Growth at risk: Boundary walkers, stylized facts and the legitimacy of countercyclical interventions

IF 4 2区 社会学 Q1 ECONOMICS
M. Thiemann
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引用次数: 7

Abstract

Abstract Post-crisis, central banks were encouraged to intervene against the cyclical build up of systemic risks in the financial system, a mandate which contravened previous conceptions of the state-economy boundary. This paper traces how central bank economists forged an analytical apparatus that could guide and legitimize such central bank interventions, detailing how their work involved forging new connections between actors within the boundary zone between the academic and the bureaucratic fields. Acting as ‘economists in the wild’, I show how these actors were able to establish ‘stylized facts’ about the boom-and-bust cycles of financial markets. Holding a foot both within the academic and the bureaucratic fields, such boundary walkers skilfully leveraged central bank resources to enrol allies in the field of academic economics to decisively shift the discursive representation of finance as cyclical, in turn legitimating ambitious central bank interventions into the functioning of the economy.
面临风险的增长:边界步行者,程式化的事实和反周期干预的合法性
危机后,央行被鼓励干预金融体系系统性风险的周期性积累,这一授权与之前的国家-经济边界概念相抵触。本文追溯了央行经济学家是如何建立一套分析工具来指导和合法化央行的干预措施的,详细介绍了他们的工作是如何在学术和官僚领域之间的边界区域内建立参与者之间的新联系的。作为“野外的经济学家”,我展示了这些参与者如何能够建立关于金融市场繁荣与萧条周期的“程式化事实”。这些边界步行者在学术和官僚领域都站稳脚跟,他们巧妙地利用中央银行的资源,招募学术经济学领域的盟友,果断地将金融的话语表征转变为周期性,从而使雄心勃勃的中央银行干预经济运作合法化。
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来源期刊
CiteScore
6.30
自引率
5.90%
发文量
23
期刊介绍: This radical interdisciplinary journal of theory and politics continues to be one of the most exciting and influential resources for scholars in the social sciences worldwide. As one of the field"s leading scholarly refereed journals, Economy and Society plays a key role in promoting new debates and currents of social thought. For 37 years, the journal has explored the social sciences in the broadest interdisciplinary sense, in innovative articles from some of the world"s leading sociologists and anthropologists, political scientists, legal theorists, philosophers, economists and other renowned scholars.
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