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Women, wealth effects, and slow recoveries

Author: Masao Fukui; Emi Nakamura; Jón Steinsson; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2018.
Series: Working paper series (National Bureau of Economic Research), no. 25311.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Business cycle recoveries have slowed in recent decades. This slowdown comes entirely from female employment: as women's employment rates converged towards men's over the past half-century, the growth rate of female employment slowed. We ask whether this slowdown in female employment caused the slowdown in overall employment during recent business cycle recoveries. Standard macroeconomic models with “balanced growth  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Masao Fukui; Emi Nakamura; Jón Steinsson; National Bureau of Economic Research,
OCLC Number: 1078771543
Notes: "November 2018"
Description: 1 online resource (78 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 25311.
Responsibility: Masao Fukui, Emi Nakamura, Jón Steinsson.

Abstract:

Business cycle recoveries have slowed in recent decades. This slowdown comes entirely from female employment: as women's employment rates converged towards men's over the past half-century, the growth rate of female employment slowed. We ask whether this slowdown in female employment caused the slowdown in overall employment during recent business cycle recoveries. Standard macroeconomic models with “balanced growth preferences” imply that this cannot be the cause, since the entry of women “crowds out” men in the labor market almost one-for-one. We estimate the extent of crowd out of men by women in the labor market using state-level panel data and find that it is small, contradicting the standard model. We show that a model with home production by women can match our low estimates of crowd out. This model – calibrated to match our cross-sectional estimate of crowd out – implies that 70% of the slowdown in recent business cycle recoveries can be explained by female convergence.

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