Women are not doves: the politics of presence and ideas in central banking

Central banks have traditionally been seen as a closed community with strict principles and practices, lacking diversity in terms of actors from various backgrounds and identities. This lack of inclusion has resulted in gender biases in monetary policies, which disproportionately impact women. Although one solution to this issue is to include more women on central bank boards, empirical studies suggest that central banks chaired by women may still exhibit deflationary biases. To promote a more progressive policy, we argue that a paradigm shift, along with increased representation, is necessary. By drawing on political economic theory and using the case of the Central Bank of Ecuador, we demonstrate how a new policy paradigm based on the concept of buen vivir enabled inclusion and changes in monetary policy. Thus, when evaluating the effects of inclusion, it is important not to see women as a homogeneous interest group, but also evaluate the policy framework supporting the inclusion.