. Especially for unemployment we find large effects of an increased foreign share. We conjecture that these results might be … spurious. Foreigners tend to be concentrated in lower unemployment areas but unemployment tends to be mean reverting during the … boom period we study. This leads to a positive correlation between the instrument and the change in unemployment. Taking …

selection. This specification allows for mean reversion in the unemployment rate, which is strong in our data set and period of …

aus ihrer Verantwortung für die Problematik der Arbeitslosigkeit. Andererseits orientieren die Bürger ihr Verhalten nicht …