Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/193676 
Year of Publication: 
2019
Series/Report no.: 
Arbeitspapier No. 02/2019
Publisher: 
Sachverständigenrat zur Begutachtung der Gesamtwirtschaftlichen Entwicklung, Wiesbaden
Abstract: 
This paper estimates the quarterly flow of migrants to the US working age population using data based on the Current Population Survey (CPS). The dynamic responses to immigration shocks are estimated in a vector autoregression. Immigration shocks, as well as technology shocks are identified through long-run restrictions. The responses to immigration shocks are consistent with standard growth theory. Investment increases, while real wages fall in the short run. Overall, immigration has been of little importance for US business cycles, while investment-specific technology shocks have been a major driver of immigration during the 1990s and 2000s.
Subjects: 
immigration
business cycles
vector autoregressions
long-run restrictions
JEL: 
E32
F22
J11
J61
Document Type: 
Working Paper

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