IMF-货币政策与劳动力市场性别差距（英）-2023.10-24页_1mb

Monetary policy shocks have asymmetric effects on labor market outcomes by gender. Unexpectedly, contractionary monetary policy shocks narrow the gender employment gap more than expansionary ones, with effects peaking after 12 quarters at 0.6 percentage points. This occurs due to: (1) differential sectoral impacts—monetary shocks hit male-dominated industries (like manufacturing) harder than female-dominated services, despite longer recovery in services, and (2) adjustments through labor force participation rather than unemployment. Effects are amplified in countries with flexible labor regulations, larger gender wage gaps, and lower informality gaps between women and men. Business cycle considerations show stronger policy impacts during expansions.

This has policy implications for central banks and governments, including incorporating gender-disaggregated data into forecasts to better target interventions and protect vulnerable groups via labor market programs and benefits. Further research is needed to understand country-specific dynamics.