Perceived FOMC: The Making of Hawks, Doves and Swingers

Michael Bordo and Klodiana Istrefi

No 24650, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: An important and open question in monetary economics is how the Federal Reserve makes its policy decisions. We document that when an FOMC member was born, his/her educational background and the Committee’s changing hawk-dove composition have predictable effects on FOMC decisions. The odds of an FOMC member being a hawk are higher when he/she graduated from a university linked to the Chicago school of economics; on the other hand, a dove likely graduated from a university with strong Keynesian beliefs and was born during a period of high unemployment. These findings have implications for the choice of and confirmation of FOMC members.

JEL-codes: E03 E50 E61 (search for similar items in EconPapers)
Date: 2018-05
New Economics Papers: this item is included in nep-cba, nep-his, nep-knm, nep-mac and nep-mon
Note: ME
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Citations: View citations in EconPapers (31)

Published as Michael Bordo & Klodiana Istrefi, 2023. "Perceived FOMC: The Making of Hawks, Doves and Swingers," Journal of Monetary Economics, .

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Journal Article: Perceived FOMC: The making of hawks, doves and swingers (2023)
Working Paper: Perceived FOMC: The Making of Hawks, Doves and Swingers (2018)
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