The Different Paths of Scientization at the Bank of England

Francesco Sergi ()
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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

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Abstract: According to Marcussen (2009), central banks would have entered in the 1990s in a "fifth age," that Marcussen calls the age of "scientisation." Our contribution addresses the increasing role of "science" (namely, economics) at the Bank of England. Taking a historical perspective and adopting a long-run view (the past six decades), we document the forms taken by "scientisation" in this policymaking institution. We uncover that "scientisation" historically encompasses different types of dynamics, implying different relationships between knowledge and power. Our case illustrates that actually "scientisation" can designate: 1) the increasing role of economists within central banks, with the hiring of economists in the staff or with economists accessing executive positions. At the Bank of England, we can observe the emergence of this process in the 1970s and its acceleration in the 1980s; 2) the development of economic research activities, including (but not limited to) the increase of publications in peer-reviewed journals authored or co-authored by central bank staff. After a brief episode in the late 1980s, research (and publishing) became a central activity at the Bank of England only in the 2000s, and mainly after the great financial crisis; 3) the use, in the central bank analysis, policy, and communication routines, of conceptual devices coming from economics, like forecasting models and the related projections. In this respect, the 1990s have been crucial in transforming the practices of the Bank of England; 4) the emphasis on science/economics put by central bankers in their communication toward the public about the policies implemented. This latter phenomenon has remained marginal within the Bank of England. We argue that the occurrence of these different dynamics at different periods in the Bank's history result, on the one hand, from a trade-off between the necessity to appear at the cutting-edge of science and to attract skilled economists; and, on the other hand, scientisation patterns result from the necessity to produce analyses and devices directly and concretely useful to conceive, communicate, and legitimize policy decisions and discourses.

Date: 2022-11-24
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Published in Power and Knowledge from the 18th Century to Today, Université de Lorraine,, Nov 2022, Nancy, France

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