impact on aggregate unemployment, native- and foreign-born unemployment rates). We also find that migration is influenced by … host economic conditions (migration responds positively to host GDP per capita and negatively to host total unemployment …

facts observed in the data. First, the land price and the unemployment rate tend to move in opposite directions over the … business cycle. Second, a shock that moves the land price is capable of generating large volatility in unemployment. Our … estimation indicates that a 10 percent drop in the land price leads to a 0.34 percentage point increase of the unemployment rate …