Meetings, Milan, August 2008. As the geographical distribution of submissions emphasises it remains the case that The Econometrics Journal continues to have relatively little impact in North America which is the crucial constituency for improving the standing of the journal. The ISI Citation Index impact indices reinforce this observation. Although the Editorial Board can undertake various initiatives to attempt to ameliorate the situation it is difficult to do so if the econometrics community remains unaware of these developments.

Publishers
The Editorial Office again met with Michael Brown, Senior Commissioning Editor Business, Finance and Economics, and Phillipa Sumner, Associate Marketing Director Social Sciences and Humanities, of Wiley Blackwells to review progress and to discuss marketing and other issues connected with The Econometrics Journal. To highlight the Tenth Anniversary of The Econometrics Journal a virtual issue of the journal was published on-line with selected highlights published in the first ten volumes.

Editorial process

Further adaptations of Editorial Express® to the purposes of The Econometrics Journal were necessary and again occasioned some effort on the part of the Editorial Office. It had been our intention to fully incorporate the data on submissions associated with the previous Editorial Board into Editorial Express®. However, this proved impossible under the current arrangements as the inclusion of these data prevented reports for the current period being accurately presented. These data have now been deleted from Editorial Express®.

Statistics

Submissions
A total of 139 new submissions were received under Editorial Express®. This total represents a very modest increase of 5 (3.7 per cent) over that reported in 2007. Additionally there were 7 resubmissions received during this period.

Decisions
A total of 119 decisions were made by the Editorial Board appointed in 2007. Of these 58 (48.73 per cent) were screen-rejections. Of the 61 papers not screen rejected, 30 (49.18 per cent) were either return for resubmission or acceptance decisions, the remainder being rejections.

Overall, 88 papers or 74.78 per cent of decisions were either screen-rejections or rejections. A total of 2 papers were accepted by the current Editorial Board. The high number of screen-rejections reflects the determination of the Editorial Board to drive up the standard of submissions and accepted papers in order to establish The Econometrics Journal as top international general field journal for econometric research. The previous Editorial Board rejected 5, returned for revision 16 and accepted 31 papers.

Decision durations
The mean estimate for time to decision in days was 48 (40, 16, 105) for all decisions with 92 (105, 87, 124) for non-screen rejections, 94 (105, 87, 131) for non-rejections and 30 days for resubmissions. The figures in parentheses are the median, first quartile and third quartile estimates. Kaplan-Meier estimates of the stratified survivor functions for time to decision are also presented. These data indicate an improvement in decision performance over 2007 and 2006 previously which can be primarily attributed to a more intensive screening of submissions.


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