Representations of knowledge in monetary policy processes: a discursive perspective
AbstractExploring knowledge in monetary policy process stands to benefit by departing from conceptualizing knowledge as an objective depiction of reality, a neutral language of science underpinning technocratic policy-making. This paper proposes a postpositivist perspective, approaching knowledge production as a process of struggle over truth claims which structures policy action by establishing boundaries for policy choices. To contextualize the mechanisms of knowledge generation, it explores the adoption by the National Bank of Romania of a new policy framework, Inflation Targeting, in August 2005. This allows a mapping of the knowledge agenda, the knowing subjects allowed to participate in policy talk and avenues for contesting truth claims.
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Bibliographic InfoPaper provided by SCEME in its series SCEME Working Papers: Advances in Economic Methodology with number 019/2007.
Length: 22 pages
Date of creation: Nov 2007
Date of revision:
discourse analysis; MPC; monetary policy;
Find related papers by JEL classification:
- B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
- Z1 - Other Special Topics - - Cultural Economics
This paper has been announced in the following NEP Reports:
- NEP-ALL-2008-05-24 (All new papers)
- NEP-CBA-2008-05-24 (Central Banking)
- NEP-KNM-2008-05-24 (Knowledge Management & Knowledge Economy)
- NEP-MAC-2008-05-24 (Macroeconomics)
- NEP-MON-2008-05-24 (Monetary Economics)
- NEP-PKE-2008-05-24 (Post Keynesian Economics)
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