Changing Business Cycles: The Role of Women's Employment

• 成果类型: Article
• 署名作者: Albanesi, Stefania
• 署名单位: National Bureau of Economic Research; University of Miami; Center for Economic & Policy Research (CEPR)
• 刊物名称: AMERICAN ECONOMIC JOURNAL-MACROECONOMICS
• ISSN/ISSBN: 1945-7707
• DOI: 10.1257/mac.20210138
• 发表日期: 2025
• 关键词: indivisible labor; INEQUALITY; macro; micro; fluctuations; elasticities; marriage; models; shocks; output

摘要

Women's labor force participation in the United States rose rapidly until the mid-1990s when it flattened out. I examine the impact of this change in trend on aggregate business cycles with a quantitative model that incorporates gender differences. I show that the rise in women's participation played a substantial role in the Great Moderation and not allowing for gender differences leads to incorrect inference on its causes. The subsequent slowdown in women's participation played a substantial role in jobless recoveries and reduced aggregate hours and output growth in expansions, worsening aggregate economic performance in the United States. (JEL E13, E23, E24, E32, J16, J22)