By enabling women’s life choices about education, work and family, the contraceptive pill made a substantial contribution to closing gender gaps in the labor market for professionals.
Gender gaps in today’s labor market arise less from differences in educational and occupational choices than from the differential career impact of parenthood and social norms around men's and women’s roles in childrearing.
The gender gap in pay would be substantially reduced if firms had fewer incentives to offer disproportionate rewards to individuals who work long and/or inflexible hours.
September 2023 was the 25th anniversary of the collapse of Long-Term Capital Management (LTCM). In response to LTCM's troubles, the Federal Reserve orchestrated a multi-billion dollar rescue package by a consortium of banks and it cut the Federal funds rate target by 75 basis points within six weeks.
The hedge fund sector's contribution to systemic risk is substantially lower today than at the time of LTCM.
Financial market participants' expectation that the Fed will aggressively ease monetary policy in response to financial market dislocations is a substantial source of financial instability.
