This study examines the behavior of Swiss house prices to immigration flows for 85 districts from 2001 to 2006. The … results show that the nexus between immigration and house prices holds even in an environment of low house price inflation and … modest immigration flows. An immigration inflow equal to 1% of an area’s population is coincident with an increase in prices …

natives. This result means that immigration reduces seigniorage (per person) as measured by banknote orders. A 1% increase in …