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Record W4410631839 · doi:10.1080/13563467.2025.2504399

Communication tools: a genealogy of quantitative easing

2025· article· en· W4410631839 on OpenAlex
Will Bateman

Why this work is in the frame

A frame that forgets how it found something cannot be audited. These are the routes that admitted this work.

fundA Canadian funder is recorded on the work.
no affNo Canadian affiliation: this work is invisible to an affiliation-only frame.
No Canadian affiliation. An affiliation-only frame, the usual design, would never have seen this work. It is one of the works that make the case for inverting the frame.

Bibliographic record

VenueNew Political Economy · 2025
Typearticle
Languageen
FieldSocial Sciences
TopicMedia Studies and Communication
Canadian institutionsnot available
FundersSocial Sciences and Humanities Research Council of Canada
KeywordsQuantitative easingGenealogyEconomicsPolitical scienceKeynesian economicsHistoryMonetary policyCentral bank

Abstract

fetched live from OpenAlex

For most of the twenty-first century, the world’s largest central banks have been acquiring vast quantities of government debt. From the 1930s–1970s, identical operations formed the financial backbone of deficit-funded public sector expansion. In the latter twentieth-century, monetised deficit-support became anathema to models of central bank independence built on the dominance of monetary authorities over fiscal agencies and an inflation-targeting regime operationalised through interest-rate setting. Massive public debt acquisitions re-commenced in Japan in 2001 and then spread throughout the advanced economies. Those 'quantiative easing' (QE) policies were launched in the shadow of system-wide bank failures and fiscal stimulus programmes funded by historic public deficits. Central banks justified QE using a theoretic nomenclature which emphasised the private-market orientation of their policies and omitted any fiscal-supporting function. This article documents the development of the communication strategies used by two first-mover central banks, the Bank of Japan and the US Federal Reserve, to re-package and explain debt monetisation techniques as market-neutral inflation-targeting exercises. It compares the internal and external communications of those central banks during the launch of QE programmes to produce a genealogy which explains how and why the fiscal-supporting functions of public debt purchases were obscured in favour of private-market effects.

Fetched live from OpenAlex and de-inverted. Abstracts are not stored in this database: the inverted indexes are 8.6 GB of the frame’s 9.3 GB of text, and the host has 13 GB free.

Full frame distilled prediction

Teacher imitation

Not calibrated prevalence, not ground truth. Human validation pending. Learned from the 10,348 direct Codex labels and 10,348 direct Gemma labels. Candidate is the union of thresholded teacher heads; consensus is their intersection. These outputs are machine_predicted_unvalidated and are not human labels or direct frontier model labels.

metaresearch head score (Codex)0.000
metaresearch head score (Gemma)0.000
Version: codex-gemma-dda1882f352aValidation status: machine_predicted_unvalidated
Candidate categoriesnone
Consensus categoriesnone
DomainCandidate signal: none · Consensus signal: none
Study designCandidate signal: Theoretical or conceptual · Consensus signal: none
GenreCandidate signal: Empirical · Consensus signal: none
Teacher disagreement score0.986
Threshold uncertainty score0.691

Codex and Gemma teacher scores by category

CategoryCodexGemma
Metaresearch0.0000.000
Meta-epidemiology (narrow)0.0000.000
Meta-epidemiology (broad)0.0000.000
Bibliometrics0.0000.000
Science and technology studies0.0000.000
Scholarly communication0.0000.000
Open science0.0000.000
Research integrity0.0000.000
Insufficient payload (model declined to judge)0.0000.000

Machine scores (provisional)

The two teacher heads of the student model, read on this work. A score orders the frame for review; it never asserts a category, and the validation status ships verbatim with every row.

Baseline scores from an immature model (maturity gate not passed, 7 training rounds). Scores rank; they never assert a category.

Opus teacher head0.089
GPT teacher head0.396
Teacher spread0.307 · how far apart the two teachers sit on this one work
Validation statusscore_only:v0-immature-baseline · verbatim from the scoring run: score_only means the number may rank works, and no category label ships from it