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  Governing the Future: The European Central Bank’s Expectation Management During the Great Moderation

Braun, B. (2015). Governing the Future: The European Central Bank’s Expectation Management During the Great Moderation. Economy and Society, 44(3), 367-391. doi:10.1080/03085147.2015.1049447.

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Braun, Benjamin1, Author           
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1Soziologie des Marktes, MPI for the Study of Societies, Max Planck Society, ou_1214556              

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Free keywords: European Central Bank, central bank communication, expectation management, pretence of knowledge, credibility, forward guidance
 Abstract: 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.

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Language(s): eng - English
 Dates: 2015-09-032015
 Publication Status: Issued
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 Table of Contents: Introduction
Expectation formation: performative effect of a communicative apparatus
The monetary policy strategy of the ECB
Elaborating the communicative apparatus: the early years of EMU
The communicative apparatus in action
The performative dimensions of credibility and knowledge in monetary governance
Conclusion
References
 Rev. Type: Peer
 Identifiers: DOI: 10.1080/03085147.2015.1049447
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Title: Economy and Society
Source Genre: Journal
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Pages: - Volume / Issue: 44 (3) Sequence Number: - Start / End Page: 367 - 391 Identifier: ISSN: 0308-5147
ISSN: 1469-5766