It is my pleasure to announce the winner of the fifteenth Richard Stone Prize in Applied Econometrics, selected by the Editorial Board of the Journal of Applied Econometrics from the papers published in 2018 and 2019 (Volumes 33 and 34).

The Prize was established in December 1991 and is awarded biennially for the best paper with substantive econometric application that has been published in the preceding two volumes of the JAE. Survey papers, special lectures, and papers published by co-editors (jointly or singly) are excluded from consideration. The value of the Prize is $2,000.

The Prize in 2020 has been awarded jointly to two papers:

 

Mert Demirer (MIT), Francis X. Diebold (University of Pennsylvania), Laura Liu (University of Pennsylvania), and Kamil Yilmaz (Koç University)

for their paper

which was published in 2018 (Volume 33, Issue 1)

 

Francisco H.G. Ferreira (World Bank), Sergio Firpo (Insper), and Antonio F. Galvao (University of Arizona)

for their paper

which was published in 2019 (Volume 34, Issue 3)

To read the previous prize-winning articles please visit the Richard Stone Prize page

EXTENSION OF THE REPLICATION SECTION’S COVERAGE

The JAE Replication Section, introduced in January 2003 under the editorship of Badi H. Baltagi, was initially devoted exclusively to the issue of replication of empirical results published in papers of the Journal of Applied Econometrics.

Given the encouraging response, we extended the coverage of the section to include replication of empirical results that have been published as regular papers in the following additional journals:

• Econometrica
• American Economic Review (except Papers & Proceedings)
• Journal of Political Economy
• Quarterly Journal of Economics
• Review of Economics and Statistics
• Review of Economic Studies
• Journal of Econometrics
• Journal of Business and Economic Statistics
• Economic Journal

Replicability is an important part of every science, although what is meant by replication varies quite widely across different disciplines. At JAE we have always required authors to provide their data sets and any specialized computer programs as a precondition for publication, with the aim of facilitating the replication of results that we publish. The Replication Section provides an outlet and opportunity for researchers to report on successful as well as unsuccessful replications. We also hope that this will continue to encourage students and teachers of applied econometrics to replicate the published work in the classroom.

There are two aspects to replication of results published in JAE:

• Replication in a narrow sense: This would involve checking the submitted data against the primary sources (when applicable) for consistency and accuracy, checking the validity of computations either directly or by carrying out the estimation (including the computation of standard errors) using other computer packages.

• Replication in a wide sense: This assumes that replication in the narrow sense has been successful, but asks if the substantive empirical finding of the paper can be replicated using data from other periods, countries, regions, or other entities as appropriate. Replicators are required to submit their output, preferably using different software from that used by the original article, as well as a short write up of their results. In cases where the results are not replicable, the authors will be given the opportunity to review the submission.

Comments on JAE papers will be considered for the replication section provided that they contain a substantial replication component; comments on papers published in other journals will not be considered.

Electronic submissions of replications can be made online, as an Adobe PDF file, at the JAE online submission page. Further information on instructions to authors can be found at:

https://onlinelibrary.wiley.com/page/journal/10991255/homepage/forauthors.html

Replication papers should be 12 pages maximum (double spaced). This count includes tables and figures, but excludes a title page and references.

Read a replication free: The Early Millennium Slowdown: Replicating the Peersman (2005) Results by Angelia L. Grant