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Once bitten, twice bold? Early life tragedy and central bankers’ reaction to COVID-19

Maqsood Aslam and Etienne Farvaque ()

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Abstract: Have negative experiences (in particular, natural disasters) that central bankers' have known in their early life influenced monetary policy decisions in front of the COVID-19 pandemic? We answer this question using a sample of 19 developing countries. We show that central bankers who experienced episodes of epidemics in their early life lowered interest rates faster and lower during the COVID-19 pandemic. Personal experience of decision-makers has contributed strongly to explain their behavior during the crisis.

Keywords: Policy rate; COVID-19; Pandemic; Central banks (search for similar items in EconPapers)
Date: 2022-01
Note: View the original document on HAL open archive server: https://hal.archives-ouvertes.fr/hal-03267518
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Published in Finance Research Letters, Elsevier, 2022, 44, pp.102060. ⟨10.1016/j.frl.2021.102060⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-03267518

DOI: 10.1016/j.frl.2021.102060

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