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The Life Experience of Central Bankers and Monetary Policy Decisions: A Cross-country Dataset

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  • Carlos Madeira

Abstract

Using hand-collected data with biographical information on central bank governors and board members across 212 countries, I obtain experience-based forecasts for GDP growth and inflation based on an adaptive learning model estimated from their lifetime macroeconomic data. I show that life experience influences the monetary policy rates, with heterogeneity by central bank independence and central bankers' treasury experience. PhD education, studies abroad and professional experience in foreign countries do not seem to influence policy rates. Furthermore, life experience influences the tone of speeches for monetary policy, financial stability and climate concerns. Weather disasters experience reduces climate concerns and NGFS membership.

Suggested Citation

  • Carlos Madeira, 2026. "The Life Experience of Central Bankers and Monetary Policy Decisions: A Cross-country Dataset," Working Papers Central Bank of Chile 1073, Central Bank of Chile.
    • Handle: RePEc:chb:bcchwp:1073
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    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • D84 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Expectations; Speculations
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
    • E70 - Macroeconomics and Monetary Economics - - Macro-Based Behavioral Economics - - - General

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