Within a central bank's committee, hawks and doves are used to categorize policy makers and advisors based on their likely voting decisions. To predict the outcome of monetary policy meetings, analysts and traders commonly use them.

In monetary policy, the terms “hawks” and “doves” refer to different approaches taken by policymakers regarding inflation and economic growth. Hawks are primarily concerned with keeping inflation under control, even if it slows down the economy. They usually favour higher interest rates and stricter monetary measures to limit rising prices. In contrast, doves emphasise promoting economic growth and job creation. They support lower interest rates and are more willing to accept moderate inflation to stimulate spending and investment. These contrasting viewpoints influence how central banks respond to economic conditions, especially during periods of uncertainty. A hawkish approach can help stabilise prices but may reduce growth, while a dovish stance can encourage expansion but increase inflation risks. Achieving a balance between these perspectives is crucial for ensuring long-term economic health and stability.