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Referee Term Paper

Coursework Instructions:

The purpose of this assignment is to introduce you to the publication process in
economics and economic history.  While a textbook summarizes the main results of
thousands of published articles and books, it is important to see how economic history
research is actually done.
Your completed report must be uploaded to Canvas by Monday, November 29 before
10 p.m.  This report is worth 100 possible points if it is turned in before the deadline. 
For each 24‐hour period after the deadline, even 30 seconds after, there will be a 25‐
point deduction.  So, within 24‐hours of the deadline the maximum possible score is 75
points, in the next 24‐hours after that 50 points maximum, 25 points maximum in the
next 24‐hours, and zero points thereafter.  As a result, the assignment is worth a
maximum of zero points after 10 p.m. on Thursday, December 2, so no referee reports
are accepted after this time.
All reports must be typed and double‐spaced with appropriate font sizes, correct
spelling and grammar, and with a widely‐used reference style if you reference other
papers or sources.  Most economists use the author‐date style from the Chicago Manual
of Style (https://www(dot)chicagomanualofstyle(dot)org/tools_citationguide/citation‐guide‐
2.html), so this is strongly recommended.
Your final report is to be uploaded to Canvas under Assignments as a PDF file
(preferred), but it can also be a Microsoft Word document.  Details on the composition
and length of the report are described below.
What is a Referee Report?
A referee report is a critical part of the peer‐review process in academic research.  When
an article is submitted to an academic journal for possible publication, the editor of the
journal sends out the paper to several experts who are familiar with the topic and who
can evaluate the contributions and limitations of the submitted article. Your report is intended for the authors of the paper and for the journal editor.  There is
no absolute length requirement, but I would expect most reports to be between 3 and 5
double‐spaced pages, and it should include the following parts:
 A summary of the paper, which discusses the main research question(s), the
methodology used by the authors, and the main conclusions and contributions of
the paper.
 A discussion of whether the question or questions asked are important (or not)
and whether you find the results from paper convincing or not (and why?)
 A discussion of the concerns you have with the paper.  These concerns could be
related to the data being used, the theoretical model or models, the empirical
methods, sample selection issues (do the data seem to be a representative
sample?), possible alternative explanations for the results that the authors do not
consider (or do not consider sufficiently), and any other weaknesses of the paper,
which might include anything, including poor grammar, poor writing, or
misspellings.
 A referee report is meant to be constructive criticism, so, whenever possible,
provide possible suggestions for improvement.
 Finally, your report should include a recommendation to the editor on whether
to accept the paper for publication in its current form, to suggest that the authors
revise and later resubmit the paper for publication with suggested revisions, or
to reject the paper for publication.

Coursework Sample Content Preview:

Referee Term Paper
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Summary of the Paper
In the research by Mitchener and Richardson, the researchers sought to determine whether policies to address the contagion of fear and panics influence depositors' and bankers' behavior and the money supply. In 1930, a contagion of fear among depositors caused widespread runs (Mitchener & Richardson, 2021, 1). Many banks went out of business, and the remaining ones restricted lending and increased their reserves to cushion themselves against capital shortage. Mitchener and Richardson (2) used the reduced lending activity to determine the spread of contagion on households and businesses, and the other contagion channels were money multiplier and monetary aggregates. The researchers further estimate the money multiplier using Bayesian Model Averaging (BMA), considering economic activities, time, and Fed policies.
Questions and Results 
The research questions are important as they address the impact of banking panics on deposit withdrawals and the money supply. Based on the results, panic hurt lending as commercial banks adjusted to the deposit outflows, including reducing illiquid assets such as illiquid assets, corporate bonds, and loans (Mitchener and Richardson 2021, 20). There was more focus on liquid assets such as cash and reserves away from the illiquid assets. The results are convincing where there is an estimation of the decline in lending because of the panics.  The authors assumed that the panics did not directly impact New York City's banks, reducing their aggregate lending between 1929 and 1932. Despite the US suffering various bank failures in the 1920s, the contagion was not widespread, and the bank failures did not cause bank runs.
Concerns With the Paper
 The paper would be better if there is a discussion on other papers that show the effect of shocks and the contagion of fear on banks before March 1929 to December 1932. Arora (2021, 26) mentioned the need to link the research with historical evidence to provide context and further evaluate the research topic. In particular, identifying recent papers using different methodologies and approaches can provide insights into how researchers conceptualize and measure other variables. Deposit withdrawals are closely linked with people's perception, and the contagion of fear worsened the bank runs, but the paper does not address the differences between vast levels of panic in March 1929 to December 1932 and across the Federal Reserve districts.
The results focus on the 12 Fed reserve districts from March 1929 to December 1932, inclu...
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