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The Different Paths of Central Bank Scientization: The Case of the Bank of England

Author

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  • Goutsmedt, Aurélien

    (UC Louvain - F.R.S-FNRS)

  • Sergi, Francesco
  • Claveau, François
  • Fontan, Clément

Abstract

This article investigates the scientization process in central banks, using the Bank of England (BoE) as a case study. It proposes an ideal type of the scientized central bank, which is tied to the core idea that the scientization of an organization grows with its willingness to contribute to the relevant science. We derive from this ideal type empirically observable characteristics 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 thoroughly scientized central bank. The empirical material includes archives and interviews as well as three databases providing quantitative information from 1980 to 2019. We find that the path towards scientization is strategically motivated and varied, influenced by factors such as balancing the imperatives of expert credibility and informing policymaking. Based on this empirical analysis, we underline the multifaceted dynamics of the scientization process and call for more nuanced representations in the academic literature.

Suggested Citation

  • Goutsmedt, Aurélien & Sergi, Francesco & Claveau, François & Fontan, Clément, 2023. "The Different Paths of Central Bank Scientization: The Case of the Bank of England," SocArXiv jzwdt, Center for Open Science.
    • Handle: RePEc:osf:socarx:jzwdt
    DOI: 10.31219/osf.io/jzwdt
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    References listed on IDEAS

    as
    1. Acosta, Juan & Cherrier, Beatrice, 2021. "The Transformation Of Economic Analysis At The Board Of Governors Of The Federal Reserve System During The 1960s," Journal of the History of Economic Thought, Cambridge University Press, vol. 43(3), pages 323-349, September.
    2. Juan Acosta & Beatrice Cherrier & François Claveau & Clément Fontan & Aurélien Goutsmedt & Francesco Sergi, 2023. "Six Decades of Economic Research at the Bank of England," Post-Print hal-03919394, HAL.
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    9. François Claveau & Jérémie Dion, 2018. "Quantifying central banks’ scientization: why and how to do a quantified organizational history of economics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 25(4), pages 349-366, October.
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