The hollowing out of monetarism: the rise of rules-based monetary policy-making in the UK and USA and problems with the paradigm change framework

Clift, Ben

doi:10.1057/s41295-019-00186-1

Cited by 20 publications

(9 citation statements)

References 60 publications

(34 reference statements)

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“…This way, a fiscal policy discussion that used to be dominated by ‘paradigm men’ progressively saw the emergence of pivotal ‘bricoleurs’ both at the helm and within the ECB (Carstensen 2011 ). This led to the juxtaposition of ideas coming from different paradigmatic homes (Carstensen and Matthijs 2018 ; Clift 2019b ), brining gradual but meaningful ideational innovations following the logic of bricolage. Research interviews revealed that ECB’s internal politics of ideas ‘entails discursive struggles […] wherein the support of powerful backers, and packaging ideas to pass through the internal review process and secure social recognition are vitally important’ (Clift 2018 , p. 28).…”

Section: Discussionmentioning

confidence: 99%

“…As a first contribution, this article questions how far a policy paradigms framework (Hall 1993 ) improves our understanding of ideational change within complex supranational institutions. This analysis builds on the insights of scholars questioning the coherence and stability of policy paradigms (Blyth 2013 ; Carstensen and Matthijs 2018 ; Clift 2019b ) and is alive to the importance of disillusionment with previous ideas to create ‘political space’ and enable ‘entrepreneurs’ to ‘champion alternatives to the ideas being questioned’ (Berman 2013 , p. 227; Hay 1996 ). This research finds that new ideas have to adjust to and combine with prior ones as a consequence of the ‘flexibility and malleability’ of policy paradigms (Clift 2019a , p. 1215).…”

Section: Introductionmentioning

confidence: 99%

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The politics of ECB’s economic ideas and its implications for European economic governance: embedding a resilient EMU from the top-down?

Mugnai

2022

Comp Eur Polit

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By focusing on ECB’s economic policy thinking and its internal politics of ideas, this research aims to provide two contributions to knowledge. Firstly, it seeks to enhance scholarly understanding of ideational change inside international organisations (IOs). To do so, it asks (a) how ECB’s economic policy thinking has evolved since the outbreak of the euro crisis, and (b) what drives change in ECB’s ideas on the best way to deepen Europe’s Economic and Monetary Union (EMU) in its fiscal and economic realms. To answer these questions, fiscal policy, structural reforms and convergence towards resilient economic structures are used as case studies. The article argues that the interplay between changes in ECB’s leadership and internal policy discussions promoted by ideational entrepreneurs played a pivotal role in enabling new ideas to emerge inside the Bank. Secondly, by interrogating ECB’s ideas on the way to complete EMU, this research reflects on the future of the euro. It shares the view that the construction of cognitive authority within IOs is an ongoing political struggle over the ideas underpinning the everyday practice of global governance. By looking at the politics of ideas within the ECB, this article aims to contribute to the international political economy of EMU deepening.

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Section: Discussionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

The politics of ECB’s economic ideas and its implications for European economic governance: embedding a resilient EMU from the top-down?

Mugnai

2022

Comp Eur Polit

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“…According to Blyth (2002: 31–33), such a transformation also demands a specific kind of uncertainty where actors cannot identify their interests. Some scholars have criticized the policy paradigm literature for underreporting intraparadigm change (Carstensen and Matthijs, 2018: 439–441) and ideational consistencies across paradigms (Clift, 2020: 296, 297). Boumans (2022) recently applied the perspective to trade unions and labor market liberalization.…”

Section: Trade Unions and Alternative Work Arrangementsmentioning

confidence: 99%

Legitimacy versus incentives: Explaining the difference between early and late union responses to nonstandard employment in the Netherlands

van Veldhoven

2024

Journal of Industrial Relations

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With the spread of alternative work arrangements across European labor markets, union responses to nonstandard employment have increasingly received scholarly attention. Based on a process-tracing analysis of the Netherlands between 1971 and 1996, I propose an alternative framework for understanding the divergence between early and late union responses to nonstandard employment. Rather than a choice between cooperation with management or outsiders, this case study shows that trade unions initially faced a dilemma between a legitimacy-based and an incentive-based strategy when nonstandard employment took off. Whereas the first strategy is inherently exclusive, the latter allows for more inclusive union responses. Contrary to the incentive-based strategy, the attractiveness of the legitimacy-based strategy decreases with higher levels of nonstandard employment, explaining why inclusive union responses typically become more dominant over time.

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“…Monetary finance, according to monetarists (Adil, Hatekar & Ghosh, 2021;Kantor, 2022), affects the economy through increasing aggregate demand. According to research (Clift, 2020) When the government borrows money to cover its budget shortfall, it drives up interest rates, discourages investment, and slows the economy.…”

Section: Monetarist Theorymentioning

confidence: 99%

Does Pakistan's Fiscal Deficit Curb Economic Growth? An ARDL Bound Testing Methodology

Kashif Saeed,

Shaista Qammer

2023

IJCBE

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This study examines Pakistan's fiscal deficit dilemma with an emphasis on economic development. The ARDL technique was used to analyze secondary data from 1982 to 2020 for the study. The results suggest that fiscal deficits financed by debt may involve only the allocation of financial capitals from the private firms to the public sector and can hurt economic development. According to the study, Pakistan's fiscal deficit is the result of ineffectiveness in the tax structure and a high proportion of unproductive outlays, including security, debt repayment, and needless parliamentary spending. The research also includes recommendations for addressing the deficit problem. The primary objective of government policies is to restrict excessive domestic credit expansion to evade the contrary impact of fiscal deficit. Additionally, the authorities must reduce the loaning rate to encourage a vigorous investment climate, which will increase employment prospects and government income.

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The hollowing out of monetarism: the rise of rules-based monetary policy-making in the UK and USA and problems with the paradigm change framework

Abstract: Please refer to published version for the most recent bibliographic citation information. If a published version is known of, the repository item page linked to above, will contain details on accessing it.

Cited by 20 publications

References 60 publications

The politics of ECB’s economic ideas and its implications for European economic governance: embedding a resilient EMU from the top-down?

The politics of ECB’s economic ideas and its implications for European economic governance: embedding a resilient EMU from the top-down?

Legitimacy versus incentives: Explaining the difference between early and late union responses to nonstandard employment in the Netherlands

Does Pakistan's Fiscal Deficit Curb Economic Growth? An ARDL Bound Testing Methodology

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