中英双语介绍金融经济中的鹰派 (Hawkish)和鸽派 (Dovish)

中文版

在金融和经济政策中，“鹰派”和“鸽派”是两种对货币政策和经济管理有不同立场的群体。

鹰派 (Hawkish)

鹰派倾向于担心通货膨胀的风险，通常支持较高的利率和更紧的货币政策，以防止经济过热和控制物价上涨。具体特征包括：

1. 注重控制通货膨胀：鹰派认为通货膨胀是经济健康的主要威胁，因此他们更倾向于通过提高利率来抑制消费和投资，减少经济中过多的货币供应。

2. 偏向紧缩政策：他们支持减少货币供应和政府支出，以保持经济稳定并防止资产泡沫。

3. 对经济增长的担忧较少：相比于促进经济增长，鹰派更关注经济的稳定性和长期健康。

鸽派 (Dovish)

鸽派则相对更关注经济增长和就业，支持较低的利率和宽松的货币政策，以刺激经济活动。具体特征包括：

1. 注重促进经济增长和就业：鸽派认为经济增长和高就业率是经济政策的核心目标，因此他们更倾向于通过降低利率来鼓励借贷和投资，增加消费。

2. 偏向宽松政策：他们支持增加货币供应和政府支出，以刺激经济增长，特别是在经济衰退或增长乏力的时期。

3. 对通货膨胀的担忧较少：鸽派认为适度的通货膨胀是经济增长的自然结果，因此不会过于担心通胀带来的风险。

在货币政策决策中的应用

这里的提到的文章是The Economist 2024年8月10日这期杂志中Should central bankers argue in public?这篇文章的一段话：

Bank of England (BoE) policymakers were, meanwhile, sitting as comfortably
as could be expected given the circumstances. On August 1st they had voted
to cut rates from 5.25% to 5%. What at first glance may appear a
straightforward story of better judgment in fact reveals deeper truths about
how monetary policy is set. The BoE’s decision was made by the barest of
margins. Five doveish members outvoted four more hawkish colleagues,
who wanted to hold firm. The Fed, which puts far more value on consensus,
would be unlikely to see such a split. In many other countries, it would be
impossible: monetary policymakers debate behind closed doors and then
present a united front in public.

在货币政策决策过程中，鹰派和鸽派的分歧会影响政策走向。例如，在本文提到的英格兰银行（BoE）中，五名鸽派成员投票支持降息，而四名鹰派成员则希望保持现有利率不变。这种分歧反映了他们对经济形势和货币政策优先级的不同看法。

相比之下，美联储（Fed）更重视政策的一致性和共识，通常不会出现如此明显的分歧。而在许多其他国家，货币政策决策过程更为保密，政策制定者会在内部达成一致后再对外发布统一的政策声明。

英文版

In financial and economic policy contexts, “hawkish” and “dovish” refer to two different stances on monetary policy and economic management.

Hawkish

Hawkish policymakers are primarily concerned with the risks of inflation. They usually support higher interest rates and tighter monetary policy to prevent the economy from overheating and to control price increases. Key characteristics include:

1. Focus on Controlling Inflation: Hawks view inflation as a major threat to economic health. They prefer raising interest rates to curb consumer spending and investment, thus reducing the amount of money circulating in the economy.

2. Preference for Tight Monetary Policy: They advocate for reducing the money supply and government spending to maintain economic stability and prevent asset bubbles.

3. Less Concerned with Economic Growth: Hawks prioritize economic stability and long-term health over immediate economic growth.

Dovish

Dovish policymakers, on the other hand, are more focused on economic growth and employment, supporting lower interest rates and looser monetary policy to stimulate economic activity. Key characteristics include:

1. Emphasis on Promoting Economic Growth and Employment: Doves see economic growth and high employment as core goals. They favor lowering interest rates to encourage borrowing and investment, boosting consumer spending.

2. Preference for Loose Monetary Policy: They support increasing the money supply and government spending to stimulate growth, especially during economic downturns or periods of sluggish growth.

3. Less Concerned with Inflation: Doves are less worried about inflation, viewing moderate inflation as a natural consequence of economic growth.

Application in Monetary Policy Decision-Making

In monetary policy decisions, the divide between hawkish and dovish members influences policy direction. For example, in the context of the Bank of England (BoE) mentioned in the passage, five dovish members voted to cut interest rates, while four hawkish members wanted to keep the rates unchanged. This split reflects their differing views on the economic situation and policy priorities.

In contrast, the Federal Reserve (Fed) in the United States places a higher value on consensus, making such a split less likely. In many other countries, the decision-making process is more closed, with policymakers debating behind closed doors and presenting a unified stance in public.

后记

2024年8月15日13点21分于上海，基于GPT4o大模型生成。