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Carolina Garriga

@carogarriga.bsky.social

660 followers 390 following 40 posts

Professor of Government, University of Essex | International/comparative political economy; Institutions; Central banks & money; FDI | Data crafter | #FirstGen | She/her https://sites.google.com/site/carogarriga/

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Carolina Garriga @carogarriga.bsky.social · Jan 13

******DATA UPDATE******

Central Bank Independence: 192 countries, 1970-2023

The most comprehensive #dataset on #CentralBanks is updated and available at sites.google.com/site/carogar...

What’s new about #CBI?

Ana Carolina Garriga - CBI data

***NEW DATA RELEASE - January, 2025*** Version 3 of the data covers 192 countries, between 1970 and 2023.It includes 46% more observations than the 2016 release (*). The paper describing the update...

sites.google.com

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Carolina Garriga @carogarriga.bsky.social · 14h

Read the paper, ungated, here ➡️https://doi.org/10.1093/isq/sqaf074

Carolina Garriga @carogarriga.bsky.social · 14h

🏛Why this matters:

➡️ It moves the field beyond the substitute/complement debate

➡️ It encourages us to consider broader macroeconomic objectives beyond just inflation – like stability, credibility, and risk management in monetary design.

Carolina Garriga @carogarriga.bsky.social · 14h

Our third-generation framework points to a deeper story:

A political struggle for control over monetary policy, fought through these institutional choices.

👀 Stay tuned for our sequel paper, coming soon!

Carolina Garriga @carogarriga.bsky.social · 14h

📊Using lots of data on de jure and de facto monetary institutions, we find:

📌 CBI → inflation control
📌 FIX → exchange rate stability

⚠️ But together? They often perform worse than one alone.

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Carolina Garriga @carogarriga.bsky.social · 14h

We argue that CBI and FIX should:

📌 Neither be used as substitutes
📌 Nor perform as complements

…for controlling inflation or delivering exchange rate stability.

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Carolina Garriga @carogarriga.bsky.social · 14h

We revisit a core question in monetary politics:

🤔 Are central bank independence (CBI) and fixed exchange rates (FIX) substitutes, complements, or something else entirely?

💡 We propose a third-generation framework to rethink how these institutions interact.

Carolina Garriga @carogarriga.bsky.social · 14h

🔔 New paper with David Bearce (@BushSchool) in @ISQ_Jrnl, open access.

“Reconsidering the Relationship between CBI and FIX”
🔗 doi.org/10.1093/isq/...

#IPE #MonetaryPolicy #CentralBanks #CBI #Inflation #ExchangeRates #EconTwitter 🧵👇

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Carolina Garriga @carogarriga.bsky.social · Sep 7

I had the pleasure of joining NPR's @planetmoney.bsky.social to talk about central banks, what’s happening with the Fed, & why it matters.

Big thanks to @erikaberas.bsky.social for a fun and engaging interview (+ Carola Binder & Lev Menand).

@uniessexgov.bsky.social
www.npr.org/2025/09/05/n...

What happens to central banks under pressure? : Planet Money

President Donald Trump has been pressuring the Federal Reserve from a few angles. So we wanted to look at other examples of political pressure on central banks, to see what it might mean for us and fo...

www.npr.org

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Reposted by Carolina Garriga

Mark Copelovitch @mcopelov.bsky.social · Sep 3

Cristina is one of the world's leading experts on the political economy of central banks, so you absolutely want to read this

Matt Grossmann @mattgrossmann.bsky.social · Sep 3

The Fall of an Independent Fed

The Fed was never the most independent & is becoming less so in the face of Trump pressure. That could move it toward enabling inflation & government spending

New #ScienceOfPolitics podcast/transcript with Cristina Bodea
www.niskanencenter.org/the-fall-of-...

The fall of an independent Fed - Niskanen Center

Cristina Bodea finds that the Fed is becoming less independent in the face of public pressure.

www.niskanencenter.org

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Carolina Garriga @carogarriga.bsky.social · Aug 29

When the fallen cheer the fall...

Liz Truss backs Trump attacks on Fed www.theguardian.com/politics/202...

Liz Truss backs Trump attacks on Fed and says ‘reckoning’ on way for central banks

Britain’s shortest-serving prime minister also critical of Bank of England and European Central Bank

www.theguardian.com

Carolina Garriga @carogarriga.bsky.social · Aug 28

Short-term politics, long-term costs:
What happens if the independence of the Fed is under threat?

Some of the research we do at @uniessexgov.bsky.social @universityofessex.bsky.social

Link to the article with Cristina Bodea ⬇️

The Conversation U.S. @us.theconversation.com · Aug 27

President Trump’s attempt to remove Fed governor Lisa Cook could undermine the economy -- and amp up inflation.

The Fed’s role is to keep decisions like interest rates tied to data, not short-term political gain. Video from an article by political economists Ana Carolina Garriga and Cristina Bodea

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Carolina Garriga @carogarriga.bsky.social · Aug 27

Thanks, Victor!

Victor Asal @victorasal.bsky.social · Aug 27

Trump’s push to fire Fed governor threatens central bank independence − and that isn’t good news for sound economic stewardship (or battling inflation)
@us.theconversation.com
@carogarriga.bsky.social
Cristina Bodea
theconversation.com/trumps-push-...

Trump’s push to fire Fed governor threatens central bank independence − and that isn’t good news for sound economic stewardship (or battling inflation)

Politicians have long coveted control over monetary policy. Good economic governance requires that they don’t get it.

theconversation.com

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Reposted by Carolina Garriga

Brian J. Phillips @brianjphillips.bsky.social · Jul 2

I wrote a bit about Palestine Action, and how the new law will treat their members and supporters: theconversation.com/palestine-ac...

Palestine Action: what it means to proscribe a group, and what the effects could be

The UK’s list of proscribed groups currently contains 81 organisations, from Islamists like al-Qaida to neo-Nazis such as The Base.

theconversation.com

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Reposted by Carolina Garriga

EPSS @epssnet.bsky.social · Jun 26

🚨 Big News for European Political Science 🚨

We’re thrilled to announce the launch of the European Political Science Society (EPSS): a new, member-led, not-for-profit association built to support our scholarly community.

🔗 epssnet.org

Here’s a thread with everything you need to know.

🧵

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Reposted by Carolina Garriga

National Institute of Economic and Social Research @niesrorg.bsky.social · Jun 17

Have you seen our latest NIER Journal Special Issue: "Current Issues in Central Banking"? 🏦

In this article, @uniessexgov.bsky.social's Prof @carogarriga.bsky.social analyses public confidence in the Bank of England, both at the aggregate and individual levels 📊👇
www.cambridge.org/core/journal...

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Reposted by Carolina Garriga

Brian J. Phillips @brianjphillips.bsky.social · May 6

Who creates terrorism research? Which countries produce the most? How have these things changed over time? Check out my recent article.

doi.org/10.1080/1057...

Who Are the Terrorism Researchers? A Study of Scholars in an Evolving Field, 1970–2019

Debates rage about diversity and representation. How diverse is terrorism studies? How has it changed over time? This article analyzes data on the nearly 2,000 terrorism scholars in the Web of Scie...

doi.org

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Carolina Garriga @carogarriga.bsky.social · Apr 29

Come to @uniessexgov.bsky.social and the @essexsummerschool.bsky.social. World class trainining in politics and methods, with low tuition, and in an environment that embraces diversity and fosters exchange of ideas 💡

Brian J. Phillips @brianjphillips.bsky.social · Apr 29

Imagine if the UK had a campaign like this. And not just to attract scientists, but also students. Tweets cost very little.

Not just the UK, but... any university.

Ursula von der Leyen @vonderleyen.ec.europa.eu · Apr 29

Freedom of science and research is one of Europe's great strengths.

It’s how excellence and innovation thrive.

We’ll make proposals to help scientists and researchers ‘Choose Europe’.

The best and brightest from around the world.
 
To make Europe the home of innovation again.

→ europa.eu/!JFF7jm

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Carolina Garriga @carogarriga.bsky.social · Apr 28

Thinking about improving your #methods skills this summer? What about splitting your classwork between England and Switzerland?

Look at the new partnership between @essexsummerschool.bsky.social and GSERM St.Gallen 👇

#MachineLearning #AI #SummerSchool #ESS

Royce Carroll @roycecarroll.bsky.social · Apr 28

Excited to announce our partnership with GSERM for Summer 2025! Take machine learning courses at both schools at discounted rates. From ML fundamentals to GenAI - build your skills across both programs! Details:
gserm.org/2025/03/co-o...

Co-operation with Essex Summer School 2025 – GSERM

Thanks to our valuable co-operation with the renowned Essex Summer School, we offer a special course bundle. If you attend at least one of the following courses of GSERM St.Gallen and Essex Summer Sch...

gserm.org

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Carolina Garriga @carogarriga.bsky.social · Apr 18

Our thoughts about attacks to the Fed's independence, today in @us.theconversation.com

Trump’s attacks on central bank threaten its independence − and that isn’t good news for sound economic stewardship (or battling inflation) theconversation.com/trumps-attac...

Trump’s attacks on central bank threaten its independence − and that isn’t good news for sound economic stewardship (or battling inflation)

Monetary policy can be wielded as a tool to boost an economy around election time, which explains why politicians want to have a say on it.

theconversation.com

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Carolina Garriga @carogarriga.bsky.social · Apr 16

bsky.app/profile/caro...

Carolina Garriga @carogarriga.bsky.social · Apr 16

After many years of work, I'm very happy to see the article in print! Central bank independence in the world, 1970-2023 edition

Summary in 🧵👇

International Studies Quarterly @isq-jrnl.bsky.social · Apr 16

How has central bank independence (CBI) evolved? @carogarriga.bsky.social presents the most comprehensive dataset on CBI, its main dimensions (personnel independence, objectives, policy formulation and limits on lending), and additional variables for 192 countries (1970-2023).
tinyurl.com/sqaf024

Revisiting Central Bank Independence in the World: An Extended Dataset

Abstracts. How has central bank independence (CBI) changed over time and across countries? This paper introduces the most comprehensive dataset on de jure

tinyurl.com

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Carolina Garriga @carogarriga.bsky.social · Apr 1

A great survey of the literature about green central banking

Environmental Politics @environmentalpol.bsky.social · Apr 1

New article!

This review surveys the state of knowledge regarding central bank activity on climate change, and argues that there is considerable indeterminacy in the trajectory of this activity & its potential to contribute to effective climate action.

doi.org/10.1080/0964...

Authors: Jacqueline Best, Matthew Paterson, Ilias Alami, Daniel Bailey, Sarah Bracking, Jeremy Green, Eric Helleiner, James Jackson, Paul Langley, Sylvain Maechler, John Morris, Stine Quorning, Adrienne Roberts, Jens van’t Klooster, Robert Watt and Stanley Wilshire.
Abstract: In this article, we survey the literature on central bank action on climate change, focusing particularly on how the combined crises of COVID-19, inflation, and Ukraine have affected this action. We argue that the current situation is a critical juncture in which recent crises have created a highly indeterminate situation regarding what central banks might do regarding climate change. To date, some central banks have used these crises as opportunities for expanding their role while others have succumbed to pressure to withdraw from climate action. We explore three dynamics that generate this openness to various potential trajectories for climate action...

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Reposted by Carolina Garriga

Brian J. Phillips @brianjphillips.bsky.social · Mar 28

Cool to see @universityofessex.bsky.social Government Department in Top 10 of European Poli Sci departments in most categories. Top 10 globally for "recent impact."

Congrats to 3 great colleagues for being ranked among top scholars! Bohmelt, Ezrow, and Gleditsch

doi.org/10.1017/S104...

A Global Ranking of Research Productivity of Political Science Departments | PS: Political Science & Politics | Cambridge Core

A Global Ranking of Research Productivity of Political Science Departments

doi.org

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Carolina Garriga @carogarriga.bsky.social · Mar 20

Also, if you are interested in
🟢 the formation & change of people’s climate policy preferences, or
🟢 the behavioral foundations & consequences of policy learning among politicians,
check @muzhou-zhang.bsky.social's work ➡️ www.muzhouzhang.com

Muzhou Zhang

www.muzhouzhang.com

Carolina Garriga @carogarriga.bsky.social · Mar 20

More research is needed, but our results bring some optimism regarding potential synergies between foreign investment and regulatory attempts to protect biodiversity.
7/7