Perceived FOMC: The Making of Hawks, Doves and Swingers
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.
Published Versions
Michael Bordo & Klodiana Istrefi, 2023. "Perceived FOMC: The Making of Hawks, Doves and Swingers," Journal of Monetary Economics, . citation courtesy of 
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