Once bitten, twice bold? Early life tragedy and central bankers’ reaction to COVID-19

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Once bitten, twice bold? Early life tragedy and central bankers’ reaction to COVID-19

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International audience. Have negative experiences (in particular, natural disasters) that central bankers’ have known in their early life influenced monetary policy decisions in front of the COVID-19 pandemic? We answer this question using a sample of 19 developing countries. We show that central bankers who experienced episodes of epidemics in their early life lowered interest rates faster and lower during the COVID-19 pandemic. Personal experience of decision-makers has contributed strongly to explain their behavior during the crisis.

Langue: Anglais

Date de publication: 2022-01

Source: ISSN: 1544-6123

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