Work

Perceived FOMC: The Making of Hawks, Doves and Swingers

Year: 2018

Type: report

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.

Source: National Bureau of Economic Research

DOI: 10.3386/w24650

Authors: Michael Bordo, Klodiana Istrefi

Institutions: Rutgers, The State University of New Jersey, National Bureau of Economic Research, Banque de France

Language: English

Topic: Monetary Policy and Economic Impact

Subfield: General Economics, Econometrics and Finance

Field: Economics, Econometrics and Finance

Domain: Social Sciences

Open Access status: green

OpenAlex ID: W2804762387

Cites: 57

Cited by: 34

Related to: 10