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Gender diversity and monetary policy

Author(s): Donato Masciandaro, Paola Profeta and Davide Romelli

Date published: Feb 2016

SUERF Policy Note, Issue No 4
Donato Masciandaro, Bocconi University and SUERF
Paola Profeta, Bocconi University
Davide Romelli, ESSEC Business School and THEMA-University of Cergy-Pontoise 

Abstract: Gender diversity matters in many respects. Obviously. Does gender diversity also matter in monetary policy? This is perhaps not so obvious. In the present SUERF Policy Note, the authors refer to some recent studies, which document some impact of gender diversity on monetary policy making. Data from the US FOMC reveals different patterns of voting behavior for respectively women and men. Women tend in this study more often than men to have a dovish attitude i.e. being in favor of an active monetary policy. Results from studies of central bankers in other OECD countries are somewhat different. A 2016-study by the three authors applying an index of gender diversity suggests that presence of women in central bank boards can be associated with a more hawkish approach to monetary policy making.

JEL: E31, E51, E52, E58, J16
Keywords: Federal Reserve System, gender diversity, inflation performance, monetary policy, money supply growth.

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SUERF Policy Note, No. 4SUERF Policy Note, No. 4

Gender Diversity and Monetary PolicyWeb version: Gender diversity and monetary policy

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