Francesco Furlanetto (Norges Bank): Macroeconomic effects of the gender revolution
Abstract: Postwar U.S. labor market data exhibit a major, secular decline in the employment and wage gaps between males and females. In this paper, we identify the structural forces behind this gender convergence, and quantify the spillover to the broader macroeconomy. A novel time series model maps empirical trends in data into underlying (aggregate and gender-specific) structural trends. Identification is achieved with restrictions derived from a neoclassical model with gender-specific labor. Empirically, we find a secular increase in female-specific labor productivity as the main driver of the gender convergence, accounting for approximately one-third of economic growth in the postwar U.S. economy
Mariya Acherkan
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