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231004 ||| eng |
| 020 |
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|a 9798400247927
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| 100 |
1 |
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|a Oikonomou, Myrto
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| 245 |
0 |
0 |
|a Migration, Search and Skill Heterogeneity
|c Myrto Oikonomou
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2023
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| 300 |
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|a 41 pages
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| 653 |
|
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|a Business cycles
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| 653 |
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|a Migration
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| 653 |
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|a Labour; income economics
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| 653 |
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|a International Migration
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| 653 |
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|a Open Economy Macroeconomics
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| 653 |
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|a Labor markets
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| 653 |
|
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|a Skills
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| 653 |
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|a Intangible Capital
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| 653 |
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|a Labor
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| 653 |
|
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|a Economics of specific sectors
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| 653 |
|
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|a Population and demographics
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| 653 |
|
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|a Currency crises
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| 653 |
|
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|a Cycles
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| 653 |
|
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|a Macroeconomics
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| 653 |
|
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|a Occupational Choice
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| 653 |
|
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|a Capacity
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| 653 |
|
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|a Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data)
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| 653 |
|
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|a Labor mobility
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| 653 |
|
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|a Skilled labor
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| 653 |
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|a Emigration and Immigration
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| 653 |
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|a Capital
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| 653 |
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|a Human Capital
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| 653 |
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|a Economic & financial crises & disasters
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| 653 |
|
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|a Investment
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| 653 |
|
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|a Occupational Licensing
|
| 653 |
|
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|a Immigrant Workers
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| 653 |
|
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|a Migration, immigration & emigration
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| 653 |
|
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|a Economics: General
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| 653 |
|
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|a Labor market frictions
|
| 653 |
|
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|a Emigration and immigration
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| 653 |
|
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|a Informal sector; Economics
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| 653 |
|
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|a Demand and Supply of Labor: General
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| 653 |
|
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|a Geographic Labor Mobility
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| 653 |
|
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|a Labor Productivity
|
| 653 |
|
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|a Economic growth
|
| 653 |
|
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|a Labor market
|
| 653 |
|
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|a Business Fluctuations
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| 653 |
|
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|a Professional Labor Markets
|
| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
|
| 989 |
|
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|b IMF
|a International Monetary Fund
|
| 490 |
0 |
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|a IMF Working Papers
|
| 028 |
5 |
0 |
|a 10.5089/9798400247927.001
|
| 856 |
4 |
0 |
|u https://elibrary.imf.org/view/journals/001/2023/136/001.2023.issue-136-en.xml?cid=535470-com-dsp-marc
|x Verlag
|3 Volltext
|
| 082 |
0 |
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|a 330
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| 520 |
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|a Cross-border migration can act as an important adjustment mechanism to country-specific shocks. Yet, depending on who moves, it can have unintended consequences for business cycle stability. This paper argues that the skill composition of migration plays a critical role. When migration flows become more concentrated in skilled labor an important trade-off arises. On the one hand, migration releases unemployment pressures for the origin countries. On the other hand, it generates negative compositional effects (the so-called “brain drain” effects) and skill imbalances, which reduce supply capacity in origin countries. This paper analyses quantitatively the impact of cyclical migration in an open-economy Dynamic Stochastic General Equilibrium (DSGE) model with endogenous migration flows, trade linkages, search and matching frictions, and skill heterogeneity. I apply this framework to the case of the Greek emigration wave following the European Debt Crisis. What I find is that emigration flows implied strong negative effects for capital formation, leading to more than a 15 percentage point drop in investment. Rather than stabilizing the Greek business cycle, labor mobility led to a deeper and more protracted recession
|