| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5213 |
| DP5213 Bank Finance versus Bond Finance: What Explains the Differences Between the US and Europe? | |
| Harald Uhlig; Fiorella De Fiore | |
| 发表日期 | 2005-09-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | Recent influential empirical work has emphasized the negative impact immigrants have on the wages of US-born workers, arguing that immigration harms less educated American workers in particular and all US-born workers in general. Because US and foreign born workers belong to different skill groups that are imperfectly substitutable, one needs to articulate a production function that aggregates different types of labour (and accounts for complementarity and substitution effects) in order to calculate the various effects of immigrant labour on US-born labour. We introduce such a production function, making the crucial assumption that US and foreign-born workers with similar education and experience levels may nevertheless be imperfectly substitutable, and allowing for endogenous capital accumulation. This function successfully accounts for the negative impact of the relative skill levels of immigrants on the relative wages of US workers. However, contrary to the findings of previous literature, overall immigration generates a large positive effect on the average wages of US-born workers. We show evidence of this positive effect by estimating the impact of immigration on both average wages and housing values across US metropolitan areas (1970-2000). We also reproduce this positive effect by simulating the behaviour of average wages and housing prices in an open city-economy, with optimizing US-born agents who respond to an inflow of foreign-born workers of the size and composition comparable to the immigration of the 1990s. |
| 主题 | International Trade and Regional Economics |
| 关键词 | Foreign-born Skill complementarity Wages Gains from migration |
| URL | https://cepr.org/publications/dp5213 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534087 |
| 推荐引用方式 GB/T 7714 | Harald Uhlig,Fiorella De Fiore. DP5213 Bank Finance versus Bond Finance: What Explains the Differences Between the US and Europe?. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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