Seminars

◈ 주   제: Prices and Immigration: Firm-Level Evidence

◈ 발표자: 김성룡 (서울대학교)

◈ 일   시: 2025년 11월 19일 수요일 16:30~17:45 

◈ 장   소: 우석경제관(223동) 109호

◈ 주   관: 경제학부, 경제연구소 한국경제혁신센터, SSK, BK21 

- 본 세미나는 경제학부 BK21 관련 세미나 참석으로 인정됩니다.
 경제학부 대학원생 중 세미나 참석 인정을 받기를 원하시는 학생은 세미나 종료 후 세미나실 내에 위치한 참석 명단을 기재해 주시기 바랍니다.

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Abstract

This paper examines how immigration affects consumer prices through product demand and labor supply channels. Using scanner price data linked to producer locations and instrumenting immigration with historical ancestry patterns, we find that immigration reduces prices: a 10,000-immigrant increase lowers approximately 8% in the average price growth for consumer packaged goods, with disinflationary effects extending to non-durable goods broadly and a net negative effect on regional CPI despite housing rent increases. Exploiting firm-level variation in exposure through sales versus production locations, we show price declines stem entirely from the product demand channel. Immigrants engage in more intensive price search, leading firms to lower markups. A structural demand framework confirms that immigration increases demand elasticity and shifts consumption toward lower-appeal products, with minimal variety effects.