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The Impact of Menopause Hormone Therapy on Women’s Health and Employment

Author

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  • Lucia Torres Frasele

    (Health Economics, Policy and Innovation Institute, Faculty of Economics and Administration, Masaryk University, Brno, Czech Republic)

Abstract

This paper examines the causal effects of Menopause Hormone Therapy (MHT) on health and labor market outcomes among U.S. women aged 40–61. I leverage the MHT treatment arm of the first large-scale randomized evaluation of MHT’s effects on postmenopausal women’s health, which was stopped early due to elevated health risks and publicly announced in July 2002. The announcement led to a rapid global decline in MHT prescriptions, which I use as a quasi-exogenous shock. Using nationally representative U.S. data on prescriptions, health, and labor market outcomes, I apply difference-in-differences, instrumental variables, and fixed-effects approaches. Results show MHT significantly improves physical health, increasing physical functioning scores by up to one standard deviation, but effects on employment and wages are modest and sensitive to specification.

Suggested Citation

  • Lucia Torres Frasele, 2026. "The Impact of Menopause Hormone Therapy on Women’s Health and Employment," MUNI ECON Working Papers 2026-01, Masaryk University.
    • Handle: RePEc:mub:wpaper:2026-01
    DOI: 10.5817/WP_MUNI_ECON_2026-01
    Note: License: CC-BY 4.0
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    References listed on IDEAS

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    1. James Heckman, 2013. "Sample selection bias as a specification error," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 31(3), pages 129-137.
    2. Meltem Daysal, N. & Orsini, C., 2012. "The Miracle Drug : Hormone Replacement Therapy and Labor Market Behavior of Middle-Aged Women," Other publications TiSEM ce29046c-47bf-4f33-87af-3, Tilburg University, School of Economics and Management.
    3. Bryson, Alex & Conti, Gabriella & Hardy, Rebecca & Peycheva, Darina & Sullivan, Alice, 2022. "The consequences of early menopause and menopause symptoms for labour market participation," Social Science & Medicine, Elsevier, vol. 293(C).
    Full references (including those not matched with items on IDEAS)

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    Keywords

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    JEL classification:

    • I12 - Health, Education, and Welfare - - Health - - - Health Behavior
    • J14 - Labor and Demographic Economics - - Demographic Economics - - - Economics of the Elderly; Economics of the Handicapped; Non-Labor Market Discrimination
    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J22 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Time Allocation and Labor Supply

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