Borrowing Constraints and the Dynamics of Return and Repeat Migration
结合墨西哥和美国数据，构建动态模型分析借贷约束下移民的消费、迁移和再迁移行为，发现墨西哥家庭收入增加会缩短单次迁移时长但增加迁移次数，且低收入移民的墨西哥消费支出因汇回储蓄而更大幅度增长。
As wages in migrant-sending countries catch up with those in destinations, migrants adjust on several margins, including their duration of stay, the number of migrations they undertake, and the amount saved while abroad. This paper combines Mexican and US data to estimate a dynamic model of consumption, emigration, and remigration, accounting for financial constraints. An increase in Mexican household earnings shortens migration duration but raises the number of trips per migrant. For lower-income migrants, a rise in Mexican wages leads to a more than proportional effect on consumption expenditure in Mexico, arising from repatriated savings.