Women are hawks when it comes to monetary policy
Masciandaro and al. construct a new dataset on the presence of women on central bank monetary policy committees for a set of 103 countries, over the period 2002-2016. They analyze the impact of this trend on monetary policymaking by estimating Taylor rules augmented to include the share of women on monetary policy committees. They find that:
- Women on central bank boards has been increasing over the past decade in all countries, though it remains quite low, at an average slightly above 16% in 2016;
- Women have a more hawkish approach to monetary policymaking, i.e. women are more aggressive in fighting inflation.
Do Women Matter in Monetary Policymaking?
Authors: Donato Masciandaro, Paola Profeta, Davide Romelli
From: Bocconi University, Trinity College (Dublin)
If Lehman Brothers had been Lehman Sisters the crisis would still have happened
Women are not all the same. We document that women who enter into a finance career or who serve as directors in financial firms can be significantly different in their risk preferences than women with different career outcomes. As a result, women in finance may have similar, or even lower, levels of risk aversion than men in finance.
Mean levels of risk-aversion
Lehman Sisters
Authors: Renee B. Adams, Vanitha Ragunathan
From: University of Oxford, University of Queensland
