To make sense of central bankers’ actions, it is useful to start from the observation that they are, in a broad sense, economists with power – aka technocrats. This chapter aims to theorize central banks’ agency and the effects of changes in their cross-cutting alliances with economists and politicians. To explain how monetary regime change takes root, we must consider contests among central bankers and economists, and their resonance with broader contests in the public arena. Changing alliances that cut across these three arenas had important on broader political-economic regimes. When central banks implemented tight-money policies in the 1980s, the result was the emergence of technoratic neoliberalism. By contrast, central bankers’ decisions in the 2010s to embrace easy money triggered the waning of technocratic neoliberalism.