This article considers the empirical record of the 1942-1951 period of Federal Reserve history when the Fed was more politically accountable and more independent of private financial interests. During the 1940s, federal spending was nearly twice as high as today, and federal borrowing was more...

Central banking has been traditionally characterized by mystique and an organizational culture of secrecy. While in recent years there has been a shift towards greater transparency around the globe, the degree of transparency continues to vary across countries. This is surprising because the...

The role of private, non-state actors in the international institutional and legal order is often praised for providing greater pluralism, public participation and transparency in the formulation of legal norms. Often overlooked are the ways that non-state actors undermine the sovereignty and...

In this joint Bank of England and Behavioural Insights Team study, we test the effectiveness of different approaches to central bank communications. Using an online experiment with a representative sample of the UK population, we measure how changes to the Bank of England's summaries of the...

Humans act based on the ideas they adopt and apply to circumstance with the intensity of action derived from the associated emotions. It follows that in any society the presentation of the ideas to citizens a major driver of citizen opinion and hence a major driver of social development. After...

Central bank independence is usually determined by institutional developments, and whether culture affects central bank independence is understudied. In this paper, we comprehensively examine the relationship between Hofstede national cultures and central bank independence. We propose several...