Perceived FOMC: The making of hawks, doves and swingers

• 成果类型: Article
• 署名作者: Bordo, Michael; Istrefi, Klodiana
• 署名单位: Rutgers University System; Rutgers University New Brunswick; European Central Bank; Bank of France
• 刊物名称: JOURNAL OF MONETARY ECONOMICS
• ISSN/ISSBN: 0304-3932
• DOI: 10.1016/j.jmoneco.2023.03.001
• 发表日期: 2023
• 页码: 125-143
• 关键词: Monetary policy committees; Federal Reserve; Policy preferences; Taylor rule

摘要

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 educa-tional 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; instead, a dove likely graduated from a university with strong Keynesian beliefs and was born dur-ing a period of high unemployment. These findings have implications for the choice of and confirmation of FOMC members. (c) 2023 Elsevier B.V. All rights reserved.