Monetary Tightening and the Dynamics of US Race and Gender Stratification

This article explores the race and gender effects of monetary tightening in the US from 1979–2008 using state‐level panel data. Results indicate the costs of fighting inflation are unevenly distributed amongst workers, weighing more heavily on black females and black males, followed by white females, and lastly white males. We also find evidence that the relative unemployment costs of monetary tightening for subordinate groups vary with the black share of the population.