Conference on Diversity & Inclusion in Economics, Finance, & Central Banking: Session II | Summary and Q&A

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November 30, 2022
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Federal Reserve
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Conference on Diversity & Inclusion in Economics, Finance, & Central Banking: Session II

TL;DR

Women economists are less likely to express their opinions, express certainty, and provide strong opinions compared to their male counterparts.

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Key Insights

  • 😑 Women economists are less likely to express their opinions, leading to underrepresentation of their voices in the field.
  • 😑 The gender gap in expressing opinions persists across fields and is not solely due to differences in expertise.
  • 😑 These gender differences in expressing opinions may have implications for real-world policy decisions.
  • 🏑 Greater diversity in economics could address the gender gap in opinions and bring more diverse perspectives into the field.

Transcript

um just as a reminder you know as for the previous sessions we have two presenters which is presented for 20 minutes then we have a discussant we'll talk for 10 minutes and then a general discussion after after each one of the papers have been presented and discussed during the q a please raise your virtual hand using the webex feature and when cal... Read More

Questions & Answers

Q: Are women economists less confident in their opinions compared to men?

Yes, the study finds that women economists are less confident and uncertain in expressing their opinions compared to men.

Q: Do these gender differences vary depending on the field of expertise?

The study shows that gender differences persist both in questions within economists' fields and outside their expertise, suggesting that the gap is not solely due to lack of knowledge.

Q: Does the gender gap in expressing opinions affect decision-making in real-world economic policy?

Preliminary findings from the Bank of England's Monetary Policy Committee suggest that women on the committee are more likely to vote with the status quo and less likely to vote against the consensus, indicating that gender differences in opinions may affect policy decisions.

Q: How can these gender differences in expressing opinions be addressed?

The study recommends that organizations, such as the IGM Expert Economist Panel, stop weighting opinions by confidence and pay attention to the strength of opinions. Additionally, it highlights the need for greater diversity in economics to bring different perspectives and reduce the gender gap in opinions.

Summary & Key Takeaways

  • The paper analyzes gender differences in expressing economic opinions among a panel of expert economists.

  • Women economists are less likely to offer their opinions, express certainty, and provide strong opinions compared to men.

  • These gender differences persist over time and are present both in questions within the economists' field and outside their expertise.

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