The rapid financing of the AI boom through massive corporate debt issuance is creating significant stress on global financial markets. This influx of private capital forces competition with government Treasury bonds, as AI companies offer higher yields than equivalent sovereign debt, thereby pushing up long-term interest rates. While this signals strong investment demand for AI, it raises concerns about systemic risk and the potential destabilization of core bond markets. Policymakers must navigate the tension between fueling critical technological growth and maintaining stable public borrowing costs to prevent a financial crisis.
Do Immigration Quotas Benefit Native-Born Workers?
English Summary
Analysis of historical immigration quotas (1921, 1924) suggests that these restrictions negatively impacted the intergenerational mobility and wages of US-born white men, particularly in areas with high immigrant exposure. Conversely, the quotas may have modestly improved occupational prospects for Black men by reducing competition for lower-skilled urban jobs. The research suggests that immigrants generally complement native workers by increasing productivity, noting that the negative mobility effects were significantly larger for white men in counties reliant on non-English-speaking immigrant labor. Policymakers should consider the labor market dynamics and the complementary role of immigration when evaluating quota policies.
中文摘要
分析歷史上的移民配額（1921年、1924年）顯示，這些限制對美國出生的白人男性，特別是在移民接觸度高的地區，產生了負面的跨代流動性和工資影響。相反地，這些配額可能透過減少低技能的城市工作競爭，對黑人男性的職業前景帶來了溫和的改善。研究指出，移民普遍透過提高生產力來互補本土勞工，並特別提到，對於依賴非英語系移民勞動力的縣市而言，白人男性面臨的負面流動性影響顯著更大。政策制定者在評估配額政策時，應考慮勞動力市場的動態，以及移民所扮演的互補角色。
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