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Narratives and Economic Policy: Theoretical Explorations and the Case of Central Bank Communication in Brazil

Narratives and Economic Policy: Theoretical Explorations and the Case of Central Bank Communication in Brazil
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Year:    2021

Author:    Herrmann-Pillath, Carsten, Bau Macedo, Luís Otávio

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 141 (2021), Iss. 3 : pp. 243–272

Abstract

Increasingly, economists study narratives and their causal impact on economic processes. This paper proposes a new theoretical framework of narrative analysis that is based on the philosophy of language, especially speech act theory, motivated by the observation that, so far, the economic approaches focus on the representational function of narratives and tend to emphasize negative consequences of biased, distorted, and simplified representation. In contrast, we define narratives as a medium of distributed cognition and mediators of collective agency in networks of agents operating in an uncertain and complex world that is materially constituted by their actions. After sketching the theory, we introduce a case study on the role of central bank communication in recent economic developments in Brazil for illustrative purposes, focusing on the role of financial audiences and a specific narrative genre, the “austerity genre” induced by the Brazilian Central Bank.

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Journal Article Details

Publisher Name:    Global Science Press

Language:    English

DOI:    https://doi.org/10.3790/schm.141.3.243

Journal of Contextual Economics – Schmollers Jahrbuch, Vol. 141 (2021), Iss. 3 : pp. 243–272

Published online:    2021-07

AMS Subject Headings:    Duncker & Humblot

Copyright:    COPYRIGHT: © Global Science Press

Pages:    30

Keywords:    B41 B52 D80 E71 Narrative Process Analysis Speech Act Theory Audiences Brazil Central Bank Communication Austerity Financial Sector

Author Details

Herrmann-Pillath, Carsten

Bau Macedo, Luís Otávio

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Section Title Page Action Price
Narratives and Economic Policy:Theoretical Explorations and the Caseof Central Bank Communication in Brazil* 1
Abstract 1
1. Introduction 1
2. Elements of Narrative Analysis in Economics 3
2.1 Speech Acts as Constituents of Narratives 4
2.2 Economic Roles of Narratives 7
2.3 Narratives and Audiences 9
3. Case Study: The Austerity Genre, Financial Audiences,and Central Bank Communication in Brazil 10
3.1 Context 10
3.2 Narrative Process Analysis:Narratives and Central Bank Communication,2015–2016 12
3.3 Narrative Functions of Central Bank Communication 16
3.4 Performativity of the Austerity Genre,Plurality of Discourses, and Narrative Realism 21
References 26