The two terms are commonly used in the United States to describe members and nominees to the Federal Reserve Board of Governors, who have major influence on United States monetary policy in their roles as Federal Reserve Governors and as members of the Federal Open Market Committee.
For example, doves in the United States tend to favor quantitative easing, seeing it as a way to stimulate the economy,[5] while hawks tend to oppose quantitative easing, seeing it as a distortion of asset markets.
[7] Additionally, the label of "hawk" and "dove" may be applied differently depending on the point of view.
[8] The hawk–dove dichotomy has been criticized as overly simplistic, especially in times of deflation or low inflation.
For example, Federal Reserve Bank of St. Louis President James Bullard has been described as a "deflation hawk" for favoring policies that would raise inflation to a target of 2 percent per year.