Passenger Shipping Cartels and Their Effect on Trans-Atlantic Migration
利用20世纪初的详细数据，发现客运航运卡特尔使跨大西洋移民减少约20%-25%，且这种减少不会被后续移民弥补，同时卡特尔并未影响移民波动性。
We investigate the impact of passenger shipping cartels on trans-Atlantic migration during the early twentieth century. We assemble from primary sources a detailed database of passenger flows and cartel operations and show that cartel operation reduced migratory flows by approximately 20% to 25%. Further, we show that there was no strong intertemporal substitution in migration to North America (at least in the short run) and, therefore, that the effects of cartel operation were not "undone" by later migration. Lastly, we find that cartel operation had no appreciable effect on the variability of migration flows, providing evidence against the notion that unfettered competition was destabilizing to turn-of-the-century transportation markets. Copyright by the President and Fellows of Harvard College and the Massachusetts Institute of Technology.