Immigration and the distribution of income, consumption and wealth in the euro area: Implications for economic policies

IF 3.5 2区 经济学 Q1 ECONOMICS Journal of Policy Modeling Pub Date : 2024-09-01 DOI:10.1016/j.jpolmod.2024.02.005
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Abstract

We use representative data from household surveys in the euro area to describe differences in wages, income, consumption, wealth and liquid assets between households born in their country of residence (“natives”) and those born in other EU and non-EU countries (“immigrants”). The differences in wealth and liquid assets are more substantial than the differences in wages, income and consumption: immigrants earn on average about 30% lower wages than natives and hold roughly 60% less net wealth. For all variables, only a small fraction of differences between natives and immigrants—around 30%—can be explained by differences in demographics (age, gender, marital status, education, occupation, sector of employment). Immigrants are more likely to be liquidity constrained: while we classify 17% of natives as “hand-to-mouth” (they hold liquid assets worth less than two weeks of their income), the corresponding share is 20% for households born in another EU country and 29% for those born outside the EU. Employment rates of immigrants are substantially more sensitive to fluctuations in aggregate employment. We discuss the implications of these findings for economic policies, including monetary, fiscal and pre-distribution policies.

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移民与欧元区的收入、消费和财富分配:对经济政策的影响
我们使用欧元区家庭调查的代表性数据来描述出生在居住国的家庭("本地人")与出生在其他欧盟国家和非欧盟国家的家庭("移民")之间在工资、收入、消费、财富和流动资产方面的差异。财富和流动资产方面的差异比工资、收入和消费方面的差异更大:移民的平均工资比本国人低 30%,所持净财富比本国人少约 60%。在所有变量中,只有一小部分本地人与移民之间的差异--约 30%--可以用人口统计学差异(年龄、性别、婚姻状况、教育程度、职业、就业部门)来解释。移民更有可能受到流动性限制:我们将 17%的本地人归类为 "手头拮据"(他们持有的流动资产价值少于两周的收入),而出生在其他欧盟国家的家庭的相应比例为 20%,出生在欧盟以外的家庭的相应比例为 29%。移民的就业率对总就业率的波动更为敏感。我们讨论了这些发现对经济政策的影响,包括货币、财政和预分配政策。
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来源期刊
CiteScore
6.20
自引率
11.40%
发文量
76
期刊介绍: The Journal of Policy Modeling is published by Elsevier for the Society for Policy Modeling to provide a forum for analysis and debate concerning international policy issues. The journal addresses questions of critical import to the world community as a whole, and it focuses upon the economic, social, and political interdependencies between national and regional systems. This implies concern with international policies for the promotion of a better life for all human beings and, therefore, concentrates on improved methodological underpinnings for dealing with these problems.
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Contents Editorial Board Immigration and the distribution of income, consumption and wealth in the euro area: Implications for economic policies Fed and ECB reaction functions during quantitative easing: Three phases of monetary policy, both conventional and unconventional How do carbon prices spill over along global supply chains? The impact on Europe and Germany
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