American Economic Journal:
Macroeconomics
ISSN 1945-7707 (Print) | ISSN 1945-7715 (Online)
Women, Wealth Effects, and Slow Recoveries
American Economic Journal: Macroeconomics
vol. 15,
no. 1, January 2023
(pp. 269–313)
Abstract
Business cycle recoveries have slowed in recent decades. This slow-down comes entirely from female employment, as women's employment rates converged toward men's during the past half-century. But does the slowdown in the growth of female employment rates translate into a slowdown for overall employment rates? We estimate the extent to which women "crowd out" men in the labor market across US states, and find that it is small. Through the lens of a general equilibrium model with home production, we show this statistic implies that 60–75 percent of the slowdown in recent business cycle recoveries can be explained by female convergence.Citation
Fukui, Masao, Emi Nakamura, and Jón Steinsson. 2023. "Women, Wealth Effects, and Slow Recoveries." American Economic Journal: Macroeconomics 15 (1): 269–313. DOI: 10.1257/mac.20200312Additional Materials
JEL Classification
- D13 Household Production and Intrahousehold Allocation
- E24 Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
- E32 Business Fluctuations; Cycles
- J16 Economics of Gender; Non-labor Discrimination
- J21 Labor Force and Employment, Size, and Structure