Demand for Canadian Banknotes from International Travel: Indirect Evidence from the COVID-19 Pandemic Staff Working Paper 2024-23 Hongyu Xiao This study uses the COVID-19 travel restrictions to estimate foreign demand for Canadian banknotes. It reveals that international visitors accounted for about 10% of all $100 CAD notes in circulation pre-pandemic, with each visitor carrying an average of $165 in hundred-dollar bills. Content Type(s): Staff research, Staff working papers Research Topic(s): Bank notes, Central bank research, Coronavirus disease (COVID-19), Financial services, International topics JEL Code(s): E, E4, E41, E42, E5, E58, F, F2, F22
Third-Country Effects of U.S. Immigration Policy Staff Working Paper 2023-60 Agostina Brinatti, Xing Guo We study how the tightening of US immigration policy affects the Canadian economy and American workers. After the reduction in H-1B visa admissions in 2017, more immigrants came to Canada, and Canadian firms expanded their employment, sales and exports. The close trade link between the United States and Canada dampens the benefit American workers derive from this policy change. Content Type(s): Staff research, Staff working papers Research Topic(s): International topics, Labour markets, Recent economic and financial developments, Trade integration JEL Code(s): F, F1, F16, F2, F22, J, J6, J61
Immigration and Provision of Public Goods: Evidence at the Local Level in the U.S. Staff Working Paper 2023-57 Anna Maria Mayda, Mine Z. Senses, Walter Steingress Using U.S. county-level data from 1990 to 2010, we study the causal impact of immigration on the provision of local public goods. We uncover substantial heterogeneity across immigrants with different skills and immigrants of different generations, which leads to unequal fiscal effects across U.S. counties. Content Type(s): Staff research, Staff working papers Research Topic(s): Fiscal policy, International topics, Regional economic developments JEL Code(s): F, F2, F22, H, H4, H41, H7, J, J6, J61, J68, R, R5
The Political Impact of Immigration: Evidence from the United States Staff Working Paper 2018-19 Anna Maria Mayda, Giovanni Peri, Walter Steingress In this paper we study the impact of immigration to the United States on the vote for the Republican Party by analyzing county-level data on election outcomes between 1990 and 2010. Our main contribution is to separate the effect of high-skilled and low-skilled immigrants, by exploiting the different geography and timing of the inflows of these two groups of immigrants. Content Type(s): Staff research, Staff working papers Research Topic(s): International topics, Labour markets JEL Code(s): F, F2, F22, J, J6, J61
The Causal Impact of Migration on US Trade: Evidence from Political Refugees Staff Working Paper 2017-49 Walter Steingress Immigrants can increase international trade by shifting preferences towards the goods of their country of origin and by reducing bilateral transaction costs. Using geographical variation across U.S. states for the period 2008 to 2013, I estimate the respective causal impact of immigrants on U.S. exports and imports. Content Type(s): Staff research, Staff working papers Research Topic(s): International topics, Regional economic developments JEL Code(s): F, F1, F14, F2, F22, J, J6, J61
Exporting and FDI with Endogenous Productivity Staff Working Paper 2007-14 Oana Secrieru, Marianne Vigneault This paper provides an analysis of how a firm’s decision to serve a foreign market by exporting or by engaging in foreign direct investment (FDI) affects firm productivity, when productivity is endogeneous as a function of training. The main result of our paper is that, with endogeneous productivity, exporting results in lower productivity than does FDI, but exporting may result in higher or lower employment and output than does FDI. Content Type(s): Staff research, Staff working papers Research Topic(s): International topics, Labour markets, Productivity JEL Code(s): F, F2, F22, F23