This paper investigates the effect of high-skilled immigration on the wages of U.S.-born college graduates. Descriptive evidence suggests that workers with different college majors compete in separate labor markets. Because immigrants are more likely than natives to study Science, Technology, Engineering, and Mathematics (STEM), a standard labor market model predicts that the relative wages of native STEM majors should fall as skilled immigration increases. Using an IV strategy that leverages large changes in the cap of H-1B visas and controls for major- and age-specific unobservable characteristics, I find that workers most exposed to increased competition from immigration have lower wages than one would expect. A 10-percentage point increase in a skill group's immigrant-native ratio decreases their relative wages by 1 percent. Overall, I estimate that the STEM wage premium decreased 4 to 12 percentage points from 1990 to 2010 because of immigration.

中文翻译：

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高技术移民和劳动力市场：来自 H-1B 签证计划的证据

本文调查了高技能移民对美国出生的大学毕业生工资的影响。描述性证据表明，具有不同大学专业的工人在不同的劳动力市场上竞争。由于移民比本地人更有可能学习科学、技术、工程和数学 (STEM)，因此标准劳动力市场模型预测，随着技术移民的增加，本地 STEM 专业的相对工资应该会下降。使用一种 IV 策略，利用 H-1B 签证上限的巨大变化以及对主要和年龄特定的不可观察特征的控制，我发现最容易受到移民竞争加剧的工人的工资低于人们的预期。技能组的移民-本地人比例每增加 10 个百分点，他们的相对工资就会降低 1%。全面的，