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ERIKA STEISKAL
© Erika Steiskal
CAMBRIDGE
CAMBR
IDGE
CAMBRIDGEuniversity presswww.cambridge.org
CHRISTOPHER ADOLPH
BANKERS,� BUREAUCRATS,� AND CENTRAL BANK POLITICS
the myth of neutralityBAN
KERS,� BUREA
UC
RATS,�
AN
D CEN
TRAL BA
NK PO
LITICS
AD
OLPH
CAMBRIDGE STUDIES INCOMPARATIVE POLITICS
“In this pathbreaking book Adolph offers a new approach to the study of central banks and monetary policy. Challeng-ing the conventional assump-tion that central banks choose optimal policies if given enough autonomy to do so,� Adolph argues that central bankers – the people who actually make monetary policy – are driven by their own narrow profession-al perspectives and ambitions. Often concerned with pleasing future employers,� they bend policies to win approval of ‘shadow principals’ – especially big banks – with the public interest takes a backseat. The argument has stark implications for government policies and central bank design,� especially in a world that is still reeling from the financial crisis. Impor-tant and timely,� this book will be widely read and debated.”
Torben Iversen Harvard University
Most studies of the political economy of money focus on the laws protect-ing central banks from government interference; this book turns to the overlooked people who actually make monetary policy decisions. Us-ing formal theory and statistical evi-dence from dozens of central banks across the developed and developing worlds,� this book shows that mon-etary policy agents are not all the same. Molded by specific profession-al and sectoral backgrounds,� and driven by career concerns,� central bankers with different career trajec-tories choose predictably different monetary policies. These differences undermine the widespread belief that central bank independence is a neu-tral solution for macroeconomic man-agement. Instead,� through careful appointment and retention of central bankers,� partisan governments can and do influence monetary policy – preserving a political trade-off be-tween inflation and real economic performance even in an age of legally independent central banks.
“Adolph combines good intuition with strong theorizing and thorough and imaginative empirical work to produce an analog in the bureau-cratic world to the ‘citizens candi-date’ model of electoral politics: central bankers’ career paths are a strong predictor of inflation rates. This is excellent,� timely scholarship that will surely trigger a flurry of new studies. This is,� in my view,� a book ready for prime time.”
Frances Rosenbluth Yale University
”Bankers, Bureaucrats, and Central Bank Politics is an important schol-arly work that raises an issue than economists have largely missed: central bankers are people and have private incentives. How do these incentives affect their deci-sions? Adolph puts together the first dataset on the career paths of central bank decision makers and subjects it to careful empirical analy-sis. A major contribution sure to be of interest to students of monetary policy and political economy.”
Dick Startz University of California,Santa Barbara
Christopher Adolph is Assistant Profes-sor of Political Science and Adjunct Assistant Professor of Statistics at the University of Washington,� Seattle,� where he is also a core faculty mem-ber of the Center for Statistics and the Social Sciences. He is a former Robert Wood Johnson Scholar in Health Policy Research and won the American Political Science Associa-tion’s Mancur Olson Award for the best dissertation in political economy. His research on comparative political economy and quantitative methods has appeared in American Political Science Review,� Political Analysis,� So-cial Science & Medicine,� and other academic journals.
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CENTER for STATISTICS and the SOCIAL SCIENCES
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CENTER for STATISTICS and the SOCIAL SCIENCES
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Katherine StovelDirector ∙ Center for Statistics and the Social SciencesAssociate Professor ∙ Department of Sociologyfaculty.washington.edu/stovel/
April 3, 2015
Dear Colleagues:
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Vestibulum dignissim placerat pharetra. Nullam in ornare urna. Donec ullamcorper libero metus. Pellen-tesque maximus pulvinar tortor, quis viverra neque eleifend auctor. Nullam hendrerit tempus ligula eu iaculis. Cras in nunc ac odio ullamcorper congue. Sed et congue sapien. Mauris at dolor venenatis, facilisis sapien in, tempus magna. Aenean facilisis sapien lorem, nec scelerisque est lobortis eget.
Sincerely,
Katherine Stovel
Adrian DobraCSSS Core Faculty
Associate Professor of Statistics and Nursing
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Illustration and design suite elements for annual fundraiser
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Large format illustration used in manager training.Designd and rendered (Photoshop, Illustrator) by Erika Steiskal; assisted by Bill Bartholomew
Characters created for educational and training materials in Illustrator
Left:Designed for large format visual for retail client
Right:Maria, audience identification character commissioned by retail client
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Large format educational illustration showing best practices for restaurant employees. Designed, drawn, and colored (Photoshop) by Erika Steiskal
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rika
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