This article examines how the UK Research Assessment Exercise (RAE), along with the development of performance indicators, fits into the production of research within a changing policy context. The historical evolution of the RAE from 1985-2001 is considered, before looking specifically at how research output (in the form of journal publications) was, and is, assessed. Changes in process and output measurements necessitated a move from quantitative to quality evaluation, which affected both academic publishing and the role of journals within the RAE. The issue of quality--in terms of perceptions and performance--as applied to both is explored. (Contains 1 figure, 3 tables and 85 notes.)