Hawkish and dovish monetary policies have different impacts on inflation. Hawkish monetary policy involves tightening the money supply and raising interest rates to control inflation. This can lead to a decrease in consumer spending, which can result in slower economic growth but may help to reduce inflationary pressures.

On the other hand, dovish monetary policy involves loosening the money supply and lowering interest rates to stimulate economic growth. This can lead to an increase in consumer spending, which may result in higher inflation but can also lead to increased economic activity and job growth.

In general, hawkish monetary policy is considered to have a stronger impact on reducing inflation than dovish monetary policy, as it directly addresses the root cause of inflation by limiting the amount of money in circulation. However, it also comes with potential downsides such as slower economic growth and higher unemployment. Ultimately, policymakers must strike a balance between controlling inflation and promoting economic growth.