Perceived FOMC: The Making of Hawks, Doves and Swingers

Michael David Bordo · Klodiana Istrefi

34 citations0/0 files storedNational Bureau of Economic Research

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Monetary Policy and Economic Impact Financial Markets and Investment Strategies Global Financial Crisis and Policies

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.

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1936The General Theory of Employment, Interest and Money.1993Discretion versus policy rules in practice 2018The General Theory of Employment, Interest, and Money 1998The Life Course as Developmental Theory 1977Political Parties and Macroeconomic Policy 2009Politics across Generations: Family Transmission Reexamined 1989Generations and Collective Memories 1994A New Generation of Evidence: The Family Is Critical to Student Achievement

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