Unexpected Revolutionaries (eBook)

How Central Banks Made and Unmade Economic Orthodoxy

Manuela Moschella (Autor)

eBook Download: EPUB

2024
204 Seiten
Cornell University Press (Verlag)
978-1-5017-7487-4 (ISBN)

Infos

In Unexpected Revolutionaries, Manuela Moschella investigates the institutional transformation of central banks from the 1970s to the present.

Central banks are typically regarded as conservative, politically neutral institutions that uphold conventional macroeconomic wisdom. Yet in the wake of the 2008 global financial crisis and the 2020 COVID-19 crisis, central banks have upended observer expectations by implementing largely unknown and unconventional monetary policies. Far from abiding by well-established policy playbooks, central banks now engage in practices such as providing liquidity support for a wide range of financial institutions and quantitative easing. They have even stretched the remit of monetary policy into issues such as inequality and climate change.

Moschella argues that the political nature of central banks lies at the heart of these transformations. While formally independent, central banks need political support to justify their policies and powers, and to obtain it, they carefully manage their reputation among their audienceselected officials, market actors, and citizens. Challenged by reputational threats brought about by twenty-first-century recessionary and deflationary forces, central banks such as the Federal Reserve System and the European Central Bank strategically deviated from orthodox monetary policies to preempt or manage political backlash and to regain public trust. Central banks thus evolved into a new role only in coordination with fiscal authorities and on the back of public contestation.

Eye-opening and insightful, Unexpected Revolutionaries is necessary reading for discussions on the future of the neoliberal macroeconomic regime, the democratic oversight of monetary policymaking, and the role that central banks canor cannotplay in our domestic economies.

Autor

Manuela Moschella is Associate Professor of International Political Economy at the Scuola Normale Superiore. She is the author of Governing Risk.

Inhalt

Introduction
1. Central Banks as Political Institutions
2. The Historical Construction of Reputation
3. Caught in a New Context
4. The US Federal Reserve
5. The European Central Bank
6. The Long Journey of Central Banks

Produkt-Details

• Erscheint lt. Verlag: 15.5.2024
• Reihe/Serie: Cornell Studies in Money
• Zusatzinfo: 11 graphs
• Verlagsort: Ithaca
• Sprache: englisch
• Maße: 150 x 150 mm
• Themenwelt: Sozialwissenschaften ► Politik / Verwaltung ► Europäische / Internationale Politik
• Themenwelt: Sozialwissenschaften ► Politik / Verwaltung ► Staat / Verwaltung
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Finanzwissenschaft
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Makroökonomie
• Themenwelt: Wirtschaft ► Volkswirtschaftslehre ► Wirtschaftspolitik
• Schlagworte: macroeconomics, deflation, 2008 crisis, COVID pandemic, fiscal authority, neoliberal monetary orthodoxy, technocracy, federal economic policy
• ISBN-10: 1-5017-7487-5 / 1501774875
• ISBN-13: 978-1-5017-7487-4 / 9781501774874