SOURCE: Federal Reserve Bank of Richmond

Federal Reserve Bank of Richmond

March 11, 2015 17:43 ET

Richmond Fed Magazine Econ Focus Reports on the Changing Hawk-Dove Distinction in Monetary Policy

RICHMOND, VA--(Marketwired - Mar 11, 2015) - News stories tell us that some Fed officials are "hawks" and others are "doves." But now that Fed policymakers are closer to a consensus on inflation than in past decades, do these terms still mean what they used to? The featured article in the latest issue of Econ Focus magazine looks at the changing nature of monetary policy debates -- and the changing nature of the hawk-dove divide.

Also in this issue:

  • A new page on the minimum wage? Economists were once almost unanimous in the belief that a rising minimum wage would hurt workers. Although most of them still believe that, a growing number of economists have concluded that the minimum wage can raise wages with little or no negative effect on employment. Does their case hold up?
  • The dropout crisis. The economic case for finishing high school is overwhelming. Dropouts, on average, face higher unemployment, lower wages, and poorer health. Yet one in five U.S. high school students fails to graduate on time. Economic research indicates that there are steps policymakers can take to change dropout rates for the better.
  • The geography of unemployment. Some researchers believe that constraints faced by minority households when deciding where to live -- such as lack of information, limited access to credit, and housing discrimination -- have helped to keep them out of job-rich communities. The results may include prolonged unemployment, lower wages, longer commutes, and geographically concentrated poverty.
  • Operation Choke Point. The Justice Department's "Operation Choke Point" is intended to crack down on banks that provide payment services to companies potentially engaged in fraud or other illegal activities. But it has drawn criticism from some lawmakers and affected industries, which argue that Justice is targeting companies whose activities are legal but disfavored.

Econ Focus is the economics magazine of the Federal Reserve Bank of Richmond. It covers economic issues affecting the Fifth Federal Reserve District (the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia) and the nation.

For a free subscription to Econ Focus or for copies of the magazine, contact the Bank's Research Publications division at (800) 322-0565 or subscribe online. The articles are available online at

Contact Information

  • Contact:
    David A. Price
    Senior Editor
    Econ Focus
    Federal Reserve Bank of Richmond
    Office: (804) 697-8018
    Email Contact