Gendered Economy: The Public's Perception of the Fed Chair

• In Event: Emerging Scholars in Political Economy

Abstract

Scholarship has shown gendered differences in perceptions of accountability, corruption, and the ability of elected politicians. However, it remains unclear how the context of economic institutions matters for women. I draw on the institutional hypothesis theory that political institutions, including political parties, electoral systems, and constitutional rules influence government-formation processes and policies (Krook and O'Brien 2012). Using a paired-conjoint experiment, I test existing theories that women are held to different standards than men and that the same attributes are judged differently when seen in women versus men by extending these claims to the economic realm.

Prior literature identifies two key factors that play a role in the representation of women in political leadership: if the position is elected or appointed and if the position is stereotypically feminine or masculine in its policy areas (Rhinehart, Geras, and Hayden 2022). Women are more likely to serve in elected over appointed positions because most cabinet positions are viewed as 'masculine.' However, the Fed is a bureaucratic institution, a context that suppresses gender differences in democracies (Stensöta, Wängnerud, and Svensson 2015).

Women are particularly disadvantaged in economics. Not only do women face the same barriers to promotion as other jobs (Hospido, Laeven, Lamo 2022), they face additional barriers, including appointment patterns, stereotypes of monetary policy views, and the will of political and financial systems (Birindelli and Iannuzzi 2022). Economics has traditionally centered on the 'rational man,' while women are conceptualized as less rational and proficient in formal sciences (Clarke and Roberts 2016; Schuberth and Young 2011).

My findings add to the literature on women in bureaucratic positions while analyzing which factors or attributes are most important when a man or a woman is favored as a Fed Chair nominee. Understanding differences in judgments of Fed Chair candidates based on gendered attributes could help to illuminate political nominee choices and why there has been such a limited number of women on the Fed's Board of Governors throughout history. This article analyzes how the public perceives different candidates' abilities to manage the economy, an essential aspect of economic stability and effective monetary policy. The findings of this article have several implications for the literature on political economy, political science, and gender stereotypes by adding to the conceptualization of how gender differences in perceptions of competence and ability travel across institutions. In particular, understanding if there are differential public opinions on the ability of female Fed Chair candidates to manage the economy may illuminate one facet of the decision-making process of the President and their party when selecting nominees.

Author

• Christina Walker, Purdue University