Monetary hawk and dove
What is a monetary hawk or dove?
A monetary hawk is someone for whom keeping inflation low is the top priority in monetary policy. A dove, on the other hand, is someone who puts other issues - especially low unemployment - over low inflation.
Where have you heard about monetary hawks and doves?
The terms are often used in the press to describe members of the US Federal Open Market Committee and Britain's Monetary Policy Committee. Their views are described as being either 'hawkish' or 'doveish', depending on where they place the emphasis in their policy decisions.
What you need to know about monetary hawks and doves.
Generally speaking, doves favour expansionary monetary policy including low interest rates, while hawks are keener on tight monetary policy with higher rates. Doves tend to advocate quantitative easing as a way to stimulate the economy; hawks on the other hand usually oppose it, regarding QE as a distortion of asset markets.
Monetary Policy Committee members Michael Saunders and Ian McCafferty, who've voted to raise rates, would be classed as hawks, while Bank of England Governor Mark Carney is usually considered a dove. From time to time, though, he does make a 'hawkish' speech warning that rates will rise.