Journal Article

Understanding Hawks and Doves

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.

Keywords: Inflation; Federal Open Market Committee; Economy; FOMC; Monetary Policy;

JEL Classification: E52;

Bibliographic Information

Provider: Federal Reserve Bank of Kansas City

Part of Series: Macro Bulletin

Publication Date: 2018-06-27

Issue: June 27, 2018

Pages: 1-4