# How Central Banks Made and Unmade Economic Orthodoxy
**Date de l'événement :** 28/11/2023
* Publié le 28/11/2023

### Image(s)
![Miniature du podcast avec une photographie de Manuela Moschella](https://firebasestorage.googleapis.com/v0/b/memory-sp-pr.appspot.com/o/prod%2F1y7CgDOTakHDiB3dgoi0%2FprojectsMedias%2FuLHljn3HVJAqaLeBPaRS%2Fthumbs%2Fpodcast1_eusd3_1600x900.png?alt=media&token=116a7d85-fee9-4ac2-93d8-cde9529c8e72) 

**Écouter l'épisode :**
[Vidéo 1](https://soundcloud.com/contact-cee/how-central-banks-made-and-unmade-economic-orthodoxy-by-manuela-moschella?in=contact-cee/sets/sgcee-general-seminar) 

## Description
Central banks are typically regarded as conservative, politically neutral institutions that uphold conventional macroeconomic wisdom. Yet in the wake of the 2008 global financial crisis and the 2020 Covid-19 crisis, central banks have upended observer expectations by implementing largely unknown and unconventional monetary policies. Far from abiding by well-established policy playbooks, central banks now engage in practices such as providing liquidity support for a wide range of financial institutions and quantitative easing, and have even stretched the remit of monetary policy into issues such as inequality and climate change.  
  
In her new book, "Unexpected Revolutionaries. How Central Banks Made and Unmade Economic Orthodoxy" (Cornell University Press, 2024), Manuela Moschella argues that the political nature of central banks lies at the heart of these transformations. While formally independent, central banks, as public institutions, need political support to justify their policies and powers. To gain such support, central banks carefully manage their reputation among their audiences-elected officials, market actors, citizens. Challenged by reputational threats brought about by twenty-first century recessionary and deflationary forces, central banks such as the Federal Reserve System and the European Central Bank strategically deviated from orthodox monetary policies to pre-empt or manage political backlash and to regain public trust. Central banks so evolved into a new role only in coordination with fiscal authorities and on the back of public contestation.  
  
Advancing this argument, "Unexpected Revolutionaries" offers empirical background for necessary discussions on the future of the neoliberal macroeconomic regime, the democratic oversight of monetary policymaking, and the role that central banks can-or cannot-play in our domestic economies.  
  
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## Intervenant(s)
Manuela Moschella

## Intervenant(s) secondaires
Mattia Lupi, Matthias Thiemann

### Date de publication de l'épisode
28/11/2023

### Type(s) de ressource
`#Audio` 

### Discipline(s)
`#Science politique` `#Économie` 

### Thématique(s)
`#Économies` `#Finance / investissement` 

### Aire(s) géographique(s)
`#Europe` 

### Langue(s)
`#Anglais` 

### Famille(s) de contenu
`#Recherche` 

**Type(s) d'accès :** `#Accès libre` 

### Hébergeur(s)
`#SoundCloud` 

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