The objectives of this paper are threefold. First, we critically survey and analyse the different methodologies that have been adopted in the rankings literature. Second, using journal articles included in the ECONLIT database and on the basis of two criteria -one based on citations and the other on perceptions of journal quality, we rank economics teaching departments in Australia and we identify individual star performers and recognize them in a designated 'Hall of Fame' for 1988Fame' for -2002. Third, our methodology enables us to make international comparisons on total and per capita bases. Previous multi-country ranking studies in economics do not rank economics departments. They provide rankings based on total publications in economics in universities regardless of whether the economists are in the economics departments or in other departments. Thus, no rankings on per capita bases are provided. We correct this shortcoming by providing total and per capita rankings and analysing the correlations between total and per capita rankings. This is the first study to examine whether the size of the economics department matters with regard to productivity.

This paper provides new rankings for Australian university economics departments for the periods 1988-2000, 1988-1994 and 1994-2000 using the ECONLIT database. We rank economics departments using two different journal ranking criteria -one based on citations and the other based on perceptions of journal quality. In addition, we provide updates on the rankings using the Towe and Wright (1995) methodology. We find that the perception-based rankings are quite different from the citation-based rankings.

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This study examines the reaction of four major equity markets of the world to the US equity market fear index, i.e., the Chicago Board of Trade Volatility Index (VIX). The VIX is designed to perform as a leading indicator of the volatility in equity markets. Our paper examines the daily data for the period of 2013 through 2018. We find that during this period there were three significant breaks in the data. Impulse responses from the structural vector autoregressive model estimation show that, in the first and second subperiods that cover from 6/2013 through 5/2016, equity market volatility in the US, UK, France, and Germany responded to structural shocks to the VIX. Nonlinear Granger causality tests confirm these findings. However, in the post Brexit-vote era, equity indices neither react to VIX structural shocks nor are caused by these shocks.