We introduce machine learning in the context of central banking and policy analyses. Our aim is to give an overview broad enough to allow the reader to place machine learning within the wider range of statistical modelling and computational analyses, and provide an idea of its scope and...

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...

In the modern lexicon, money is pure instrumentality, a colorless medium that transparently expresses real value. Contrary to that trope, however, we can get “inside” money: we can reconnoiter it as a structure entailing value that is engineered by certain societies. Taking a...

The modern approach to the market as a place with autonomy depends on a certain view of money. According to that view, money is a neutral technology that expresses individual choices made about real goods and services. But the controversies over money that regularly arise in political...

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...

This paper introduces an alternative perspective to the central themes of current literature on macroeconomic resilience and systemic risk in the global financial system. It presents an interdisciplinary discourse centered on evolutionary economics leading to theoretical propositions for a...

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...

The paper offers a reflection on how the ECB approaches its mandate and tests how well its key crisis-response policies and initiatives rest within a framework of law. It is argued that there are limits to doing ‘whatever it takes', even when things are considered economically necessary. The...

The paper investigates whether institutional independence contributes positively to central bank responses to economic emergencies. The paper examines evidence of central bank responses to the economic effects of the COVID-19 pandemic of 2020 to investigate correlation between independence and...