Women, Wealth Effects, and Slow Recoveries†

• 成果类型: Article
• 署名作者: Fukui, Masao; Nakamura, Emi; Steinsson, Jon
• 署名单位: Boston University; University of California System; University of California Berkeley
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20200312
• 发表日期: 2023
• 页码: 269-313
• 关键词: labor-force participation; indivisible labor; quiet revolution; UNITED-STATES; wage; GROWTH; macroeconomics; immigration; EMPLOYMENT; allocation

摘要

Business cycle recoveries have slowed in recent decades. This slow-down comes entirely from female employment, as women's employ-ment 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 gen-eral 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.(JEL D13, E24, E32, J16, J21)