Do Women Matter in Monetary Policy Boards?

31 Pages Posted: 5 Oct 2020

See all articles by Donato Masciandaro

Donato Masciandaro

Bocconi University - Department of Economics

Paola Profeta

Bocconi University

Davide Romelli

Trinity College (Dublin) - Department of Economics; Trinity College (Dublin)

Date Written: October 2020


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 associ- ated 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 in- flation. 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

JEL Classification: E02; E52; E58; J16

Suggested Citation

Masciandaro, Donato and Profeta, Paola and Romelli, Davide, Do Women Matter in Monetary Policy Boards? (October 2020). BAFFI CAREFIN Centre Research Paper No. 2020-148, Available at SSRN: or

Donato Masciandaro (Contact Author)

Bocconi University - Department of Economics ( email )

Via Gobbi 5
Milan, 20136

Paola Profeta

Bocconi University ( email )

Milan, MI

Davide Romelli

Trinity College (Dublin) - Department of Economics ( email )

Arts Building
Room 3014

Trinity College (Dublin) ( email )

2-3 College Green
Dublin, Leinster D2

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