Perceived FOMC: The Making of Hawks, Doves and Swingers

33 Pages Posted: 12 Jun 2018

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

Multiple version iconThere are 2 versions of this paper

Date Written: June 2018

Abstract

Narrative records in US newspapers reveal that about 70 percent of Federal Open Market Committee (FOMC) members who served during the last 55 years are perceived to have had persistent policy preferences over time, as either inflation-fighting hawks or growth-promoting doves. The rest are perceived as swingers, switching between types, or remained an unknown quantity to markets. What makes a member a hawk or a dove? What moulds those who change their tune? We highlight ideology by education and early life economic experiences of members of the FOMC from 1960s to 2015. This research is based on an original dataset.

Keywords: Monetary Policy Committees; Federal Reserve; Policy Preferences

JEL Classification: E03; E50; E61

Suggested Citation

Bordo, Michael D. and Istrefi, Klodiana, Perceived FOMC: The Making of Hawks, Doves and Swingers (June 2018). Banque de France Working Paper No. 683. Available at SSRN: https://ssrn.com/abstract=3194090 or http://dx.doi.org/10.2139/ssrn.3194090

Michael D. Bordo

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 (Contact Author)

Banque de France ( email )

Paris
France

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