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Perceived FOMC: The Making of Hawks, Doves and Swingers / Michael D. Bordo, Klodiana Istrefi.
- Format:
- Book
- Author/Creator:
- Bordo, Michael D.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w24650.
- NBER working paper series no. w24650
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Perceived FOMC
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2018.
- Summary:
- 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.
- Notes:
- Print version record
- May 2018.
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