A Dove to Hawk Ranking of the Martin to Yellen Federal Reserves
11 Pages Posted: 22 Nov 2014 Last revised: 16 Sep 2018
Date Written: September 6, 2018
This note ranks the Federal Reserves based on the tenure of their chairs from William McChesney Martin, Jr. to Janet L. Yellen, using data from 1958 through 2018. Inflation “doves” are willing to tolerate more inflation than inflation “hawks.” Comparing the Taylor (1993) rule and core inflation to the effective fed funds rates, it is found that the Yellen Fed is the most dovish Fed since 1958.
Keywords: dove, Fed funds rates, Federal Open Market Committee, Federal Reserve, hawk, inflation, interest rates, monetary policy, overnight lending, output gap, Janet Yellen, Taylor rule, unemployment, wage inequality
JEL Classification: E52, E58
Suggested Citation: Suggested Citation