Much like in foreign policy, the terms dove and hawk have counterparts in the world of economics. Rather than aggression against a country, these terms in the economic world refer to attitudes on countering inflation.
A dove refers to an economist or policy maker, usually tied to the Fed, that supports low interest rates with the target of increasing employment. The dove is not particularly concerned with the potential negative effects of inflation that lower interest rates might cause. Instead, the dove is mainly concerned with growing the economy, and are likely to advocate quantitative easing. Former Fed chairs Ben Bernanke and Janet Yellen were both known for their dovish policies.
A hawk, by contrast, is more focused on combating inflation than growing the economy. A hawk believes in raising interest rates so that inflation does not get out of hand, even to the point of creating recessionary pressures. Alan Greenspan was considered a hawk early in his tenure as a Federal Reserve chair, though he later adopted more dovish policies. Cleveland Fed President Loretta J. Mester is also known for her hawkish views.
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