Hawks, doves, owls, swans, bulls and bears … even ostriches. What connects these animals to central banking? How can they help us find our way around the world of economics and finance?

Our host Katie Ranger talks about these questions with communications advisor Gabriel Glöckler on The ECB Podcast.

The views expressed are those of the speakers and not necessarily those of the European Central Bank.

Published on 16 August 2021 and recorded on 29 June 2021.

In this episode:

1:40 – Why animal metaphors are used in central banking

How animal metaphors can help make central banking more accessible, what they mean and why they are used so often.

4:01 - Hawks, doves and owls in monetary policy

How these two animal metaphors are used to describe policymakers’ attitudes towards monetary policy, what it means to make a hawkish or a dovish comment, and where the owl comes in.

9:22 – Black swans, green swans and unexpected events

Which events can be qualified as black swans and what green swans are in the language of finance and economics.

14:47 – A bear market or a bull market

What’s behind the bull and bear statues outside the Frankfurt Stock Exchange, and how these two animal metaphors are used to describe what’s happening in financial markets.

18:38 – Our guest’s “hot tip” for our listeners

The Maradona Theory of Interest Rates: What footballer Diego Maradona has in common with interest rates.

Further reading:

Maradona Theory of Interest Rates

https://www.bankofengland.co.uk/-/media/boe/files/speech/2005/monetary-policy-practice-ahead-of-theory

European Central Bank

www.ecb.europa.eu

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