The aim of this article is to assess whether monetary policy preferences of central banks’ female chairs differ from male chairs’ monetary policy preferences. We study the relationship between the gender of central banks chairs and central banks’ attitudes to pursue a more (or less) conservative monetary policy. The analysis is based on a database of 179 central banks observed over the period 1980-2018. We specify a Phillips-curve equation where the inflation rate is regressed on the output gap, trade openness, a dummy that detects central bankers’ gender and time. Using a diff-in-diff approach, where the treated countries are the ones who experienced a period of female presidency, we found that women pursue a less conservative monetary policy.
Gender and Monetary Policy Preferences: a Diff-in-Diff Approach
Favaro D.;Giraldo A.;Golikja I.
2020
Abstract
The aim of this article is to assess whether monetary policy preferences of central banks’ female chairs differ from male chairs’ monetary policy preferences. We study the relationship between the gender of central banks chairs and central banks’ attitudes to pursue a more (or less) conservative monetary policy. The analysis is based on a database of 179 central banks observed over the period 1980-2018. We specify a Phillips-curve equation where the inflation rate is regressed on the output gap, trade openness, a dummy that detects central bankers’ gender and time. Using a diff-in-diff approach, where the treated countries are the ones who experienced a period of female presidency, we found that women pursue a less conservative monetary policy.Pubblicazioni consigliate
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
