In a recent paper, Ottaviano and Peri (2007a) report evidence that immigrant and native workers are not perfect substitutes within narrowly defined skill groups. The resulting complementarities have important policy implications because immigration may then raise the wage of many native-born...

Although a sizable fraction of the Puerto Rican-born population moved to the United States, the island also received large inflows of persons born outside Puerto Rico. Hence Puerto Rico provides a unique setting for examining how labor inflows and outflows coexist, and measuring the mirror-image...

This paper investigates if the ethnic skill differentials introduced into the United States by the inflow of very dissimilar immigrant groups during the Great Migration of 1880-1910 disappeared during the past century. An analysis of the 1910, 1940, and 1980 Censuses and the General Social...

Over 12 million persons migrated to Canada or the United States between 1959 and 1981. Beginning in the mid?1960s, the immigration policies of the two countries began to diverge considerably: the United States stressing family reunification and Canada stressing skills. This paper shows that the...

The postwar period witnessed major changes in U.S. immigration policy and in economic and political conditions in many of the source countries. As a result, the size, origin, and skill composition of immigrant flows changed substantially. This paper uses the Public Use Samples of the five...

Cardʼs (1990) study of the Mariel supply shock is an important contribution to the literature that measures the labor market impact of immigration. My recent reappraisal (Borjas, 2015) revealed that even the most cursory reexamination implied that the wage of low-skill (non-Hispanic) working...

This paper brings a new perspective to the analysis of the Mariel supply shock, revisiting the question armed with the accumulated insights from the literature on the economic impact of immigration. A crucial lesson from that literature is that any credible attempt to measure the wage impact...

The wage impact of immigration depends crucially on the elasticity of substitution between similarly skilled immigrants and natives and the elasticity of substitution between high school dropouts and graduates. This paper revisits the estimation of these elasticities. The U.S. data indicate that...

Over the past 20 years, there has been a dramatic increase in the share of executive compensation paid through stock options. In this paper, we examine the extent to which tax policy has influenced the composition of executive compensation, and discuss the implications of rising stock-based pay...

Although exercise prices for executive stock options can be set either below or above the grant-date market price, in practice virtually all options are granted at the money. We offer an economic rationale for this apparent puzzle, by showing that pay-to-performance incentives for risk-averse...