Immigration decline hurts growth and inflation prospects – Fed research

Dallas Fed VP says “absolutely” a link between low immigration and rising inflation

Money growth and inflation

Declining immigration could “significantly” and adversely impact entrepreneurship, innovation and inflation, research by regional Federal Reserve banks finds.

In the pandemic, “net migration into the US basically fell to zero”, Federal Reserve Bank of Dallas vice-president Pia Orrenius said. “That’s unprecedented.”

“I think absolutely there’s a connection [between the lack of immigration and inflation],” said Orrenius. “The spike in labour costs has many sources and immigration may not be the

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact or view our subscription options here:

You are currently unable to copy this content. Please contact to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account