Perceived FOMC: The Making of Hawks, Doves and Swingers
33 Pages Posted: 12 Jun 2018
Date Written: June 2018
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: Suggested Citation