Cadernos CEPEC

Monetary Policy effects on gender and racial inequality: a survey of the empirical literature

Rafael Caminha Pahim, Sylvio Antonio Kappes

Resumo

The purpose of this paper is to survey the literature that empirically evaluates the distributional impacts of monetary policy concerning gender and race. In the first two sections, we present the empirical strategies and their results. Most of the surveyed papers find asymmetric effects of monetary policy. For racial minorities, we find clear evidence of higher sensitivity to interest rate shocks and changes. Regarding gender, the literature has mixed results for labor market outcomes, but more clear evidence for wealth distribution. We suggest that central bankers and policymakers promote more empirical and theoretical studies on the effects of monetary policy on racial and gender distribution.


Palavras-chave

Monetary Policy; Gender; Race; Income Distribution


Texto completo:

PDF (English)

Referências


ABELL, J. Distributional effects of monetary and fiscal policy: impacts on unemployment rates disaggregated by race and gender. American Journal of Economics and Sociology, v. 50, n. 3, p. 269-284, 1991. DOI: https://doi.org/10.1111/j.1536-7150.1991.tb02294.x

ALBERT, J.; GÓMEZ, N. The impact of monetary policy shocks on net worth and consumption across races in the United States. Economic Systems, v. 48, n. 1, p. 1-23, 2024. DOI: https://doi.org/10.1016/j.ecosys.2023.101178

AMPUDIA, M.; GEORGARAKOS, D.; SLACALEK, O.; TRIST, P.; VERMEULEN, G.; VIOLANTE, G. Monetary policy and household inequality. European Central Bank. Working Paper Series, n. 2179, 2018. DOI: https://dx.doi.org/10.2139/ssrn.3223542

BALL, L. What determines the sacrifice ratio? In: MANKIW, N. (ed.). Monetary policy. Chicago: University of Chicago Press, 1994. p. 155-188.

BARTSCHER, A.; SCHULARICK, M.; KUHN, M.; WACHTEL, P. Monetary policy and racial inequality. Brookings Papers on Economic Activity, n. 1, p. 1-63, 2022. DOI: https://dx.doi.org/10.2139/ssrn.3775699

BENNANI, H. Effect of monetary policy shocks on the racial unemployment rates in the US. Economic Systems, v. 47, n. 1, p. 1-29, 2023. DOI: https://doi.org/10.1016/j.ecosys.2022.101058

BERGMAN, N.; BORN, B.; MATSA, D.; WEBER, M. Inclusive monetary policy: how tight labor markets facilitate broad-based employment growth. NBER Working Paper, n. 29651, p. 1-48, 2022. DOI: https://dx.doi.org/10.2139/ssrn.4007657

BERISHA, E.; DUBEY, R.; OLSON, E. Monetary policy and the racial wage gap. Empirical Economics, v. 63, p. 3045-3059, 2022. DOI: https://dx.doi.org/10.2139/ssrn.4317170

BRAUNSTEIN, E.; HEINTZ, J. Gender bias and central bank policy: employment and inflation reduction. International Review of Applied Economics, v. 22, n. 2, p. 173-189, 2008. DOI: https://doi.org/10.1080/02692170801889643.

BRAUNSTEIN, E.; SEGUINO, S. The impact of economic policy and structural change on gender employment inequality in Latin America, 1990–2010. Review of Keynesian Economics, v. 6, n. 3, p. 307–332, 2018. DOI: https://doi.org/10.4337/roke.2018.03.02.

BRENNAN, C.; JACOBSON, M.; MATTHES, C.; WALKER, T. Monetary policy shocks: data or methods? Finance and Economics Discussion Series. Board of Governors of the Federal Reserve System, n. 2024-011, 2024. DOI: https://doi.org/10.17016/FEDS.2024.011r1.

BU, C.; ROGERS, J.; WU, W. A unified measure of Fed monetary policy shocks. Journal of Monetary Economics, v. 118, p. 331-349, 2021. DOI: https://doi.org/10.1016/j.jmoneco.2020.11.002

CARPENTER, S.; RODGERS, W. The disparate labor market impacts of monetary policy. Journal of Policy Analysis and Management, v. 23, n. 4, p. 813-830, 2004. DOI: https://doi.org/10.1080/0023656042000329873.

CHRISTIANO, L. Christopher A. Sims and vector autoregressions. Scandinavian Journal of Economics, v. 114, n. 4, p. 1082-1104, 2012. DOI: 10.1111/j.1467-9442.2012.01737.x

CHUNDAKKADAN, R. Monetary policy and gender discrimination in the credit market. Journal of Government and Economics, v. 12, p. 1-10, 2023. DOI: https://doi.org/10.1016/j.jge.2023.100095.

CIRILLO, V.; CORSI, M.; D’IPPOLITI, C.; GOBBI, L. Asymmetric effects of macro policies on women’s and men’s incomes: an empirical investigation of the eurozone crisis in a gender perspective. Economia Politica, v. 41, p. 327-359, 2024. DOI: https://doi.org/10.1007/s40888-024-00333-2.

CLOYNE, J.; FERREIRA, C.; SURICO, P. Monetary policy when households have debt: new evidence on the transmission mechanism. The Review of Economic Studies, v. 87, n. 1, p. 102–129, 2020. DOI: https://doi.org/10.1093/restud/rdy074.

COLCIAGO, A.; SAMARINA, A.; HAAN, J. Central bank policies and income and wealth inequality: a survey. Journal of Economic Surveys, v. 33, n. 4, p. 1199-1231, 2019. DOI: https://doi.org/10.1111/joes.12314.

COUTO, P.; BRENCK, C. Monetary policy and the gender and racial employment dynamics in Brazil. Review of Political Economy, v. 36, n. 3, p. 994-1018, 2024. DOI: https://doi.org/10.1080/09538259.2023.2294306.

DE, K.; COMPTON, R.; GIEDEMAN, D.; HOOVER, G. Macroeconomic shocks and racial labor market differences. Southern Economic Journal, v. 88, n. 2, p. 680-704, 2021.

FAIA, E.; SHABALINA, E.; WICZER, D. Heterogeneous effects of monetary policy on job flows across income, race, gender, and age. AEA Papers and Proceedings, v. 114, p. 550-554, 2024. DOI: 10.1257/pandp.20241001.

FLAMINI, V. et al. Monetary policy and labor market gender gaps. IMF Working Paper, p. 1-24, 2023. DOI: https://doi.org/10.5089/9798400257292.001.

FRIEDMAN, M.; SCHWARTZ, A. A monetary history of the United States, 1867-1960. New Jersey: Princeton University Press, 1963.

FUKUDA-PARR, S.; HEINTZ, J.; SEGUINO, S. Critical perspectives on financial and economic crises: heterodox macroeconomics meets feminist economics. Feminist Economics, v. 19, n. 3, p. 4-31, 2013. DOI: http://dx.doi.org/10.1080/13545701.2013.806990.

FURCERI, D.; LOUNGANI, P.; ZDZIENICKA, A. The effects of monetary policy shocks on inequality. Journal of International Money and Finance, v. 85, p. 168-186, 2018. DOI: https://doi.org/10.1016/j.jimonfin.2017.11.004.

HULL, E. Money growth and the employment aspirations of Black Americans. The Review of Black Political Economy, v. 12, n. 3, p. 63-74, 1983.

JORDÀ, Ò. Estimation and inference of impulse responses by local projections. American Economic Review, v. 95, n. 1, p. 161-182, 2005. DOI: 10.1257/0002828053828518.

JORDÀ, Ò.; TAYLOR, A. Local projections. NBER Working Paper, n. 32822, p. 1-59, 2024. DOI: 10.3386/w32822

KAPPES, S. Monetary policy and personal income distribution: a survey of the empirical literature. Review of Political Economy, v. 35, n. 1, p. 211-230, 2023. DOI: https://doi.org/10.1080/09538259.2021.1943159.

LI, Q.; ZHANG, X. Monetary policy and racial inequality in housing markets: a study of 140 US metropolitan areas. Bank of Canada. Staff Working Paper, n. 62, p. 1-79, 2023. DOI: https://doi.org/10.34989/swp-2023-62.

PRÜGL, E. If Lehman Brothers had been Lehman Sisters…: gender and myth in the aftermath of the financial crisis. International Political Sociology, v. 6, n. 1, p. 21-35, 2012. DOI: https://doi.org/10.1111/j.1749-5687.2011.00149.x.

PUIG, A. The unequal effect of interest rates by race, gender. FRBSF Economic Letter, n. 19, p. 1-5, 2022.

ROCHON, L.; MATAMOROS, G.; LOFARO, A. Monetary policy and income distribution: the Post-Keynesian and Sraffian perspectives. Review of Political Economy, v. 36, n. 3, p. 1-27, 2024. DOI: https://doi.org/10.1080/09538259.2023.2272139.

RODGERS, W. African American and white differences in the impacts of monetary policy on the duration of unemployment. AEA Papers and Proceedings, v. 98, n. 2, p. 382-386, 2008. DOI: 10.1257/aer.98.2.382.

ROMER, C.; ROMER, D. A new measure of monetary shocks: derivation and implications. American Economic Review, v. 94, n. 4, p. 1055–1084, 2004. DOI: 10.1257/0002828042002651.

ROMER, C.; ROMER, D. Does monetary policy matter? A new test in the spirit of Friedman and Schwartz. NBER Macroeconomics Annual, v. 4, p. 121-170, 1989. DOI: https://doi.org/10.1086/654103

ROMER, C.; ROMER, D. Monetary policy matters. Journal of Monetary Economics, v. 34, p. 75-88, 1994.

SEGUINO, S.; HEINTZ, J. Monetary tightening and the dynamics of US race and gender stratification. American Journal of Economics and Sociology, v. 71, n. 3, p. 603-638, 2012. DOI: https://doi.org/10.1111/j.1536-7150.2012.00826.x.

SIMS, A. Macroeconomics and reality. Econometrica, v. 48, n. 1, p. 1-48, 1980. DOI: https://doi.org/10.2307/1912017.

STOCK, J.; WATSON, M. Vector autoregressions. Journal of Economic Perspectives, v. 15, n. 4, p. 101-115, 2001. DOI: 10.1257/jep.15.4.101

TAKHTAMANOVA, Y.; SIERMINSKA, E. Gender, monetary policy, and employment: the case of nine OECD countries. Feminist Economics, v. 15, n. 3, p. 323-353, 2009. DOI: https://doi.org/10.1080/13545700902893122.

THORBECKE, W. Estimating the effects of disinflationary monetary policy on minorities. Journal of Policy Modeling, v. 23, n. 1, p. 51-66, 2001. DOI: https://doi.org/10.1016/S0161-8938(00)00029-6.

UHLIG, H. What are the effects of monetary policy on output? Results from an agnostic identification procedure. Journal of Monetary Economics, v. 52, n. 2, p. 381–419, 2005. DOI: https://doi.org/10.1016/j.jmoneco.2004.05.007.

UME, E.; WILLIAMS, M. The differential impact of monetary policy on Blacks and Whites since the Great Recession. Journal of Economics, Race, and Policy, v. 2, p. 137-149, 2018. DOI: https://doi.org/10.1007/s41996-018-0010-z.

WU, J.; XIA, F. Measuring the macroeconomic impact of monetary policy at the zero lower bound. Journal of Money, Credit, and Banking, v. 48, n. 3, p. 253-291, 2016. DOI: https://doi.org/10.1111/jmcb.12300.

ZAMANZADEH, A.; CHAN, M.; EHSANI, M.; GANJALI, M. Unemployment duration, fiscal and monetary policies, and the output gap: how do the quantile relationships look like? Economic Modelling, v. 91, p. 613-632, 2020. https://doi.org/10.1016/j.econmod.2019.12.003.

ZAVODNY, M.; ZHA, T. Monetary policy and racial unemployment rates. Economic Review – Federal Reserve Bank of Atlanta, v. 85, n. 4, p. 1-16, 2000.




DOI: http://dx.doi.org/10.18542/cepec.v14i3.19739

Apontamentos

  • Não há apontamentos.