transfers over this period is taken into account. We show that the increase in capital's share of total income and the presence … of capital-entrepreneurial skill complementarity are two key features that help support the wages of ordinary workers as …

We introduce permanently-shifting income shares into a standard growth model with two types of agents. Capital owners … replicate the observed U.S. time paths of the top quintile income share, capital’s share of income, and key macroeconomic … variables over the period 1970 to 2013. For the baseline simulation, the welfare gain for capital owners is 3.7% of per …

elasticity of substitution between capital and labor. This is inconsistent with the Uzawa Growth Theorem. We extend Uzawa …'s theorem to show that introducing human capital accumulation in the standard way does not resolve the puzzle. However, balanced … growth is possible if education is endogenous and capital is more complementary with schooling than with raw labor. We …

We study immigration policy in a small receiving economy under self-selection of migrants. We show that a non …-discriminatory immigration policy choice affects and is affected by the migratory decisions of skilled and unskilled foreign workers. From this … interaction multiple equilibria may arise, which are driven by the natives' expectations on the welfare effects of immigration. In …

geographical and cultural, immigration policies and migrant networks. Differentiating immigrants by their educational attainments …

Many European countries restrict immigration from new EU member countries. The rationale is to avoid adverse wage and …

With the ensuing immigration reform in the US, the paper shows that targeted skilled immigration into the R&D sector … have spillover benefits for the unskilled sector while immigration into the production sector will always reduce wage …' skill in R&D activities and intensity of inputs. Inclusive immigration policy requires inter-sectoral diffusion of ideas …

state regulations to investigate how minimum wages affect the labor market impact of immigration. We find that the effects … of immigration on labor market outcomes of native workers within a given state-skill cell are more negative in U … immigration as well as state minimum wages, and to implementing a difference-in-differences strategy comparing U.S. States where …

This paper investigates the conditions under which partial harmonization for capital taxation is sustained in a … repeated interactions model of tax competition when there are three countries with heterogenous capital endowments. We show … harmonization is sustainable or not crucially depends on the extent to which the capital endowment of the medium-sized country is …

This paper studies the labor market impact of documented and undocumented immigration in a model with search frictions … than natives. Therefore, immigration results in the creation of additional jobs but also generates more job competition … find that the job creation effect of undocumented immigration dominates its job competition effect and leads to gains in …