On rhetoric and being realistic about the monetary policy of developing countries
AbstractThis paper focuses on economists' aspirations to apprehend the reality of the economy that they seek to study, while economic processes are largely beyond the boundaries of perception. It is recognized that engaging in dialogue with each other and with policymakers forces economists into compromise with conventional wisdom by rhetoric. We explore how questions beyond the boundaries of realist perception are commonly tackled in contemporary monetary analysis by axiomatic reasoning and mimesis (the proliferation of models that can mimic the evolution of particular variables). This provides a shared numerical discourse, but cannot overcome the problem of realistic understanding. It is argued that this is a particular difficulty in the case of monetary policy in emerging and developing countries, where policy dependence on external financial support places a premium on the rhetorical conventions of global financial centres. JEL Classifications: B41, E42, O16
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Bibliographic InfoArticle provided by Taylor & Francis Journals in its journal Journal of Economic Methodology.
Volume (Year): 14 (2007)
Issue (Month): 1 ()
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Find related papers by JEL classification:
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
- O16 - Economic Development, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance
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