FOMC members rarely change their preferences – paper

Janet Yellen's first FOMC meeting
An FOMC meeting chaired by Janet Yellen
Federal Reserve

Members of the Federal Open Market Committee rarely change their stance on policy once their “core” economic and political views have formed, according to recent research.

Drawing on a new dataset of policymakers’ origins and preferences, stretching back to the committees of the 1960s, Michael Bordo and Klodiana Istrefi identify certain factors contributing to whether an individual becomes a “hawk”, “dove” or “swinger”. Once in a category, policymakers rarely switch.

In the National Bureau of

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