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This paper studies the long-term consequences on firms and workers of the credit crunch triggered by the 2007-2008 global financial crisis. Relying on a unique matched bank-employer-employee administrative dataset, we construct a firm-specific credit supply shock and examine firms’ and...
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) specification, we find that a 10% increase in immigration increases native wages by 3%. However, as the number of immigrants and the … natives’ wages is still positive but much smaller, and natives’ wages are negatively related to the number of natives. To … understand this asymmetry and the positive impact of immigration on wages, we explore the link between immigration and the …
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This paper uncovers ongoing trends in idiosyncratic earnings volatility across generations by decomposing residual earnings auto-covariances into a permanent and a transitory component. We employ data on complete earnings life cycles for prime age men born 1935 through 1974 that covers earnings...
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