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Journal Articles Finance Research Letters Year : 2022

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

Abstract

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.

Dates and versions

hal-03267518 , version 1 (22-06-2021)

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Maqsood Aslam, Etienne Farvaque. Once bitten, twice bold? Early life tragedy and central bankers’ reaction to COVID-19. Finance Research Letters, 2022, 44, pp.102060. ⟨10.1016/j.frl.2021.102060⟩. ⟨hal-03267518⟩
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