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Inmigración masiva, salarios reales y empleo: un modelo keynesiano
(Pontificia Universidad Católica del Perú. Departamento de Economía, 2018-02)
The massive arrival of Venezuelan immigrants, who escape the macroeconomic catastrophe caused by the Maduro government, is a unique event in the recent economic history of Peru. This text tries to show that a Keynesian model, where employment depends on aggregate demand, can identify the two channels through which massive immigration reduces, in the short term, employment and real wages. These two channels are the increase of the labor force that reduces the nominal and real wages, and the decrease of the propensity to consume of the employees if there is a substitution of local workers by immigrants among the employed. The Venezuelan workers have no responsibility whatsoever in creating this situation. Like the Peruvians who have emigrated since the 1980s, they only look for the best for their families. The entire responsibility lies with the Kuczynski government and its policy of free immigration that artificially extends the surplus of urban labor existing in the Peruvian economy.

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