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NBER Reporter NATIONAL BUREAU of ECONOMIC RESEARCH NBER Reporter NATIONAL BUREAU OF ECONOMIC RESEARCH A quarterly summary of NBER research No. 3, September 2020 The 2020 Martin S. Feldstein Lecture Journey across a Century of Women Claudia Goldin My talk will take us on a Journey across a Century of Women — a 120- year odyssey of generations of college-graduate women from a time when they were only able to have either a family or a career (sometimes a job), to now, when they anticipate having both a family and a career. More women than ever before are within striking distance of these goals. Fully 45 percent of young American women today will eventually have a BA degree, and more than 20 percent of them will obtain an advanced degree above an MA. More than 80 percent of 45-year-old college-graduate women have children, either biological or adopted. More women than men graduate Claudia Goldin from college, and there is greater similarity in their ambitions and achieve- ments than ever before. This should all make for a very pleasant ending to the ALSO IN THIS ISSUE journey. But that happy ending doesn’t seem to be happening. A few clarifica- Black Officeholders and tions: my evidence concerns the United States and the history of its college- Spending on Public Goods 8 graduate men and women. I will focus on college-graduate women because they have the greatest opportunities to achieve “career.” Career is achieved Capital Market Risks in Emerging Markets 12 over time, as the etymology of the word — meaning to run a race — would Integrating Renewable Generation imply. A career generally involves advancement and persistence and is a long- into Electricity Markets 16 lasting, sought-after employment, the type of work — writer, teacher, doc- Are US Treasury Bonds Still a Safe Haven? 20 tor, accountant, religious leader — which often shapes one’s identity. A career NBER News 29 needn’t begin right after the highest educational degree; it can emerge later in life. A career is different from a job. Jobs generally do not become part Conferences 26 of one’s identity or life’s purpose. They are often solely taken for generating Program Meeting 34 income and generally do not have a clear set of milestones. NBER Books 35 I recently finished most of a book on this century-long journey. But my book, like the Old Testament, was written in a BCE world — in this case, *Claudia Goldin is the Henry Lee Professor of Economics at Harvard University and director of the NBER’s Gender in the Economy Study Group. She was director of the NBER’s Development of the American Economy Program from 1989 to 2017, and is a past president of the American Economic Association. Reporter Online at: www.nber.org/reporter-2020-03 Before the Corona Era. Many inequities have NBER Reporter been exposed by the COVID-19 economy and NBER Reporter society, most notably those concerning social justice and our criminal justice system. The The National Bureau of Economic Research is a private, nonprofit research organization COVID economy has also magnified gender founded in 1920 and devoted to objective quantitative analysis of the American economy. Its differences at work and in the home. Women officers and board of directors are: The National Bureau of Economic Research is a private, nonprofit research orga- are essential workers, but cannot be that at Presidentnization and Chief founded Executive in 1920 Officer and —devoted to objective quantitative analysis of the American economy. Its officers andJames board M. of Poterba directors are: home and at work simultaneously. The burden Controller — Kelly Horak CorporatePresident Secretary and — Chief Alterra Executive Milone Officer — James M. Poterba of school closings on working parents that will BOARDController OF DIRECTORS — Kelly Horak continue into the coming year could erase years Corporate Secretary — Alterra Milone of career gains by young women in a way we Chair — BOARDJohn Lipsky OF DIRECTORS Vice Chair — Peter Blair Henry have rarely seen. That is where my talk will take TreasurerChair — Robert — John Mednick Lipsky us. But first, we must journey to the beginning. DIRECTORSVice Chair AT — LARGE Peter Blair Henry I’ll begin the journey 120 years ago, when col- Treasurer — Robert Mednick Susan M. Collins Robert S. Hamada Robert T. Parry lege-graduate women were faced with the stark KathleenDIRECTORS B. Cooper AT LARGEPeter Blair Henry Douglas Peterson choice of family or career (sometimes a job). CharlesSusan H. Dallara M. Collins KarenRobert N. Horn S. Hamada AliciaJames H. M. Munnell Poterba Five distinct groups of women can be dis- GeorgeKathleen C. Eads B. Cooper LisaPeter Jordan Blair Henry RobertJohn S. T. Reed Parry Jessica P.Charles Einhorn H. Dallara JohnKaren Lipsky N. Horn DouglasHal Varian Peterson cerned across the past 120 years, according to their MohamedGeorge El-Erian C. Eads LaurenceLisa Jordan H. Meyer JamesMark M.Weinberger Poterba changing aspirations and achievements. Group Diana FarrellJessica P. Einhorn KarenJohn Mills Lipsky JohnMartin S. Reed B. Zimmerman One graduated from college between 1900 and Helena MohamedFoulkes El-Erian MichaelLaurence H. Moskow H. Meyer Hal Varian Jacob A.Diana Frenkel Farrell AliciaKaren H. MunnellMills Mark Weinberger 1919 and achieved “Career or Family.” Group Helena Foulkes Michael H. Moskow Martin B. Zimmerman Two was a transition generation between Group DIRECTORSJacob A. BY Frenkel UNIVERSITY APPOINTMENT One, which had few children, and Group Three, Timothy Bresnahan, Stanford Samuel Kortum, Yale which had many. It achieved “Job then Family.” Pierre-AndréDIRECTORS Chiappori, BY UNIVERSITY Columbia APPOINTMENTGeorge Mailath, Pennsylvania Group Three, the subject of Betty Friedan’s MaureenTimothy Cropper, Bresnahan, Maryland Stanford JoelBenjamin Mokyr, Hermalin, Northwestern California, Berkeley , graduated from college Alan V.Pierre-André Deardorff, Michigan Chiappori, Columbia CeciliaSamuel Elena Kortum, Rouse, Yale Princeton The Feminine Mystique GrahamMaureen Elliott, California,Cropper, Maryland San Diego RichardGeorge L. Mailath, Schmalensee, Pennsylvania MIT\ between 1946 and 1965 and achieved “Family EdwardAlan Foster, V. Deardorff,Minnesota Michigan LarsJoel Stole, Mokyr, Chicago Northwestern then Job.” Group Four, my generation, graduated Bruce Hansen,Graham Wisconsin-Madison Elliott, California, San Diego IngCecilia o Wa lElena t er, New Rouse, York Princeton between 1966 and 1979 and attempted “Career BenjaminEdward Hermalin, Foster, California Minnesota, Berkeley DavidRichard B. Yoffie,L. Schmalensee, Harvard MIT Lars Stole, Chicago Ing o Wa l t er, New York then Family.” Group Five continues to today and DIRECTORSBruce Hansen, BY APPOINTMENT Wisconsin-Madison OF OTHERDavid ORGANIZATIONS B. Yoffie, Harvard desires “Career and Family.” TimothyDIRECTORS Beatty, Agricultural BY APPOINTMENT and Applied Economics OF OTHER Association ORGANIZATIONS College-graduate women in Group One Martin TimothyGruber, American Beatty, Agricultural Finance Association and Applied Economics Association aspired to “Family or Career.” Few managed both. Philip Hoffman,Martin Gruber, Economic American History Finance Association Association In fact, they split into two groups: 50 percent Arthur Kennickell, Philip Hoffman, American Economic Statistical History Association Association never bore a child, 32 percent never married. In Robert ArthurMednick, Kennickell, American American Institute ofStatistical Certified Association Public Accountants Dana M.Lynn Peterson, Reaser, The National Conference Association Board for Business Economics the portion of Group One that had a family, just Lynn Reaser,Robert National Mednick, Association American for Institute Business of EconomicsCertified Public Accountants a small fraction ever worked for pay. More Group Peter L. Rousseau, Peter L. Rousseau,American American Economic Economic Association Association Two college women aspired to careers, but the Gregor GregorW. Smith, W. CanadianSmith, Canadian Economics Economics Association Association WilliamWilliam Spriggs, Spriggs, American American Federation Federation of Labor of and Labor and Great Depression intervened, and this transi- CongressC ofongress Industrial of Industrial Organizations Organizations tional generation got a job then family instead. Dana M. Peterson, The NBER depends on fundingThe Conference from individuals, Board corporations, and private foundations As America was swept away in a tide of early mar- to maintain its independence and its flexibility in choosing its research activities. Inquiries riages and a subsequent baby boom, Group Three concerningThe NBERcontributions depends may on befunding addressed from toindividuals, James M. corporations, Poterba, President and private & CEO, college women shifted to planning for a fam- NBER,foundations 1050 Massachusetts to maintain Avenue, its independence Cambridge, MAand its02138-5398. flexibility inAll choosing contributions its to the NBERresearch are tax-deductible. activities. Inquiries concerning contributions may be addressed to James ily then a job. Just 9 percent of the group never M. Poterba, President & CEO, NBER, 1050 Massachusetts Avenue, Cambridge, married, and 18 percent never bore a child. Even MA 02138-5398. All contributions to the NBER are tax-deductible. The Reporter is issued for informational purposes and has not been reviewed by the Board though their labor force participation rates were of Directors of the NBER. It is not copyrighted and can be freely reproduced with appro- low when they were young, they rose greatly — to priate
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