PLURALISM AS A RECOMMENDED RESEARCH PRACTICE FOR CENTRAL BANKS IN ADDRESSING WELFARE CONCERNS ON THE EXPERIENCE OF COVID-19
Abstract
The theoretical discourse of pluralism in this paper has paved the way for central banks research approach to accommodate variety in methodological application, which currently seem to be skewed in the direction of monism. In the interest of ensuring welfare concern for citizens is addressed in the best possible way, this paper has expanded its discourse to incorporate economic pluralism that favours variety of methods. This notably include qualitative and quantitative approaches, with the emphasis of digressing on the new entrant of Mixed Research Synthesis (MRS). Such an approach will seek to explore research capacity in support of addressing opportunities for decent citizens’ welfare as the impact of COVID-19 unfold itself.
References
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[24] Jackson, E.A. and Jabbie, M. (2020). Exploring Intersectionality through Artful Critical Qualitative Methodologies. In Walter L. Filho et al (eds.). Gender Equality: Encyclopedia of Sustainable Development Goal, Springer Nature Publisher.
[25] Jackson, E.A. and Tamuke, E. (2018). Probability Forecast Using Fan Chart Analysis: A Case of the Sierra Leone Economy. Journal of Advanced Studies in Finance, 9(1(17)): 34 – 44. DOI:https://doi.org/10.14505//jasf.v9.1(17).04
[26] Jackson, E.A., Jabbie, M., Tamuke, E. and Ngombu, A. (2020). Adoption of inflation targeting in Sierra Leone: Empirical discourse. Journal of Economic Policy Researches, 7(2): 1-32. DOI:https://doi.org/10.26650/JEPR735604
[27] Jackson, E.A., Tamuke, E. and Jabbie, M. (2019). Dynamic effect of inflation shocks in Sierra Leone: An empirical analysis. Journal of Advanced Studies in Finance, 10(2): 73-91. DOI:https://doi.org/10.14505/jasf.v10.2(20).01
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[32] Negru, I. (2010). Plurality to pluralism in economics pedagogy: the role of critical thinking. Int. J. Pluralism and Economics Education, 1(3): 185–193. DOI: https://doi.org/10.1504/IJPEE.2010.034683
[33] Parkinson, D. (2020). Bank of Canada surveys finds consumer business confidence slump, raising concerns about COVID-19 recovery. Available at: https://www.theglobeandmail.com/business/economy/article-consumer-business-confidence-slumps-as-covid-19-casts-cloud-of/
[34] Reardon, J. (2017). The Handbook of Pluralist Economics Education. Routledge: London and USA.
[35] Rethinking Economics (2018). Doing Economics differently: How can Rethinking Economics and Economy support professionals to find new ways of doing economics? Available at: https://www.barrowcadbury.org.uk/wp-content/uploads/2018/10/Doing-Economics-Differently-Report-September-2018-DIGITAL.pdf
[36] Safdar, K. (2012). Paul Krugman Asks Economists To Sign ‘Manifesto For Economic Sense‘. Huffington Post. Available at: https://m.huffpost.com/us/entry/us_1634312
[37] Sandelowski, M., Voils, C.I. and Barroso, J. (2010). Defining and Desiging Mixed Research Synthesis Studies. NIH Public Access, Res Sch. 12(1), 29. Available at: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2809982/pdf/nihms151622.pdf
[38] Sousa, R. and Yetman, J. (2016). Inflation expectations and monetary policy. BIS Paper, 89: 41-67.
[39] Strauss, A. and Corbin, J. (1998). Basics of Qualitative Research: Grounded Theory Procedures and Technique (2nd ed.). Sage, Newbury Park: London.
[40] Warburton, C.E.S. and Jackson, E.A. (2020). Monetary Policy Responses to Exogenous Perturbations: The case of a small open economy (2007-2018). PSL Quarterly Review, 73(293): 181-201. DOI:https://doi.org/10.13133/2037643_73.293_5
[2] Bachmann, R. (2017). Zur Aktuellen Pluralismusdebatte in Der Okonmik: Ansichten Eines Wohlwollenden Pluralismusskeptikers. Wirtschaftsdienst, 97(12): 843-847.
[3] Backhouse, R.F. (1998). Should Economics Embrace Postmodernism? In: Roger E. Blackhouse, Explorations in Economic Methodology (ed.), 134-145. London and New York.
[4] Barrios, J.M. and Hochberg, Y. (2020). Risk Perception through the Lens of Politics in the Time of the COVID-19 Pandemic. NBER Working Paper No. 27008.
[5] Bholat, D., Broughton, N., Meer, J.T. and Walczak, E. (2019). Enhancing central bank communications using simple and relatable information. Journal of Monetary Economics, 108: 1-15. DOI:https://doi.org/10.1016/j.jmoneco.2019.08.007
[6] Binder, C. (2017). Fed speak on Main Street: Central bank communication and household expectatations. J. Macroecon. 52(C), 238-251.
[7] Binder, C. (2020). Coronavirus fears and macroeconomic expectations. Review of Economics and Statistics, 1-27. DOI: https://doi.org/10.1162/rest-a-00931
[8] Binder, C. and Rodrigue, A. (2018). Household informedness and long-run inflation expectations: Experimental evidence. South. Econ. J. 85: 580-898.
[9] Caldwell, B. (1982). Beyond Positivism. London: George Allen and Unwin.
[10] Dow, S. (2012). Policy in the wake of the banking crisis: Takin pluralism seriously. In Review of Applied Economics, 26(2): 161-175. DOI: https://doi.org/10.1080/02692171.2011.624495
[11] Downward, P. and Mearman, A. (2007). Retroduction as mixed-methods triangulation in economic research: reorienting economics into social science. Cambridge Journal of Economics, 31(1): 77-99. DOI:https://doi.org/10.1093/cje/bel009
[12] Downward, P. and Mearman, A. (2009). Reorienting Economics through Triangulation of Methods. In: E. Fullbrook (eds.), “Ontology and Economics: Tony Lawson and his Critics“, 130-141. London: Routledge.
[13] Glaser, B. (1998). Doing Grounded Theory: Issues and Discussion. Sociology Press: Mill Valleym Carlifornia.
[14] Glaser, B. and Strauss, A. (1967). The Discovery of Grounded Theory. Aldine Publishing Company: Hawthorne, New York.
[15] Grabner, C. and Strunk, B. (2019). Pluralism in economics: Its critiques and their lessons. ICAE Working Paler Series No. 82. Johannes Kepler University Linz, Institute for Comprehensive Analysis of the Economy (ICAE), Linz.
[16] Heise, A. (2016). Pluralism in economics: Inquiries into a Daedalean concept. ZOSS Duscussion Paper No. 51. Universitat Hamburg, Zentrum fur Okonomische und Soziologische Studein (ZOSS), Hamburg.
[17] Jackson, E. A. (2017). Economic Methodology: Paradox of Ceteris Paribus (CP) Law in the Context of Sierra Leone. Method(e)s: African Review of Social Sciences Methodology, 2(1-2): 31-40. DOI:https://doi.org/10.1080/23754745.2017.1354553
[18] Jackson, E.A. (2018a). Triangulation: A Retroduction Approach in the Reorientation of Social Science Research for Central Bank Policy in Sierra Leone. African Journal of Economic and Management Studies, 9(2): 266-271. DOI: https://doi.org/10.1108/AJEMS-01-2018-0034
[19] Jackson, E.A. (2018b). Theoretical and Methodological Context of (Post)-Modern Econometrics and Competing Philosophical Discourses for Policy Prescription. Journal of Heterodox Economics, 4(2): 119-129. DOI: https://doi.org/10.1515/JHEEC-2017-0006
[20] Jackson, E.A. (2018c). Challenges of Research Methodology in Practice and the Epistemic Notion of Mixed Methods in the Academia. International Journal of Interdisciplinary Research Methods, 5(1): 19-31.
[21] Jackson, E.A. (2020a). Sustainable Livelihood Framework (SLF) for Equitable Living in Crisis of Pandemic. In: Leal Filho W., Azul A., Brandli, L., Lange Salvia A, Ozuyar, P.G., Wall, T. (ed), Reduced Inequalities: Encyclopedia of Sustainable Development Goals. Springer Nature Publisher.
[22] Jackson, E.A. (2020b). Emerging Innovative thoughts on globalization amidst the contageon of COVID-19. In: Leal Filho W., Azul A., Brandli L., Özuyar P., Ozuyar, P.G. (ed.) Industry, Innovation and Infrastructure. Encyclopedia of the UN Sustainable Development Goals. Springer, Cham. DOI:https://doi.org/10.1007/978-3-319-71059-4_131-1
[23] Jackson, E.A. (2021). Forecasting COVID-19 daily contraction in Sierra Leone with implications for Policy Formulation. Journal of Economic Policy Researches, 8(1): 1-16. DOI:https://doi.org/10.26650/JEPR795665
[24] Jackson, E.A. and Jabbie, M. (2020). Exploring Intersectionality through Artful Critical Qualitative Methodologies. In Walter L. Filho et al (eds.). Gender Equality: Encyclopedia of Sustainable Development Goal, Springer Nature Publisher.
[25] Jackson, E.A. and Tamuke, E. (2018). Probability Forecast Using Fan Chart Analysis: A Case of the Sierra Leone Economy. Journal of Advanced Studies in Finance, 9(1(17)): 34 – 44. DOI:https://doi.org/10.14505//jasf.v9.1(17).04
[26] Jackson, E.A., Jabbie, M., Tamuke, E. and Ngombu, A. (2020). Adoption of inflation targeting in Sierra Leone: Empirical discourse. Journal of Economic Policy Researches, 7(2): 1-32. DOI:https://doi.org/10.26650/JEPR735604
[27] Jackson, E.A., Tamuke, E. and Jabbie, M. (2019). Dynamic effect of inflation shocks in Sierra Leone: An empirical analysis. Journal of Advanced Studies in Finance, 10(2): 73-91. DOI:https://doi.org/10.14505/jasf.v10.2(20).01
[28] Lawson, T. (2009). The current economic crisis: Its nature and the course of academic economics. Cambridge Journal of Economics, 33: 759-777.
[29] McCloskey, D.N. (1985). The Rhetoric of Economics. Brighton: Wheatsheaf.
[30] Miki, U. (1997). The One World and the Many Theories. In: Pluralism in Economics (ed.), A. Salanti and E. Screpanti, 37-47, Cheltenham: Edward Elgar.
[31] Milliken, D. (2020). UK public inflation expectations slump due tot COVID. REUTERS. Available at: https://ww.google.co.uk/amp/s/mobile.reuters.com/article/amp/idUSKBN23J192
[32] Negru, I. (2010). Plurality to pluralism in economics pedagogy: the role of critical thinking. Int. J. Pluralism and Economics Education, 1(3): 185–193. DOI: https://doi.org/10.1504/IJPEE.2010.034683
[33] Parkinson, D. (2020). Bank of Canada surveys finds consumer business confidence slump, raising concerns about COVID-19 recovery. Available at: https://www.theglobeandmail.com/business/economy/article-consumer-business-confidence-slumps-as-covid-19-casts-cloud-of/
[34] Reardon, J. (2017). The Handbook of Pluralist Economics Education. Routledge: London and USA.
[35] Rethinking Economics (2018). Doing Economics differently: How can Rethinking Economics and Economy support professionals to find new ways of doing economics? Available at: https://www.barrowcadbury.org.uk/wp-content/uploads/2018/10/Doing-Economics-Differently-Report-September-2018-DIGITAL.pdf
[36] Safdar, K. (2012). Paul Krugman Asks Economists To Sign ‘Manifesto For Economic Sense‘. Huffington Post. Available at: https://m.huffpost.com/us/entry/us_1634312
[37] Sandelowski, M., Voils, C.I. and Barroso, J. (2010). Defining and Desiging Mixed Research Synthesis Studies. NIH Public Access, Res Sch. 12(1), 29. Available at: https://www.ncbi.nlm.nih.gov/pmc/articles/PMC2809982/pdf/nihms151622.pdf
[38] Sousa, R. and Yetman, J. (2016). Inflation expectations and monetary policy. BIS Paper, 89: 41-67.
[39] Strauss, A. and Corbin, J. (1998). Basics of Qualitative Research: Grounded Theory Procedures and Technique (2nd ed.). Sage, Newbury Park: London.
[40] Warburton, C.E.S. and Jackson, E.A. (2020). Monetary Policy Responses to Exogenous Perturbations: The case of a small open economy (2007-2018). PSL Quarterly Review, 73(293): 181-201. DOI:https://doi.org/10.13133/2037643_73.293_5
Published
2021-06-30
How to Cite
JACKSON, Emerson Abraham.
PLURALISM AS A RECOMMENDED RESEARCH PRACTICE FOR CENTRAL BANKS IN ADDRESSING WELFARE CONCERNS ON THE EXPERIENCE OF COVID-19.
Theoretical and Practical Research in Economic Fields, [S.l.], v. 12, n. 1, p. 13-20, june 2021.
ISSN 2068-7710.
Available at: <https://journals.aserspublishing.eu/tpref/article/view/6217>. Date accessed: 19 apr. 2024.
doi: https://doi.org/10.14505/tpref.v12.1(23).02.
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