Abstract

Social scientists have recently shown how markets are discursively constructed and have documented the role of central banks in these constructions. Although framed as a critique of the neoclassical economic view, this approach still operates within a narrow vision of the world as divided into distinct political, social and economic spheres. Our goal in this paper is to replace this view with an exchange-based understanding of agency and relationality. The puzzle of our paper is one that has captivated academics and practitioners alike: Why did the market respond so powerfully to the Bank of Japan Governor Haruhiko Kuroda’s quantitative easing in 2013? Our focus is on the proliferation within the market and wider society of ‘expectations’. A multiplicity of expectations, of different orders, different kinds, different scales, and different targets folded together to generate the efficacy of this event in central bank politics.

摘要

社会科学家最近展示了市场是如何通过话语构建的，并记录了中央银行在这些构建中的作用。尽管被框定为对新古典经济学观点的批判，但这种方法仍然在狭隘的世界视野中运作，分为不同的政治、社会和经济领域。我们在本文中的目标是用基于交换的对代理和关系的理解来取代这种观点。我们论文的谜团令学术界和从业者都为之着迷：为什么市场对 2013 年日本央行行长黑田东彦的量化宽松政策反应如此强烈？我们的重点是“期望”在市场和更广泛的社会中的扩散。多种期望，不同的顺序，不同的种类，不同的规模，