Hawk and Dove monetary policies

The terms 'Hawk' and 'Dove' are used to describe policymakers stance on monetary policy.

The term 'Hawk' mean that the policymakers are more interested in controlling inflation than promoting growth. This means that they are likely to increase interest rates to control inflation.

The term 'Dove' means that the policymakers are more interested in promoting growth than fighting inflation. This means that they are likely to decrease interest rates to stimulate economic growth. One of the ways of achieving this is by quantitative easing.

Policymakers can become hawks or doves depending on the economic conditions.

While it is quite common in the media to designate a central bank governor or chairperson as either a hawk or a dove, in reality policymakers can become either of the two depending on the economic conditions.