Research quality assessment tools: Lessons from Italy

Graziella Bertocchi, Alfonso Gambardella, Tullio Jappelli, Carmela A. Nappi, Franco Peracchi, 28 July 2014

Assessing the quality of academic research is important – particularly in countries where universities receive most of their funding from the government. This column presents evidence from an Italian research assessment exercise. Bibliometric analysis – based on the journal in which a paper was published and its number of citations – produced very similar evaluations of research quality to informed peer review. Since bibliometric analysis is less costly, it can be used to monitor research on a more continuous basis and to predict the outcome of future peer-reviewed assessments.

Financial stability and monetary policy

Gabriel Chodorow-Reich, 27 July 2014

The monetary policies implemented by the Federal Reserve since late 2008 have raised concerns about the risk taking of financial institutions. This column discusses the effect of some of these policies on life insurance companies and market mutual funds. While the effect on life insurance companies has been stabilising, money market funds did not actively reach for yield.

New thinking on reserve-currency status

Linda Goldberg, Signe Krogstrup, John Lipsky, Hélène Rey, 26 July 2014

The dollar’s dominant role in international trade and finance has proved remarkably resilient. This column argues that financial stability – and the policy and institutional frameworks that underpin it – are important new determinants of currencies’ international roles. While old drivers still matter, progress achieved on financial-stability reforms in major currency areas will greatly influence the future roles of their currencies.

Complexity and the art of public policy

Roland Kupers, 25 July 2014

Complexity science is changing the way we think about social systems and social theory. Unfortunately, economists’ policy models have not kept up and are stuck in either a market fundamentalist or government control narrative. This Vox Talk argues for a new, more flexible policy narrative, which envisions society as a complex evolving system that is uncontrollable but can be influenced.

SMEs lending: ‘Relationship lending’ vs arm’s length

Thorsten Beck, Hans Degryse, Ralph De Haas, Neeltje van Horen, 25 July 2014

The small and medium-size enterprises (SMEs) were among the most severely affected in the Global Crisis. This column discusses new evidence on how different lending techniques affect lending in bad and good times. Data from 21 countries in central and eastern Europe show that ‘relationship lending’ alleviates credit constraints during a cyclical downturn but not during a boom period. The positive impact of relationship lending in an economic downturn is strongest for smaller and more opaque firms and in regions where the downturn is more severe.

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