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Do Women Matter in Monetary Policy Boards?

Donato Masciandaro (), Paola Profeta () and Davide Romelli ()

No 20148, BAFFI CAREFIN Working Papers from BAFFI CAREFIN, Centre for Applied Research on International Markets Banking Finance and Regulation, Universita' Bocconi, Milano, Italy

Abstract: We 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. We document an increasing share of women in monetary policy committees, which is mainly associated with a higher overall presence of women in central banks and less so with other institutional factors or country characteristics. We then investigate the impact of this trend on monetary policymaking by estimating Taylor rules augmented to include the share of women on monetary policy committees. We show that central bank boards with a higher proportion of women set higher interest rates for the same level of inflation. This suggests that women board members have a more hawkish approach to monetary policy. We confirm this result by analysing the voting behaviour of members of the executive board of the Swedish Central Bank during the period 2000-2017.

Keywords: Central banks; Monetary Policy Committees; Women on boards; Taylor rule (search for similar items in EconPapers)
JEL-codes: E02 E52 E58 J16 (search for similar items in EconPapers)
Pages: 31
Date: 2020
New Economics Papers: this item is included in nep-cba, nep-mac and nep-mon
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