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

Aurélien Goutsmedt, Francesco Sergi, François Claveau and Clément Fontan

No jzwdt, SocArXiv from Center for Open Science

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.

Date: 2023-10-30
New Economics Papers: this item is included in nep-ban, nep-cba, nep-his and nep-mon
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Working Paper: The Different Paths of Central Bank Scientization: The Case of the Bank of England (2023)
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Persistent link: https://EconPapers.repec.org/RePEc:osf:socarx:jzwdt

DOI: 10.31219/osf.io/jzwdt

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