Monetary hawk and dove - wikipedia Monetary hawk and dove Public finance Policies Agricultural Economic Energy Industrial Investment Social Trade Fiscal Monetary Policy mix Fiscal policy Budget policy Debt external internal Deficit / surplus Finance ministry Fiscal union Revenue Spending deficit Tax Monetary policy Bank reserves requirements Discount window Gold reserves Interest rate Monetary authority central bank currency board Monetary base Monetary ( currency ) union Money supply Trade policy Balance of trade Free trade Gains from trade Non-tariff barrier Protectionism Tariff Trade bloc Trade creation Trade diversion Trade / commerce ministry Revenue Spending Non-tax revenue Tax revenue Discretionary spending Mandatory spending Optimum Balanced budget Economic growth Price stability Reform Fiscal adjustment Monetary reform A monetary hawk, or hawk for short, is a term used to describe someone who places keeping inflation low as the top priority in monetary policy. The term contrasts with a monetary dove, which describes someone who emphasizes other issues, especially low unemployment, over low inflation. The two terms are commonly used in the United States to describe members and nominees to the Federal Reserve Board of Governors, who have major influence on United States monetary policy both as Federal Reserve Governors and as members of the Federal Open Market Committee. The terms are also used outside of the United States, in places such as the United Kingdom and India. The term `` pigeon '' has been used to describe individuals who take positions between those of hawks and doves, although the term `` centrist '' is also used. Doves generally are more in favor of expansionary monetary policy, including low interest rates, while hawks tend to favor `` tight '' monetary policy. For example, doves in the United States tend to favor quantitative easing, seeing it as a way to stimulate the economy, while hawks tend to oppose quantitative easing, seeing it as a distortion of asset markets. Additionally, hawks tend to project higher future inflation, and hence see more risk from inflation and a greater need for tight monetary policies, while doves tend to predict lower future inflation, and hence see more need for expansionary monetary policies. An individual can be a hawk in some cases and a dove in others. For example, Janet Yellen was described as a hawk during the economic boom of the 1990s, but was usually described as a dove when she was nominated to Chair the Federal Reserve. Additionally, the label of `` hawk '' and `` dove '' may be applied differently depending on the point of view. The hawk -- dove dichotomy has been criticized as overly simplistic, especially in times of low inflation or deflation. For example, Federal Reserve Bank of St. Louis President James Bullard has been described as a `` deflation hawk '' for favoring policies that would raise inflation to a target of 2 percent per year. Washington Post columnist Neil Irwin used the term `` bubble hawk '' to describe those who focus on using monetary policy to fight financial bubbles. References ^ Jump up to : Gura, David ( 13 November 2013 ). `` The economic shorthand of hawks and doves ''. Marketplace.org. Retrieved 13 March 2014. Jump up ^ Kawa, Lucas ( 10 January 2013 ). `` HAWKS & DOVES : Meet The 12 People Who Will Control America 's Monetary Policy In 2013 ''. Business Insider. Retrieved 13 March 2014. Jump up ^ `` Bank of England MPC : Who sets UK interest rates ? ''. BBC. 23 November 2011. Retrieved 13 March 2014. Jump up ^ ET Bureau ( 29 January 2014 ). `` RBI a vigilant owl, neither a dove, nor a hawk : Raghuram Rajan on monetary policy ''. The Economic Times. Retrieved 13 March 2014. Jump up ^ GI ( 9 October 2013 ). `` A new hand on the tiller ''. Economist. Retrieved 12 March 2014. ^ Jump up to : Duy, Tim ( 17 April 2012 ). `` On Labels, Dove vs. Hawk ''. EconoMonitor. Retrieved 13 March 2014. Jump up ^ O'Brien, Matthew ( 17 September 2013 ). `` Fed Favorite Janet Yellen Is No Dove -- and That 's a Good Thing ''. The Atlantic. Retrieved 13 March 2014. Jump up ^ RA ( 14 October 2013 ). `` Of doves and dovishness ''. The Economist. Retrieved 13 March 2014. Jump up ^ Irwin, Neil ( 30 July 2013 ). `` Why we should n't think of central bankers as hawks and doves ''. Washington Post. Retrieved 13 March 2014. See also Monetary policy Central bank Federal Reserve System Central banks Global Bank for International Settlements Basel Committee on Banking Supervision Financial Stability Board Policies Capital requirement Contractionary monetary policy Expansionary monetary policy Basel II Basel III Basel 4 Implementation Capital control Discount rate Interest rates Money creation Open market operation Sovereign wealth fund Bretton Woods system International Monetary Fund World Bank Group International Bank for Reconstruction and Development International Centre for Settlement of Investment Disputes International Development Association International Finance Corporation Multilateral Investment Guarantee Agency Lists List of central banks Central banks and currencies of Africa Central banks and currencies of Asia - Pacific Central banks and currencies of the Caribbean Central banks and currencies of Europe Central banks and currencies of Central America and South America Retrieved from `` https://en.wikipedia.org/w/index.php?title=Monetary_hawk_and_dove&oldid=799027505 '' Categories : Political terminology of the United States Economic policy Monetary policy Fundamental analysis Talk About Wikipedia Español فارسی Edit links This page was last edited on 5 September 2017, at 06 : 01. 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Question: if the federal reserve chair is considered a dove this means that she
Answer: major influence on United States monetary policy