Representations of knowledge in monetary policy processes: a discursive perspective

Dana Gabor
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Dana Gabor: SCEME, University of Stirling

No 019/2007, SCEME Working Papers: Advances in Economic Methodology from SCEME

Abstract: Exploring 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.

Keywords: discourse analysis; MPC; monetary policy (search for similar items in EconPapers)
JEL-codes: B41 Z1 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-knm, nep-mac, nep-mon and nep-pke
Date: 2007-11

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Persistent link: http://EconPapers.repec.org/RePEc:sti:wpaper:019/2007

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