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Monetary Policy and the Gender and Racial Employment Dynamics in Brazil

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  • Patricia Couto
  • Clara Brenck

Abstract

Monetary policy has been historically concerned with controlling inflation, using the interest rate as its main tool. However, such policies are not gender- or race-neutral. This paper explores econometrically the effect of changes in the interest rate for female and black employment creation in Brazil. We conducted a fixed effects analysis for 13 states between 2012 and 2021 to estimate the effects of changes in interest rates on unemployment, separating it by gender and race. Our results show that the increase in the real interest rate has a positive effect on the relative unemployment of black men to white men, no effect on the relative unemployment of black women to white men, and a negative effect on the relative unemployment of white women to white men. These effects are intensified in regions where the black share of the population is lower. This paper contributes to understanding the challenges to closing gender and racial gaps, particularly in developing economies. We conclude that social stratification, if not considered, can lead to misleading policies that perpetuate unequal socioeconomic outcomes.

Suggested Citation

  • Patricia Couto & Clara Brenck, 2024. "Monetary Policy and the Gender and Racial Employment Dynamics in Brazil," Review of Political Economy, Taylor & Francis Journals, vol. 36(3), pages 994-1018, July.
    • Handle: RePEc:taf:revpoe:v:36:y:2024:i:3:p:994-1018
    DOI: 10.1080/09538259.2023.2294306
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    Cited by:

    1. Izaskun Zuazu, 2024. "Reviewing feminist macroeconomics for the twenty-first century," Review of Evolutionary Political Economy, Springer, vol. 5(2), pages 271-299, September.

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