Keeping Up With Fashion: Recent Trends in the Subfields of Study of Doctoral Students in Economics

We conduct an analysis of recent trends on the subfields of study that doctoral students in economics choose for their dissertations. By investigating data on the JEL classification codes of dissertations reported by the Journal of Economic Literature from 1991 to 2007, we find that the trends in the subfields of study of doctoral dissertations follow those of articles published at five major general-interest journals (American Economic Review, Quarterly Journal of Economics, Journal of Political Economy, Review of Economic Studies, and Review of Economics and Statistics). In particular, the co-movement pattern is salient in subfields such as Microeconomics (D), Health, Education, and Welfare (I), and Economic Development and Growth (O). Our findings suggest that the fashion exhibited in the top-notch research journals is one of the most influential factors when doctoral students choose a subfield.