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Federal Reserve Bank of Kansas City
Macro Bulletin
Understanding Hawks and Doves
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.


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George A. Kahn & Amy Oksol, "Understanding Hawks and Doves" , Federal Reserve Bank of Kansas City, Macro Bulletin, pages 1-4, number 00066, Jun 27 2018.
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Keywords: Federal Open Market Committee; FOMC; Monetary Policy; Economy; Inflation
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