Hawk (Monetary Hawk)
매파
In monetary policy, a term for central bank policymakers who prioritize price stability and inflation control above all else. Hawks advocate tighter monetary policy (rate hikes, balance-sheet reduction, and quantitative tightening) even at the cost of slower growth or higher unemployment, believing that above-target inflation erodes long-term economic stability. The term originated in the 1980s when the US financial press borrowed the political 'war hawk' metaphor to describe contrasting policy leanings within the Federal Reserve, and has since become a universal descriptor of central bank policy stances globally. The opposing stance is dove (dovish), with intermediate positions called centrist or owl.
Sources
- Wikipedia (EN) Wikipedia article covering the hawk–dove dichotomy in monetary policy, origin in 1980s US financial press, and usage across major central banks
- investopedia.com Investopedia reference article defining inflation hawk, explaining hawkish vs. dovish policy mechanisms, and tracing the term's history through Fed chairs from Volcker to Powell
- research.titanfx.com Titan FX Research glossary entry documenting the origin (political war-hawk metaphor borrowed into economics), the hawk-dove-owl centrist spectrum, and the transmission mechanisms of hawkish policy across forex, equities, bonds, and commodities