IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-04267004.html
   My bibliography  Save this paper

Not a steamroller, a 3D process: Scientization at the Bank of England

Author

Listed:
  • Aurélien Goutsmedt

    (F.R.S.-FNRS, UCLouvain, ISPOLE, ICHEC - Brussels Management School [Bruxelles])

  • Francesco Sergi

    (LIPHA - Laboratoire Interdisciplinaire d'étude du Politique Hannah Arendt Paris-Est - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel, UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12)

  • François Claveau

    (UdeS - Université de Sherbrooke, CIRST - Centre interuniversitaire de recherche sur la science et la technologie - UdeM - Université de Montréal - UQAM - Université du Québec à Montréal = University of Québec in Montréal)

  • Clément Fontan

    (UCLouvain, ISPOLE)

Abstract

This article investigates the scientization process in central banks, using the Bank of England (BoE) as a case study. Its main goal is to clarify the interactions and tensions among three dimensions of scientization: contributory, policymaking and legitimizing. To do so, we outline an ideal type of contributory scientization in central banks, whereby they become active contributors to science. The article derives empirically observable characteristics for this ideal type, regarding leadership and staff profiles, use of internal resources, composition of external networks, and publication and discursive outputs. The BoE is then contrasted to this ideal type of a central bank thoroughly involved in contributory scientization. The empirical material includes archives and interviews as well as three databases providing quantitative information from the 1970s to 2019. We find that the development of contributory scientization is strategically motivated, often generating tensions with policymaking and legitimizing dimensions. Our findings suggest that scientization in central banks is best understood as a three-dimensional, non-linear process, rather than a steamroller.

Suggested Citation

  • Aurélien Goutsmedt & Francesco Sergi & François Claveau & Clément Fontan, 2025. "Not a steamroller, a 3D process: Scientization at the Bank of England," Post-Print hal-04267004, HAL.
    • Handle: RePEc:hal:journl:hal-04267004
    DOI: 10.1017/fas.2025.8
    Note: View the original document on HAL open archive server: https://hal.science/hal-04267004v2
    as

    Download full text from publisher

    File URL: https://hal.science/hal-04267004v2/document
    Download Restriction: no
    File URL: https://libkey.io/10.1017/fas.2025.8?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Martin Baumgaertner & Johannes Zahner, 2021. "Whatever it takes to understand a central banker - Embedding their words using neural networks," MAGKS Papers on Economics 202130, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    2. Daniel Maman & Zeev Rosenhek, 2012. "Mobilizing globalization in local political fields: The strengthening of the central bank in Israel," Review of International Political Economy, Taylor & Francis Journals, vol. 19(2), pages 317-340.
    3. Elliott Ash & Daniel L. Chen & Suresh Naidu, 2022. "Ideas Have Consequences : The Impact of Law and Economics on American Justice," Working Papers hal-03899739, HAL.
    4. Stephen Golub & Ayse Kaya & Michael Reay, 2015. "What were they thinking? The Federal Reserve in the run-up to the 2008 financial crisis," Review of International Political Economy, Taylor & Francis Journals, vol. 22(4), pages 657-692, August.
    5. Didier Georgakakis & Frédéric Lebaron, 2018. "Yanis (Varoufakis), the Minotaur, and the Field of Eurocracy," Post-Print halshs-03059237, HAL.
    6. Matthias Thiemann & Carolina Raquel Melches & Edin Ibrocevic, 2021. "Measuring and mitigating systemic risks: how the forging of new alliances between central bank and academic economists legitimize the transnational macroprudential agenda," Review of International Political Economy, Taylor & Francis Journals, vol. 28(6), pages 1433-1458, October.
    7. Andrew Baker, 2015. "Varieties of Economic Crisis, Varieties of Ideational Change: How and Why Financial Regulation and Macroeconomic Policy Differ," New Political Economy, Taylor & Francis Journals, vol. 20(3), pages 342-366, June.
    8. Andrew Haldane & Michael McMahon, 2018. "Central Bank Communications and the General Public," AEA Papers and Proceedings, American Economic Association, vol. 108, pages 578-583, May.
    9. Stephanie L. Mudge & Antoine Vauchez, 2018. "Too Embedded to Fail: The ECB and the Necessity of Calculating Europe," Post-Print hal-02736884, HAL.
    10. Peter Weingart, 1999. "Scientific expertise and political accountability: paradoxes of science in politics," Science and Public Policy, Oxford University Press, vol. 26(3), pages 151-161, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Aurélien Goutsmedt & Francesco Sergi & François Claveau & Clément Fontan, 2023. "The Different Paths of Central Bank Scientization: The Case of the Bank of England," Working Papers hal-04267004, HAL.
    2. Goutsmedt, Aurélien & Sergi, Francesco, 2024. "Redefining Scientisation: Central Banks between Science and Politics," SocArXiv dxvfp, Center for Open Science.
    3. repec:osf:socarx:dxvfp_v1 is not listed on IDEAS
    4. Johnson, Juliet & Arel-Bundock, Vincent & Portniaguine, Vladislav, 2018. "Adding rooms onto a house we love: Central banking after the Global Financial Crisis," SocArXiv bms5n, Center for Open Science.
    5. Alan S. Blinder & Michael Ehrmann & Jakob de Haan & David-Jan Jansen, 2024. "Central Bank Communication with the General Public: Promise or False Hope?," Journal of Economic Literature, American Economic Association, vol. 62(2), pages 425-457, June.
    6. Kučerová, Zuzana & Pakši, Daniel & Koňařík, Vojtěch, 2024. "Macroeconomic fundamentals and attention: What drives european consumers’ inflation expectations?," Economic Systems, Elsevier, vol. 48(1).
    7. Jordi Brandts & Isabel Busom & Cristina Lopez-Mayan & Judith Panadés, 2023. "Images Say More than Just Words: Effectiveness of Visual and Text Communication in Dispelling the Rent-Control Misconception," CESifo Working Paper Series 10537, CESifo.
    8. repec:zbw:bofrdp:2020_017 is not listed on IDEAS
    9. Kate Dooley & Aarti Gupta, 2017. "Governing by expertise: the contested politics of (accounting for) land-based mitigation in a new climate agreement," International Environmental Agreements: Politics, Law and Economics, Springer, vol. 17(4), pages 483-500, August.
    10. Munday, Tim & Brookes, James, 2021. "Mark my words: the transmission of central bank communication to the general public via the print media," Bank of England working papers 944, Bank of England.
    11. Kosuke Aoki & Hibiki Ichiue & Tatsushi Okuda, 2019. "Consumers' Price Beliefs, Central Bank Communication, and Inflation Dynamics," Bank of Japan Working Paper Series 19-E-14, Bank of Japan.
    12. Markus Dressel, 2022. "Models of science and society: transcending the antagonism," Palgrave Communications, Palgrave Macmillan, vol. 9(1), pages 1-15, December.
    13. Cars Hommes & Julien Pinter & Isabelle Salle, 2023. "What People Believe about Monetary Finance and What We Can(‘t) Do about It: Evidence from a Large-Scale, Multi-Country Survey Experiment," CESifo Working Paper Series 10574, CESifo.
    14. Douglas Kiarelly Godoy de Araujo, 2025. "Open-sourced central bank macroeconomic models," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Data science in central banking: enhancing the access to and sharing of data, volume 64, Bank for International Settlements.
    15. Curti, Filippo & Kazinnik, Sophia, 2023. "Central bank communication and website characteristics," Journal of Economic Behavior & Organization, Elsevier, vol. 212(C), pages 1216-1241.
    16. Tim Hallett & Matthew Gougherty, 2024. "Learning to Think Like an Economist without Becoming One: Ambivalent Reproduction and Policy Couplings in a Masters of Public Affairs Program," American Sociological Review, , vol. 89(2), pages 227-255, April.
    17. Alina Evstigneeva & Mark Sidorovskiy, 2021. "Assessment of Clarity of Bank of Russia Monetary Policy Communication by Neural Network Approach," Russian Journal of Money and Finance, Bank of Russia, vol. 80(3), pages 3-33, September.
    18. Olivier Coibion & Yuriy Gorodnichenko & Michael Weber, 2022. "Monetary Policy Communications and Their Effects on Household Inflation Expectations," Journal of Political Economy, University of Chicago Press, vol. 130(6), pages 1537-1584.
    19. Amy A. Quark & Rachel Lienesch, 2017. "Scientific boundary work and food regime transitions: the double movement and the science of food safety regulation," Agriculture and Human Values, Springer;The Agriculture, Food, & Human Values Society (AFHVS), vol. 34(3), pages 645-661, September.
    20. Pierre Cahuc & Stéphane Carcillo & Bérengère Patault & Flavien Moreau, 2024. "Judge Bias in Labor Courts and Firm Performance," Journal of the European Economic Association, European Economic Association, vol. 22(3), pages 1319-1366.
    21. Weber, Michael & D'Acunto, Francesco & Fuster, Andreas, 2021. "Diverse Policy Committees Can Reach Underrepresented Groups," CEPR Discussion Papers 16563, C.E.P.R. Discussion Papers.
    22. Hansen, Stephen & McMahon, Michael & Tong, Matthew, 2019. "The long-run information effect of central bank communication," Journal of Monetary Economics, Elsevier, vol. 108(C), pages 185-202.

    More about this item

    Keywords

    Central bank; Scientisation; Expertise; Depoliticisation; Word embedding;
    All these keywords.

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-04267004. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.