Perceived FOMC: The Making of Hawks, Doves and Swingers

56 Pages Posted: 30 May 2018 Last revised: 10 May 2023

See all articles by Michael D. Bordo

Michael D. Bordo

Rutgers University, New Brunswick - Department of Economics; National Bureau of Economic Research (NBER)

Klodiana Istrefi

Banque de France; Centre for Economic Policy Research (CEPR)

Multiple version iconThere are 2 versions of this paper

Date Written: May 2018

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.

Suggested Citation

Bordo, Michael D. and Istrefi, Klodiana, Perceived FOMC: The Making of Hawks, Doves and Swingers (May 2018). NBER Working Paper No. w24650, Available at SSRN: https://ssrn.com/abstract=3185923

Michael D. Bordo (Contact Author)

Rutgers University, New Brunswick - Department of Economics ( email )

New Brunswick, NJ
United States

National Bureau of Economic Research (NBER) ( email )

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

Klodiana Istrefi

Banque de France ( email )

Paris
France

Centre for Economic Policy Research (CEPR) ( email )

London
United Kingdom

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
29
Abstract Views
499
PlumX Metrics