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Figure A2 (continuation). Impulse response functions to the model’s shocks

Demand Shock at Foreign

  • 0

    0.1

10 20 Foreing Output

30

10 20 Stock of immigrants

30

10 20 Total Remittances

30

0

10 20 Foreign Consumption

0

10 20 Capital in Foreign

x 10-3

0

10 20 Home Output

  • -

    0.01

  • -

    0.02

0

x 10-5

5

0

  • -

    5

  • -

    10

0

x 10-3

1

0

  • -

    1

  • -

    2

0

0

  • -

    0.1

0

  • -

    0.2

  • -

    0.4

0

  • -

    1

  • -

    2

30

30

30

x 10-3

5

0

  • -

    5

  • -

    10

  • 0

    10 20

Remittances per unit of migrant labor x 10-3

2

0

  • -

    2

  • -

    4

0

10 20 Immigrant/unskilled wage

x 10-3

0

  • -

    1

  • -

    2

0

10 20 Home Consumption

30

30

30

0

10 20 Immigrant entry

30

0

10 20 Wage in foreign

30

0

10 20 Capital in Home

30

2

0

  • -

    2

  • -

    4

0.02

0.01

0

  • -

    0.01

0

  • -

    0.01

  • -

    0.02

  • -

    0.03

x 10-5

Investment Shock at Foreign

0.015

0.02

0.01

0

10 20 Foreing Output

30

10 20 Stock of immigrants

30

10 20 Total Remittances

30

0.005

0

0

x 10-3

2

0

  • -

    2

  • -

    4

0

x 10-3

1

0

  • -

    1

  • -

    2

0

0

10 20 Foreign Consumption

0

10 20 Capital in Foreign

0

10 20 Home Output

  • -

    0.02

  • -

    0.04

0.4

0.2

0

0.02

0

  • -

    0.02

  • -

    0.04

30

30

30

0.02

0.01

0

0

10 20 Remittances per unit of migrant labor

0.2

0.1

0

0

10 20 Immigrant/unskilled wage

x 10-3

5

0

  • -

    5

  • -

    10

0

10 20 Home Consumption

30

30

30

0

10 20 Immigrant entry

30

0

10 20 Wage in foreign

30

0

10 20 Capital in Home

30

1

0

  • -

    1

  • -

    2

0.01

0

  • -

    0.01

  • -

    0.02

0.1

0

  • -

    0.1

x 10-3

Note: The solid line is the median impulse response to one standard deviation of the shocks; the dotted lines are the 10 and 90 percent posterior intervals.

54

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