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Understanding Hawks and Doves

Author

Listed:
  • George A. Kahn
  • Amy Oksol

Abstract

How do hawks and doves on the Federal Open Market Committee differ in their views of appropriate monetary policy and their related projections for inflation and unemployment? We find that hawks project higher inflation despite building tighter policy paths into their projections. Doves project lower inflation despite having easier policy paths, although their projections are somewhat closer to the median. In addition, hawks see a steeper inflation-unemployment tradeoff than doves up to a one-year horizon.

Suggested Citation

  • George A. Kahn & Amy Oksol, 2018. "Understanding Hawks and Doves," Macro Bulletin, Federal Reserve Bank of Kansas City, issue June 27, , pages 1-4, June.
    • Handle: RePEc:fip:fedkmb:00066
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    File URL: https://www.kansascityfed.org/documents/5622/macrobulletins-Understanding%20Hawks%20and%20Doves.pdf
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    Citations

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    Cited by:

    1. D. Masciandaro, 2019. "What Bird Is That? Central Banking And Monetary Policy In The Last Forty Years," BAFFI CAREFIN Working Papers 19127, BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy.
    2. Kwok Ping Tsang & Zichao Yang, 2023. "Agree to Disagree: Measuring Hidden Dissent in FOMC Meetings," Papers 2308.10131, arXiv.org, revised Nov 2024.

    More about this item

    Keywords

    Inflation; Federal Open Market Committee; Economy; FOMC; Monetary Policy;
    All these keywords.

    JEL classification:

    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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