Epistemic Communities and the Diffusion of Ideas
Central Bank Reform in the United Kingdom
Bibliographic Data
| ID | 6405902 |
|---|---|
| Authors | Michael King (0000-0003-4715-7171), Michael R King (0000-0002-4672-347X, London School of Economics and Political Science, corresponding author) |
| Year | 2005 |
| Volume | 28 |
| Issue | 1 |
| Pages | 94-123 |
| Publication date | 2005-01-01 |
| Peer Reviewed | Yes |
| Open Access | No |
| Type | ARTICLE |
| Venue | West European Politics (JOURNAL) |
| Journal identifiers | ISSN: 0140-2382 • E-ISSN: 1743-9655 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/0140238042000297107 |
| OpenAlex | W1965335870 |
| Language | EN |
| Citations received | 45 |
In May 1997 the incoming Labour government gave the Bank of England operational independence in the setting of interest rates. This reform is puzzling as it was introduced by a party whose roots lie with the trade union movement, and resisted by the Conservatives whose political support comes largely from business, the financial sector and homeowners who stand to benefit most from price stability. Economic ideas are central to explaining the outcome. The Labour Chancellor was convinced by an epistemic community of monetary experts that central bank independence would achieve New Labour's electoral goals. These political incentives were absent for the Conservatives, who preferred to set interest rates strategically to increase their popularity with voters
Economics · Epistemic community · Government (linguistics · Incentive · Independence (probability theory · Interest rate · Market economy · Monetary economics · Political economy · Political science · Politics · Popularity · Law · Political and Economic history of UK and US
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Making monetary markets transparent
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Empowering Epistemic Communities
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Economy of Words
| Unique citing works | 45 |
|---|---|
| Citations per year | 2,14 |
| Citation span | 2005 - 2025 (21) |
| Citation velocity | recent |
| Highly cited | No |
| Citation types | Neutral: 45 |