Perceived FOMC: The making of hawks, doves and swingers

Michael Bordo and Klodiana Istrefi

Journal of Monetary Economics, 2023, vol. 136, issue C, 125-143

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; instead, 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.

Keywords: Monetary policy committees; Federal Reserve; Policy preferences; Taylor rule (search for similar items in EconPapers)
JEL-codes: E03 E50 E61 (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (8)

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Related works:
Working Paper: Perceived FOMC: The Making of Hawks, Doves and Swingers (2018)
Working Paper: Perceived FOMC: The Making of Hawks, Doves and Swingers (2018)
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Persistent link: https://EconPapers.repec.org/RePEc:eee:moneco:v:136:y:2023:i:c:p:125-143

DOI: 10.1016/j.jmoneco.2023.03.001

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