IMF-货币政策与劳动力市场性别差距（英）-2023.10_市场营销策划_重点报告202301003.docx

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1、INTERNATIONA1MONETARYFUNDMonetaryPo1icyand1aborMarketGenderGapsVa1entinaF1amini5DiegoB.P.Gomes,BihongHuang,1isaKo1ovich,AinaPuig,andA1eksandraZdzienickaWP/23/211IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepub1ishedtoe1icitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPa

2、persarethoseoftheauthor(s)anddonotnecessari1yrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.WoRK-NGPAPER2023SEPWP/23/2112023Internationa1MonetaryFundIMFWorkingPaperStrategy,Po1icyandReviewandMoneyandCapita1MarketsDepartmentsMonetaryPo1icyand1aborMarketGenderGapsPreparedbyVa1entinaF1amin

3、i/DiegoB.P.Gomes,BihongHuang,1isaKoIovichfAinaPuigt,andA1eksandraZdzienickatAuthorizedfordistributionbyStefaniaFabrizioandNaomiGriffinSeptember2023IMFWorkingPapersdescriberesearchinprogressbytheauthor(s)andarepub1ishedtoe1icitcommentsandtoencouragedebate.TheviewsexpressedinIMFWorkingPapersarethoseof

4、theathor(s)anddonotnecessari1yrepresenttheviewsoftheIMF,itsExecutiveBoard,orIMFmanagement.ABSTRACT:Westudytheeffectsofmonetarypo1icyshocksonemp1oymentgendergapsinapane1of22countriesusingquarter1ydatafrom1990to2019.Ourresu1tsshowthatmensemp1oymentfa11smorethanwomensaftercontractionarymonetarypo1icysh

5、ocks,narrowingtheemp1oymentgendergapovertime.Twofactorscontributetoexp1ainingthisheterogeneouseffect.First,a1argerimpactofmonetarypo1icyshocksonemp1oymentintheindustrysectorthatemp1oysmoremen.Second,the1argerresponseoftheemp1oymentgapinthesector(services)thatemp1oysthe1argestshareofmenandwomen.Inter

6、msof1abormarketadjustment,thenarrowingofthegenderemp1oymentgapisinitia11ydrivenbyareductioninthegenderunemp1oymentgapsthat,overtime,resu1tsinanadjustmentinthegender1aborforceparticipationgapwithmens1aborforceparticipationdroppingmorethanwomens.Theeffectsare1argerincountrieswithmoref1exib1e1abormarke

7、tregu1ations,highergenderwagegaps,and1owerinforma1womensemp1oymentcomparedtomens.Fina11y,theeffectsarea1so1argerforcontractionarymonetarypo1icyshocksandduringexpansions.RECOMMENDEDCITATION:Va1entinaF1amini,DiegoB.P.Gomes,BihongHuang,1isaKo1ovich,AinaPuig,andA1eksandraZdzienicka.2023,MonetaryPo1icyan

8、d1aborMarketGenderGaps,.IMFWorkingPaperNo.23/211.Internationa1MonetaryFund.WashingtonD.C.JE1C1assificationNumbers:E52,J16,J21,D63Keywords:Monetarypo1icy;shocks,genderinequa1ity;1abormarket;unemp1oyment;1aborforceparticipationAuthorsE-Mai1Address:VFIaminiimf.org,DGomesimf.org,BHuanqimf.org,1Ko1ovichi

9、mf.ora,ak3851aamerican.edu,AZdzienickaimf.ora*Internationa1MonetaryFund.tAmericanUniversity.WORKINGPAPERSMonetaryPo1icyand1aborMarketGenderGapsPreparedbyVa1entinaF1amini5DiegoB.P.Gomes,BihongHuang,1isaKo1ovich,AinaPuig,andA1eksandraZdzienickaTheauthorsthankRatnaSahayand1uisBrandao-Marquesforsharingt

10、hecodesfromBrandao-Marquesandothers(2023),aswe11asRishiGoya1,StefaniaFabrizio,SPRAIIGco11eagues,seminarparticipants,andreviewingdepartmentsfortheirinsightfu1mments.Wea1sothankDeiseMi11erPassosDaSi1vaforherexce11enteditoria1support.ContentsI. Introduction3II. Methodo1ogyandData5III. Overa11Resu1ts8A.

11、 Tota1Emp1oyment8B. Sectora1Emp1oyment9C. Unemp1oymentand1aborForceParticipation10D. Ro1eof1aborMarketCharacteristics11IV. AsymmetricEffects13A. ContractionaryversusExpansionaryMonetaryPo1icyShocks13B. RecessionsversusExpansions14V. RobustnessChecks15VI. Conc1usion16Annex I. DataDetai1s17Annex II. S

12、e1ectedEstimationDetai1s19References20FIGURES1. Impu1seResponsesforMacroeconomicVariab1es72. Impu1seResponsesforWomenandMenEmp1oyment,andGenderTota1Emp1oymentGap83. Impu1seResponsesforTota1Emp1oymentbySectors94. Impu1seResponsesgottheGenderEmp1oymentGapbySectors105. Impu1seResponsesfortheGenderGapin

13、1aborForceParticipationandUnemp1oymentRate116. Impu1seResponsesfortheGenderGapinTota1Emp1oymentby1aborMarketRegu1ation(EP1)127. Impu1seResponsesfortheGenderGapinTota1Emp1oymentDependingonGenderWageGap128. Impu1seResponsesfortheGenderEmp1oymentGapDependingonJobInforma1ityGap139. Impu1seResponsesforth

14、eGenderEmp1oymentGapDependingontheTypeofMonetaryPo1icyShock.1410. Impu1seResponsesfortheGenderEmp1oymentGapinExpansionsandRecessions1511. Impu1seResponsesfortheGenderGapintheUnemp1oymentRatebyA1ternativeShockMethod15INTERNATIONA1MONETARYFUNDI. IntroductionThereisagrowinginterestamongacademicsandpo1i

15、cymakersinana1yzingtheheterogeneouseffectsofmonetarypo1icyonemp1oymentandother1abormarketoutcomes.Itisdrivenbytheneedtonoton1ybetterunderstandtheimpactofmonetarypo1icyontota1emp1oymentandeconomicoutputbuttoa1soidentifythe1abormarketchanne1sunder1yingthedistributiona1effectsofthemonetarypo1icy.The1it

16、eratureontheheterogeneouseffectsofmonetarypo1icyhas1ookedprimari1yatincomeorwea1thinequa1ityinadvancedeconomies(Coibionandothers,2017;Furceriandothers,2018;B1omhoffHo1mandothers,2023).Somestudies(e.g.,Bartscherandothers,2023)investigatethere1ationshipbetweenmonetarypo1icyandracia1inequa1ity.Itisthereforenotsurp