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Bacolod, Marigee and Bernardo Blum (2010), ‘Two sides of the same coin: U.S. “residual†inequality and the gender gap’, Journal of Human Resources, 45 (1), pp. 197–242.
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Borghans, Lex, Bas ter Weel and Bruce Weinberg (2006), ‘People people: social capital and the labor-market outcomes of underrepresented groups’, NBER Working Paper 11985.
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Chiappori, Pierre-André, Bernard Fortin and Guy Lacroix (2002), ‘Marriage market, divorce legislation, and household labor supply’, The Journal of Political Economy, 110 (1), pp. 37–72.
Croson, Rachel and Uri Gneezy (2009), ‘Gender differences in preferences’, Journal of Economic Literature, 47 (2), pp. 448–74.
Del Boca, Daniela and Daniela Vuri (2007), ‘The mismatch between employment and child care in Italy: the impact of rationing’, Journal of Population Economics, 20 (4), pp. 805–32.
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- For the most part, policymakers have done the right things to respond to this crisis. I say that while recognizing that a lot of mistakes were made along the way. It would probably stick in my throat to commend Henry Paulson, but overall this crisis has been surprisingly well managed; things have turned around, from a cyclical point of view, much more quickly than I had expected. The Treasury injected capital into the banks, the Administration and Congress passed a fiscal stimulus, and there was strong GDP growth in the third quarter of 2009. One reason the banks turned around was not necessarily anticipated: the big Wall Street banks became more profitable more quickly than anyone had realized, enabling them to offset some of the losses that they had experienced. That was both through their trading activities and because lending itself became much more profitable. They were taking lower risks and earning higher margins than they had done prior to the crisis.
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Grossbard-Shechtman, Shoshana (2001), ‘The new home economics at Columbia and Chicago’, Feminist Economics, 7 (3), pp. 103–30.
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- So there is no question that manufacturing in the US has been heavily affected by the global division of labour. Have US workers lost out as a result of that? Because the United States runs a consistent trade deficit, there have been fewer jobs in manufacturing than if there had been a trade surplus or balanced trade. That probably accounts for a million, a million and a half jobs at the height – that was something Robert Lawrence and I looked at in a Brookings paper in 2004.1 The trade deficit did not prevent the US economy from reaching full employment (which occurred in 2000, and again in 2007), but it did change the mix of employment. One mitigating factor is that not all the jobs lost in manufacturing were good jobs.
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- The cyclical jobs issue is the background of a longer-term concern about macroeconomic growth and job growth. Job growth, even prior to this recession, was slow, much slower than it had been in the 1990s. In part, that was because labour force growth was slower. Female labour force participation has flattened out, and we are now getting the effects of the babyboom generation: the influx of young people has slowed down, and the baby boomers are starting to retire. So there is a sense in which we do not need as much job growth going forward as we had, let’s say, in the 1990s.
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- World Bank (2001), ‘Engendering development: through gender equality in rights, resources, and voice’, World Bank Policy Research Report.
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