2022 •
Once bitten, twice bold? Early life tragedy and central bankers’ reaction to COVID-19
Authors: Maqsood Aslam, Etienne Farvaque
Venue: Finance Research Letters
Type: Publication
Abstract: 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.
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