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Contractionary Monetary Policy and the Dynamics of U.S. Race and Gender Stratification

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  • Stephanie Seguino
  • James Heintz

Abstract

This paper explores the distributional effects of contractionary monetary policy by race and gender in the U.S. from 1979-2008 using state-level panel data. We hypothesize that women and Blacks, as groups with less power and lower status in the social hierarchy, fare worse in the competition over jobs, resulting in a disproportionate rise in female and Black unemployment rates relative to White males. We also investigate the possibility that Blacks bear a greater burden of joblessness than females as Black population density rises. Results indicate the costs of fighting inflation are unevenly distributed amongst workers, weighing more heavily on Black females and Black males, followed by White females, and lastly, White males.

Suggested Citation

  • Stephanie Seguino & James Heintz, 2010. "Contractionary Monetary Policy and the Dynamics of U.S. Race and Gender Stratification," Working Papers wp230, Political Economy Research Institute, University of Massachusetts at Amherst.
  • Handle: RePEc:uma:periwp:wp230
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    File URL: https://www.peri.umass.edu/fileadmin/pdf/working_papers/working_papers_201-250/WP230.pdf
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    References listed on IDEAS

    as
    1. William A. Darity & Arthur H. Goldsmith, 1996. "Social Psychology, Unemployment and Macroeconomics," Journal of Economic Perspectives, American Economic Association, vol. 10(1), pages 121-140, Winter.
    2. Darity, William Jr. & Mason, Patrick L. & Stewart, James B., 2006. "The economics of identity: The origin and persistence of racial identity norms," Journal of Economic Behavior & Organization, Elsevier, vol. 60(3), pages 283-305, July.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

    Monetary policy; stratification; race; gender; unemployment;

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • J7 - Labor and Demographic Economics - - Labor Discrimination

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