Monetary hawk and dove
Monetary hawk and dove: A hawk wants low inflation to be the top goal when setting policy. A dove cares more about other goals, especially keeping unemployment low, even if inflation rises a bit. The terms are common in the United States for members of the Federal Reserve Board of Governors and the Federal Open Market Committee, who decide monetary policy. They’re also used in other countries. Sometimes people who fall between are called pigeons or centrists.
Hawks usually favor tight policy—higher interest rates and less stimulus—to keep inflation in check. Doves usually favor easy policy—lower rates and programs like quantitative easing—to boost growth and jobs. Hawks expect higher future inflation; doves expect lower inflation and more support for expansionary measures.
A person can be a hawk about some issues and a dove about others. For example, Janet Yellen was seen as a hawk in the 1990s and as a dove when she became Fed chair. The labels can vary depending on who’s judging.
Critics say the hawk–dove split is too simple, especially when inflation is very low or deflation is possible. Some officials are called “deflation hawks” for wanting policies to raise inflation, and others are called “bubble hawks” for focusing on fighting financial bubbles.
This page was last edited on 3 February 2026, at 05:27 (CET).