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The effects of monetary policy on immigrants’ unemployment and participation

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  • Argudo, Esteban

Abstract

I document that the unemployment rate of both authorized and unauthorized immigrants increases more than that of natives following a surprise monetary contraction. Meanwhile, relative labor force participation decreases for authorized immigrants but increases for unauthorized immigrants. I show that (i) factors beyond differences in educational attainment and concentration in cyclical industries are relevant for explaining the demand-driven increase in immigrants’ relative unemployment, and (ii) the relative increase in unauthorized immigrants’ participation is driven by an “added worker effect.”

Suggested Citation

  • Argudo, Esteban, 2025. "The effects of monetary policy on immigrants’ unemployment and participation," Economics Letters, Elsevier, vol. 255(C).
    • Handle: RePEc:eee:ecolet:v:255:y:2025:i:c:s0165176525003696
    DOI: 10.1016/j.econlet.2025.112532
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    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • J15 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure
    • J61 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - Geographic Labor Mobility; Immigrant Workers

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