Journal of Economic Literature Classifications

JEL Classification Codes Guide 

E Macroeconomics and Monetary Economics
Guideline: Covers theoretical and empirical studies about the aggregate performance of an economy: output, employment, prices, and interest rates and their determinants. Studies about the microeconomic foundations of macroeconomics that are of substantive interest to micro-economists should be cross-classified here and under the appropriate categories in D. However, cross-classification under categories in D should not be automatic. For example, macroeconomic constructs using the representative agent (the consumer or the firm) should not be cross-classified under categories in D unless they contain some novel microeconomic content. Studies about open economy macroeconomics should be classified under appropriate categories in F4. Macroeconomic studies pertaining to economic development should be cross-classified under appropriate E categories and under O11 and other appropriate O categories if they are relevant to the pertinent macroeconomic studies in general. Those studies pertaining to socialist and transitional economies or other economic systems should be cross-classified under appropriate categories in E and P2, P3, or P4.
Keywords: Aggregate Demand, Aggregate Supply, AS AD, Macrodynamics, Macroeconomics, Macroeconomy
E0 General

E1 General Aggregative Models

E2 Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy

E3 Prices, Business Fluctuations, and Cycles

E4 Money and Interest Rates

E5 Monetary Policy, Central Banking, and the Supply of Money and Credit

E6 Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

E7 Macro-Based Behavioral Economics

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E3 Prices, Business Fluctuations, and Cycles
Guideline: Covers studies about aggregate prices, including determinants of price levels, inflation, and deflation. Also covers studies involving business fluctuations, business cycles, and business trends. Studies about the same topics at the industry level should be classified under L16 (and/or L11, if concerning prices) and the appropriate industry categories in L6-L9. Studies about financial asset prices should be classified under the appropriate categories in G1, and studies about real estate prices under the appropriate categories in R3. Also, studies about business fluctuations, cycles, and trends at the regional level should be classified under R11 and should be cross-classified here if they are of general relevance to aggregate studies.
Keywords: Aggregate Prices, Cost of Living, Economic Indicator, Price Index.
E30 General

E31 Price Level; Inflation; Deflation

E32 Business Fluctuations; Cycles

E37 Forecasting and Simulation: Models and Applications

E39 Other

E4 Money and Interest Rates

E5 Monetary Policy, Central Banking, and the Supply of Money and Credit

E6 Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook

E7 Macro-Based Behavioral Economics

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E320 Business Fluctuations; Cycles
Guideline: Covers theoretical and empirical studies about issues related to business fluctuations, cycles, and trends, including studies on leading indicators.
Keywords: , Animal Spirit, Boom, Boom Bust, Bubble, Business Confidence, Business Cycle, Business Fluctuation, Bust, Chaos, Concertina Effect, Consumer Confidence, Contraction, Countercyclical, Credit Cycle, Crisis, Cyclic, Debt Cycle, Depression, Downturn, Economic Fluctuations, Expansion, Fisher Cycle, Fluctuation, International Business Cycles, Juglar Cycle, Kondratieff Cycle, Leading Indicators, Long Cycle, Long Wave, Oscillations, Political Business Cycle, Procyclical, Real Business Cycle, Recession, Stabilizer, Stagnation, Sunspot, Turbulence
Caveats: Studies about the topics at industry-level should also be cross-classified here only if they are of relevance to macro studies.Studies should be cross-classified here and under the appropriate category in E1 if the model employed is aggregative, for example real business cycle models.Studies about growth-cycles should be cross-classified here and under the appropriate category in O4. 

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G Financial Economics
Guideline: Covers studies about issues related to various sub-fields in financial economics: general financial markets (both domestic and international) dealing with securities (stocks, bonds, and commodity and other futures); financial institutions and services; and corporate finance and governance. Studies should be cross-classified under the appropriate microeconomic categories if they are based on microeconomic models. Financial economic studies in the context of economic development should be cross-classified here and under O16; those studies related to socialist and transitional economies should be cross-classified here and under P34; and those studies related to other economic systems should be cross-classified here and under P43.
Keywords: Finance, Financial Crisis, Financial Economics, Financial Intermediation, Financial Markets
G0 General

Guideline: Not Specified

Keywords: None Specified

G00 General

G01 Financial Crises

G010 Financial Crises

Guideline: Covers empirical and theoretical studies about issues related to financial crises. Studies about issues related to currency crises should be classified under F31.

Keywords: Banking Crisis, Crash, Crisis, Economic Crisis, Financial Crisis, Global Financial Crisis, Great Depression, Stock Market Crash

Caveats: None Specified

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O Economic Development, Innovation, Technological Change, and Growth
Guideline: Covers a somewhat heterogeneous group of studies, including studies about issues related to economic development and developing economies (O1, O2), technological change and the knowledge-based economy (O3), economic growth (O4), and economywide country studies (O5). The categories for economic development and developing economies encompass many different subjects: microeconomics, macroeconomics, international economics, financial economics, and public economics, among others. Studies about economic development that have general relevance to the topics covered beyond economic development should be cross-classified under the appropriate categories in O1 or O2 and under the appropriate non-O categories. Studies about development issues related to socialist, transitional, or other economic systems should be classified under the appropriate categories in P2, P3, or P4 and should be cross-classified under the appropriate categories in O1 or O2 if they are relevant to issues related to economic development in general.
Keywords: Developing Country, Developmental State, Economic Development, Growth, Innovation, Least Developed Country, Technological Change

O0 General

O1 Economic Development

O2 Development Planning and Policy

O3 Innovation; Research and Development; Technological Change; Intellectual Property Rights

O4 Economic Growth and Aggregate Productivity

O5 Economywide Country Studies 

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O4 Economic Growth and Aggregate Productivity

Guideline: Covers all the studies, theoretical and empirical, about issues related to aggregate growth. Studies should be cross-classified if they are relevant to more than one category of growth. Theoretical studies about aggregate growth should be cross-classified here and under the appropriate categories in E1, if they are closely related to aggregative models in E1. They should be cross-classified under E32 instead, if they deal with growth-cycle issues. The categories related to aggregate growth were established here rather than under macroeconomics (E) for no other reason than historical coincidence (reflecting the view of the person who was asked to create the O categories in 1990). No distinction between economic development and economic growth is made. Studies about economic growth pertaining to developing countries should be classified under O11, and should be cross-classified under the appropriate category (or categories) in O4 only if they are relevant to economic growth in general. Studies about open economy macroeconomic growth models should be classified under F43 and should be cross-classified here only if they shed a further light on general growth issues. Studies about issues related to individual firm growth should be classified under D92 and those about issues related to regional growth should be classified under R11.

Keywords: Aggregate Productivity, Capital Output Ratio, Economic Growth, Growth, Optimal Growth Model, Optimal Growth Path.

O40 General

O41 One, Two, and Multisector Growth Models

O42 Monetary Growth Models

O43 Institutions and Growth

O44 Environment and Growth

O47 Empirical Studies of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence

O49 Other

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O41 One, Two, and Multisector Growth Models
O410 One, Two, and Multisector Growth Models
Guideline: Covers studies about theoretical issues related to all the growth models, except for monetary growth models.
Keywords: Chenery Syrquin Model, Economic Growth, Endogenous Growth Model, Growth Model, Harrod Domar, Kaleckian Growth Model, Kuznets Curve, Multisector Growth, Neoclassical Growth Model, Neocolonial Dependence Model, One Sector Growth Model, Post Keynesian Growth Model, Saving Growth, Technological Change, Two Gap Model, Two Sector Growth Model, Vintage Capital Model
Caveats: Monetary growth models should be classified under O42.Empirical studies that test these theories should also be classified here; otherwise they should be classified under O47. 

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