Program > Papers by author > Trionfetti Federico

Between 2012 and 2021, about 3.64 million Syrian refugees were hosted in Turkey. Two million of them are of working age and were allowed to work. This paper provides evidence on the impact of this massive labor inflow on firm performance. We use a comprehensive firm-level data and city-level immigration density measures. Our results show that there are winners an losers: labor-intensive firms see their sales increase relative to capital intensive firms. This fact has potential consequences on development to the extent that capital intensity is linked to innovation and productivity growth. We develop a general equilibrium model exhibiting heterogenous capital intensity across firms and industries that explains the empirical results.