Governing the future
The European Central Bank’s expectation management during the Great Moderation
Bibliographic Data
| ID | 7759003 |
|---|---|
| Authors | Bonnie Braun (0000-0002-5186-5923) |
| Year | 2015 |
| Volume | 44 |
| Issue | 3 |
| Pages | 367-391 |
| Publication date | 2015-07-03 |
| Peer Reviewed | Yes |
| Open Access | Yes |
| Type | ARTICLE |
| Venue | Economy and Society (JOURNAL) |
| Journal identifiers | ISSN: 0308-5147 • E-ISSN: 1469-5766 |
| Publisher | Informa UK Limited (PUBLISHER • GB) |
| DOI | 10.1080/03085147.2015.1049447 |
| OpenAlex | W2116923123 |
| Language | EN |
| Citations received | 67 |
| References cited | 68 |
The experience of the global financial crisis has sparked renewed interest in the role of futurity in the capitalist economy in general and in the formation and coordination of expectations under uncertainty in particular. Economic sociologists have carefully studied the 'defuturizing' technologies devised by private actors, but have tended to neglect the increasingly pivotal part played by central banks. Political economists have had more to say on central banks, but have focused on institutional issues rather than on the concrete practices of central banking. Making an original contribution to both literatures, this paper traces the construction and subsequent evolution, up to 2007, of the European Central Bank's communicative apparatus. Drawing on official documents and on interviews with both ECB staff and market participants, the paper shows how this apparatus created the conditions for the formation and coordination of private sector expectations. The insights from this empirical analysis into the performative dimensions of 'credibility' and 'knowledge' in monetary governance contribute directly to ongoing debates about the recent extension of the ECB's communicative apparatus through forward guidance and quantitative easing
Central bank · Corporate governance · Credibility · Economic system · Economics · Economy · Macroeconomics · Monetary policy · Neglect · Performative utterance · Planned economy · Political economy · Political science · Politics · Private sector · Quantitative easing · European Monetary and Fiscal Policies · Global Financial Crisis and Policies · Global Financial Regulation and Crises · Finance · Law
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Managing expectations in financial markets
Economics as intervention
Remembering crises
Convaincre le marché. Les banquiers centraux belges à l’épreuve de la globalisation
Where does money come from? The dual circuit of money creation
How expectations became governable
The field of European economic governance and austerity policies
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Noisy Politics, Quiet Technocrats
How to be an expert in confusing times
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Technocratic myopia
From performativity to political economy
Speaking to the people? Money, trust, and central bank legitimacy in the age of quantitative easing
The fragility of depoliticization
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Financial Eschatology and the Libidinal Economy of Leverage
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Reaction value
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One future to bind them all? Modern central banking and the limits of performative governability
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Central banks’ knowledge controversies
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Bridge over Troubled Waters. Die EZB, die Euro-Rettung und die Politisierung der Geldpolitik
Finanzialisierung, Demokratie und Gesellschaft – zehn Jahre nach Beginn der Finanzkrise
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Back to the Future. Sociological Perspectives on Expectations, Aspirations and Imagined Futures
Money, liberty and nonpublic sources of social stability
Bringing ownership in
Europe's fast- and slow-burning crises
Central Bankers as Migrating Birds
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Leviathan financialized
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The Making of Modern Finance
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Macroeconomic Priorities
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Econometric policy evaluation
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From Risk, Uncertainty, and Profit
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Monetary Policy Rules Based on Real-Time Data
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Preparedness, Crisis Management and Policy Change
Futurity, Pro-cyclicality and Financial Crises
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Epistemic participation
Making Financial History
Central Bank Transparency
Mixed Signals
Making monetary markets transparent
Whatever it takes
Knowledge production in financial markets
Rational Fictions
It's (Change in) the (Future) Economy, Stupid
Uncertainty, Risk, and the Financial Crisis of 2008
Security, Territory, Population
The financial crisis in the US 2008-2009
Macroeconomics after the Crisis
Constructing conviction through action and narrative
An Essay on Framing and Overflowing
Assembling an Economic Actor
Introduction
Capitalism as a System of Expectations
The structures of uncertainty
Rationalities of ignorance
Imagined futures
The making of US monetary policy
| Unique citing works | 67 |
|---|---|
| Citations per year | 6,09 |
| Citation span | 2015 - 2026 (12) |
| Citation velocity | current |
| Highly cited | No |
| Citation types | Neutral: 64 |