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24/11/2017

The Happiness and Unhappiness of Forward Guidance: The Performativity of Monetary Economics

Governor Vella gave a key-note intervention at a University of Malta conference "Engaging the Contemporary 2017: Issues in Contemporary Political and Social Philosophy" on 17 November 2017. Dr Vella, whose academic background and interests includes philosophy with particular attention to the epistemology of economics and the social sciences, delivered a presentation entitled "The Happiness and Unhappiness of Forward Guidance: The Performativity of Monetary Economics". He put forward the thesis that Central Banks' communication and, more specifically, 'forward guidance' in both the Delphic and Odyssean senses, can be considered as performative communication in the sense of J.L. Austin and John Searle. Unlike constative discourse, performative utterances may not simply be said to be true or false. The point is, do they 'work' or not?

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