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{{Infobox Journal , title = Brookings Papers on Economic Activity , cover = , former_name = , abbreviation = Brook. Pap. Econ. Act. , discipline =
Economics Economics () is the social science that studies the Production (economics), production, distribution (economics), distribution, and Consumption (economics), consumption of goods and services. Economics focuses on the behaviour and intera ...
, language = , editors =
Janice Eberly Janice Caryl "Jan" EberlyHilary Hurd Anyaso Northwestern University News, Apr. 24, 2013. Accessed Jan. 11, 2014.Debbie RamseyFallbrook grad nominated for U.S. Dept. of Treasury post ''Fallbrook Bonsall Village News'', Aug. 11, 2011. Accessed Jan. ...
James H. Stock , publisher = Brookings Press , country =
USA The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territori ...
, history = 1970–present , frequency = semiannually , openaccess = , license = , impact = , impact-year = , ISSN = 0007-2303 , eISSN = , CODEN = , JSTOR = broopapeeconacti , LCCN = , OCLC = , website = https://www.brookings.edu/bpea/ , link1 = , link1-name = , link2 = , link2-name = The ''Brookings Papers on Economic Activity'' (''BPEA'') is a journal of macroeconomics published twice a year by the
Brookings Institution Press The Brookings Institution, often stylized as simply Brookings, is an American research group founded in 1916. Located on Think Tank Row in Washington, D.C., the organization conducts research and education in the social sciences, primarily in e ...
.[1
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/nowiki>/sup> Each issue of the journal comprises the proceedings of a conference held biannually by th
Economic Studies
program at the Brookings Institution in Washington D.C. The conference and journal both “emphasize innovative analysis that has an empirical orientation, take real-world institutions seriously, and is relevant to economic policy.”[2
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The journal is written in a clear and accessible manner in order to maximize understanding of economics and policymaking, and covers a variety of macroeconomic topics from housing, business investments, and fiscal and monetary policy, to international capital flows, environmental issues, and more.[3
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The journal briefly released an annual issue dedicated to Microeconomics, microeconomic issues, but this was dropped as the focus cemented around macroeconomic policy. ''BPEA'' has been ranked as a leading journal in the field since its initial publication in 1970 [4
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/nowiki>/sup>. Economist and former editor Justin Wolfers">
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/nowiki>/sup>. Economist and former editor Justin Wolfers has said that the journal is “the most public policy-focused of all serious economics journal, or, among all public policy journals, it’s the most serious economic analysis."[5
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Each issue typically publishes six full-length papers, along with comments by two peer reviewers per paper, and a summary of the general discussion from the conference. The journal is released in hard copy format following the conference, and all past editions are available freely online fro
the Brookings website
Former
Federal Reserve The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...
Chairman Ben Bernanke contributed a paper to the Fall 2018 journal to commemorate the ten-year anniversary of the financial crisis and the onset of the
Great Recession The Great Recession was a period of marked general decline, i.e. a recession, observed in national economies globally that occurred from late 2007 into 2009. The scale and timing of the recession varied from country to country (see map). At ...
. According to the ''
Wall Street Journal ''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
'', Bernanke pointed out that “when investors fled from short-term financing markets in 2008, the panic engulfing Wall Street spread to the rest of the economy…”[6
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Wall Street Journal ''The Wall Street Journal'' is an American business-focused, international daily newspaper based in New York City, with international editions also available in Chinese and Japanese. The ''Journal'', along with its Asian editions, is published ...
'' further cited Bernanke's ''BPEA'' contribution by noting that “Former
Federal Reserve The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...
Chairman Ben Bernanke said in a new paper that the credit-market panic that culminated 10 years ago when Lehman Brothers failed better explains the severity of the 2007-09 recession than the housing bust does.” [7
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/nowiki>/sup> Ben Bernanke">Bernanke also discussed in his paper the decision not to rescue Lehman Brothers, and reflected on the ramifications of that choice.[8
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Additionally, the journal also considers the social ramifications of economic policy. For example, the Spring 2019 paper “Mortality and morbidity in the 21st century” by Anne Case and Sir Angus Deaton looked deeply “at a divided America – and its crisis of suicide, overdoses, and drug- and alcohol-fueled diseases.”
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/nowiki>/sup>That paper was also cited in the ''The Washington Post">Washington Post ''The Washington Post'' (also known as the ''Post'' and, informally, ''WaPo'') is an American daily newspaper published in Washington, D.C. It is the most widely circulated newspaper within the Washington metropolitan area and has a large nati ...
'' for its notable findings, such as, “[s]ickness and early death in the white working class could be rooted in poor job prospects for less-educated young people as they first enter the labor market, a situation that compounds over time through family dysfunction, social isolation, addiction, obesity and other pathologies…” [10
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/nowiki>/sup> ''BPEA'' commenced publication in 1970 under the editorship of Arthur Okun">0
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/nowiki>/sup> ''BPEA'' commenced publication in 1970 under the editorship of Arthur Okun and George Perry (American economist)">George Perry. Their inspiration for starting the journal was to task the best academic economists to apply themselves to real-world policy issues. Former Chair of the
Federal Reserve The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a ...
Alan Greenspan was among the initial contributors to the first edition of ''BPEA''. Following Arthur Melvin Okun, Okun's untimely death in 1980, William C. Brainard joined George Perry (American economist), Perry as co-editor from 1980 to 2007. In 2008, the journal was edited by Douglas Elmendorf,
N. Gregory Mankiw Nicholas Gregory Mankiw (; born February 3, 1958) is an American macroeconomist who is currently the Robert M. Beren Professor of Economics at Harvard University. Mankiw is best known in academia for his work on New Keynesian economics. Mankiw h ...
, and Harvard economist
Lawrence H. Summers Lawrence Henry Summers (born November 30, 1954) is an American economist who served as the 71st United States secretary of the treasury from 1999 to 2001 and as director of the National Economic Council from 2009 to 2010. He also served as pres ...
. Leading economists
David Romer David Hibbard Romer (born March 13, 1958) is an American economist, the Herman Royer Professor of Political Economy at the University of California, Berkeley, and the author of a standard textbook in graduate macroeconomics as well as many influ ...
and
Justin Wolfers Justin James Michael Wolfers, born in 1972, is an Australian economist and public policy scholar. He is professor of economics and public policy at the Gerald R. Ford School of Public Policy at the University of Michigan, and a Senior Fellow at ...
served as editors from 2009 to 2015. [11
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/nowiki>/sup> Presently, Janice Eberly">Janice C. Eberly and James H. Stock have held the editorship since 2016.[12
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Nobel Prize–Winning Authors

Twenty-three winners of the Nobel Memorial Prize in Economic Sciences, Nobel Prize in Economics have contributed as authors or discussants for ''BPEA'' since its inception in 1970, including:  
Michael Kremer Michael Robert Kremer (born November 12, 1964) is an American development economist who is University Professor in Economics And Public Policy at the University of Chicago. He is the founding director of the Development Innovation Lab at the B ...
(2019) *
Ending Africa's Poverty Trap
Spring 2004  
William Nordhaus William Dawbney Nordhaus (born May 31, 1941) is an American economist, a Sterling Professor of Economics at Yale University, best known for his work in economic modeling and climate change, and one of the 2 recipients of the 2018 Nobel Memoria ...
(2018) *
Who’s Afraid of a Big Bad Oil Shock?
Fall 2007 *
Productivity Growth and the New Economy
2002, No. 2 *
The Recent Recession, the Current Recovery, and Stock Prices
2002, No. 1 *
Policy Games: Coordination and Independence in Monetary and Fiscal Policies
1994, No. 2 *
Lethal Model 2: The Limits to Growth Revisited
1992, No. 2 *
Do Borders Matter? Soviet Economic Reform after the Coup
1991, No. 2 *
Soviet Economic Reform: The Longest Road
1990, No. 1 *
Alternative Approaches to the Political Business Cycle
1989, No. 2 *
Oil and Economic Performance in Industrial Countries
1980, No. 2 *
The Falling Share of Profits
1974, No. 1 *
The Allocation of Energy Resources
1973, No. 3 *
The Recent Productivity Slowdown
1972, No. 3 *
The Worldwide Wage Explosion
1972, No. 2
Paul M. Romer Paul Michael Romer (born November 6, 1955) is an American economist and policy entrepreneur who is a Professors in the United States, University Professor in Economics at New York University. Romer is best known as the former Chief Economist of ...
(2018) *
Looting: The Economic Underworld of Bankruptcy for Profit
1993, No. 2 *
Implementing a National Technology Strategy with Self-Organizing Industry Investment Boards
Microeconomics 2, 1993 *
Capital, Labor, and Productivity
Microeconomics 1990 Oliver Hart (2016) *
The Structure and Performance of the Money Management Industry
1992, (discussant) *
Vertical Integration and Market Foreclosure
1990   Sir Angus Deaton (2015) *
Mortality and morbidity in the 21st Century
2017
Jean Tirole Jean Tirole (born 9 August 1953) is a French professor of economics at Toulouse 1 Capitole University. He focuses on industrial organization, game theory, banking and finance, and economics and psychology. In 2014 he was awarded the Nobel Memor ...
(2014) *
Vertical Integration and Market Foreclosure
1990
Robert J. Shiller Robert James Shiller (born March 29, 1946) is an American economist, academic, and author. As of 2019, he serves as a Sterling Professor of Economics at Yale University and is a fellow at the Yale School of Management's International Center for ...
(2013) *
Understanding Inflation-Indexed Bond Markets
Spring 2009 *
Low Interest Rates and High Asset Prices: An Interpretation in Terms of Changing Popular Economic Models
Fall 2007 *
Is There a Bubble in the Housing Market?
2003, No. 2 *
What Have They Been Thinking? Homebuyer Behavior in Hot and Cold Markets
Fall 2002 *
Public Resistance to Indexation: A Puzzle
1997, No. 1 *
Hunting for Homo Sovieticus: Situational versus Attitudinal Factors in Economic Behavior
1992, No 1 *
Stock Prices and Social Dynamics
1984, No. 2 *
Forward Rates and Future Policy: Interpreting the Term Structure of Interest Rates
1983, No. 1 Thomas J. Sargent(2011) *
Rational Expectations, the Real Rate of Interest, and the Natural Rate of Unemployment
1973, No. 2 *
Rational Expectations: A Correction
1973, No. 3
Christopher A. Sims Christopher Albert Sims (born October 21, 1942) is an American econometrician and macroeconomist. He is currently the John J.F. Sherrerd '52 University Professor of Economics at Princeton University. Together with Thomas Sargent, he won the N ...
(2011) *
Monetary Policy Models
Fall 2007 *
The Role of Models and Probabilities in the Monetary Policy Process
2002, No. 2 *
What Does Monetary Policy Do?
1996, No. 2 *
Policy Analysis with Econometric Models
1982, No. 1 *
Output and Labor Input in Manufacturing
1974, No. 3 Peter A. Diamond(2010) *
Macroeconomic Aspects of Social Security Reform
1997, No. 2 *
The Cyclical Behavior of the Gross Flows of U.S. Workers
1990, No. 2 *
The Beveridge Curve
1989, No. 1 Christopher A. Pissarides (2010) *
Is the Greek Debt One of Supply or Demand?
2015
Oliver E. Williamson Oliver Eaton Williamson (September 27, 1932 – May 21, 2020) was an American economist, a professor at the University of California, Berkeley, and recipient of the 2009 Nobel Memorial Prize in Economic Sciences, which he shared with Elinor Ostro ...
(2009) *
Vertical Integration and Market Foreclosure
1990 (discussant)
Paul Krugman Paul Robin Krugman ( ; born February 28, 1953) is an American economist, who is Distinguished Professor of Economics at the Graduate Center of the City University of New York, and a columnist for ''The New York Times''. In 2008, Krugman was th ...
(2008) *
Trade and Wages, Reconsidered
Spring 2008 *
Asset Returns and Economic Growth
2005, No. 1 * “
t’s Baaack: Japan’s Slump and the Return of the Liquidity Trap
1998, No. 2 *
Growing World Trade: Causes and Consequences
1995, No. 1 *
The Persistence of the U.S. Trade Deficit
1987, No. 1 *
The U.S. Response to Foreign Industrial Targeting
1984, No. 1 *
Flexible Exchange Rates in the Short Run
1976, No. Edmund S. Phelps (2006) *
Roots of the Recent Recoveries: Labor Reforms or Private Sector Forces?
2000 *
Causes of the 1980s Slump in Europe
1986 *
The Medium Run
1997 (discussant) *
The Growth of Nations
1995 (discussant)
George Akerlof George Arthur Akerlof (born June 17, 1940) is an American economist and a university professor at the McCourt School of Public Policy at Georgetown University and Koshland Professor of Economics Emeritus at the University of California, Berkeley. ...
(2001) *
Unfinished Business in the Macroeconomics of Low Inflation: A Tribute to George and Bill by Bill and George
Fall 2007 *
Near-Rational Wage and Price Setting and the Long-Run Phillips Curve
2000, No. 1 *
The Macroeconomics of Low Inflation
1996, No. 1 *
Looting: The Economic Underworld of Bankruptcy for Profit
1993, No. 2
“East Germany in from the Cold: The economic aftermath of currency union
1991, No. 1 *
Job switching and job satisfaction in the U.S. labor market
1988, No. 2   Joseph Stiglitz (2001) *
Economic Crises: Evidence and Insights from East Asia
1998, No. 2 *
Examining Alternative Macroeconomic Theories
1988, No. 1 *
Technological Change, Sunk Costs, and Competition
1987, No. 3 Daniel L. McFadden (2000) *
Technological Change, Sunk Costs, and Competition
1987 (discussant)
Gary S. Becker Gary Stanley Becker (; December 2, 1930 – May 3, 2014) was an American economist who received the 1992 Nobel Memorial Prize in Economic Sciences. He was a professor of economics and sociology at the University of Chicago, and was a leader of ...
(1992) *
Economic Growth and Subjective Well-Being: Reassessing the Easterlin Paradox
2008 (discussant)
Robert Solow Robert Merton Solow, GCIH (; born August 23, 1924) is an American economist whose work on the theory of economic growth culminated in the exogenous growth model named after him. He is currently Emeritus Institute Professor of Economics at the ...
(1987) *
Deciphering the fall and rise in the net capital share
2015 *
Manufacturing Wage Dispersion: An End Game Interpretation
1985 (discussant) *
U.S. Labor Markets: Imbalance, Wage Growth, and Productivity in the 1970s
1983 (discussant) *
Comments and Discussion: The Bosworth and Gordon Papers
1972, No. 2
Franco Modigliani Franco Modigliani (18 June 1918 – 25 September 2003) was an Italian-American economist and the recipient of the 1985 Nobel Memorial Prize in Economics. He was a professor at University of Illinois at Urbana–Champaign, Carnegie Mellon Un ...
(1985) *
Is a Tax Rebate an Effective Tool for Stabilization Policy?
1977, No. 1 *
Targets for Monetary Policy in the Coming Year
1975, No. 1
George Stigler George Joseph Stigler (; January 17, 1911 – December 1, 1991) was an American economist. He was the 1982 laureate in Nobel Memorial Prize in Economic Sciences and is considered a key leader of the Chicago school of economics. Early life and e ...
(1982) *
Do Entry Conditions Vary across Markets?
1988 (discussant)  
James Tobin James Tobin (March 5, 1918 – March 11, 2002) was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities. He d ...
(1981) * “
Price Target for U.S. Monetary Policy? Lessons from the Experience with Money Growth Targets
1996 (discussant) *
Was This Recession Different? Are They All Different?
1993 (discussant) *
William John Fellner 1905-1983
1983, No. 2 *
Stabilization Policy Ten Years After
1980, No. 1 *
Macroeconomic Effects of Selective Public Employment and Wage Subsidies
1977, No. 2 *
Monetary Policy in 1974 and Beyond
1974, No. 1 *
Comments and Discussion: The Fellner, Okun, and Gordon Reports
1971, No. 2
Lawrence Klein Lawrence Robert Klein (September 14, 1920 – October 20, 2013) was an American economist. For his work in creating computer models to forecast economic trends in the field of econometrics in the Department of Economics at the University of Penn ...
(1980) *
Capacity Utilization: Concept, Measurement, and Recent Estimates
1973, No. 3 *
Mortgage Credit Availability and Residential Construction
1979 (discussant)


External links


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Economics journals Publications established in 1970 English-language journals