Changing Business Cycles: The Role of Women's Employment
研究了美国女性劳动参与率在1990年代中期由升转平的趋势变化对宏观经济周期的影响，发现这一变化是“大缓和”和“无就业复苏”的重要原因。
Women's labor force participation in the United States rose rapidly until the mid-1990s when it flattened out. I examine the impact of this change in trend on aggregate business cycles with a quantitative model that incorporates gender differences. I show that the rise in women's participation played a substantial role in the Great Moderation and not allowing for gender differences leads to incorrect inference on its causes. The subsequent slowdown in women's participation played a substantial role in jobless recoveries and reduced aggregate hours and output growth in expansions, worsening aggregate economic performance in the United States.