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Prof. Paul Wachtel discusses the hawk and dove analogy used in monetary policy

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Excerpt from Marketplace -- "In monetary policy, hawks have a laser-like focus on inflation. Keeping that under control is one of the Fed’s two mandates. And doves? They’re concerned with the other mandate. 'The dove, being a little bit softer, might be more concerned about what is going on in labor markets, the rate of growth, and the unemployment rate,' says Paul Wachtel, a professor of economics at NYU’s Stern School of Business. Doves are not happy, because unemployment is at 7.3 percent. And hawks? As Wachtel puts it, 'there aren’t too many hawks out there nowadays.'”

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