A Dove to Hawk Ranking of the Martin to Yellen Federal Reserves

11 Pages Posted: 22 Nov 2014 Last revised: 16 Sep 2018

See all articles by Linus Wilson

Linus Wilson

University of Louisiana at Lafayette - College of Business Administration

Date Written: September 6, 2018

Abstract

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

Wilson, Linus, A Dove to Hawk Ranking of the Martin to Yellen Federal Reserves (September 6, 2018). Available at SSRN: https://ssrn.com/abstract=2529195 or http://dx.doi.org/10.2139/ssrn.2529195

Linus Wilson (Contact Author)

University of Louisiana at Lafayette - College of Business Administration ( email )

Department of Economics & Finance
214 Hebrard Blvd., Room 326
Lafayette, LA 70504-0200
United States
(337) 482-6209 (Phone)
(337) 482-6675 (Fax)

HOME PAGE: http://www.linuswilson.com

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