🤖 AI Summary
This study investigates the long-term impact of U.S. Federal Reserve monetary policy on academic journal impact factors and its underlying macroeconomic transmission mechanisms. Using time-series data from 1975 to 2026, the authors estimate three nested ordinary least squares (OLS) models—a linear baseline specification, a version controlling for time trends, and a log-transformed variant—and report, for the first time, a significant negative relationship between real interest rates and impact factors during periods of quantitative easing. Specifically, between 2001 and 2020, a one-percentage-point decline in real interest rates was associated with an average 6.9% increase in impact factors. The full-sample model achieves an adjusted R² of 0.893. The paper introduces a novel conceptual framework termed “financialization of academic capital,” elucidating how monetary policy indirectly reshapes scholarly evaluation systems through capital allocation channels.
📝 Abstract
The Journal Impact Factor (IF), as a core indicator of academic evaluation, has not been systematically studied in relation to its historical evolution and global macroeconomic environment. This paper employs a period-based regression analysis using long-term time series data from 1975-2026 to examine the statistical relationship between IF and Federal Reserve monetary policy (using real interest rate as a proxy variable). The study estimates three nested models using Ordinary Least Squares (OLS): (1) a baseline linear model, (2) a linear model controlling for time trends, and (3) a log-transformed model. Empirical results show that: (i) in the early period (1975-2000), there is no significant statistical relationship between IF and real interest rate ($p>0.1$); (ii) during the quantitative easing period (2001-2020), they exhibit a significant negative correlation ($\beta=-0.069$, $p<0.01$), meaning that for every 1 percentage point decrease in real interest rate, IF increases by approximately 6.9\%; (iii) the adjusted $R^2$ of the full-sample model reaches 0.893, indicating that real interest rate and time trends can explain 89.3\% of IF variation. This finding reveals the indirect impact of monetary policy on the academic publishing system through multiple channels such as research funding and journal pricing power, providing econometric evidence for understanding the phenomenon of"financialization of academic capital."This study not only enriches the literature on monetary policy transmission mechanisms but also provides a new perspective for valuation analysis of the academic publishing industry.