The influx of refugees into Germany beginning in the summer of 2015 will generate net economic benefits for German citizens over the succeeding decade.
Responses
© 2025. Kent A. Clark Center for Global Markets.
20%
2%
2%
4%
38%
28%
6%
Responses weighted by each expert's confidence
© 2025. Kent A. Clark Center for Global Markets.
3%
4%
45%
37%
10%
Participant |
University |
Vote |
Confidence |
Bio/Vote History |
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![]() Philippe Aghion |
Harvard | Did Not Answer | Bio/Vote History | |
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![]() Franklin Allen |
Imperial College London | Bio/Vote History | ||
I am not very well informed on the skill sets of the refugees that have been allowed to stay. In general I think immigration is beneficial.
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![]() Pol Antras |
Harvard | Bio/Vote History | ||
The effect on aggregate income (even aggregate income per capita) will likely be positive; but distributive effects might lead to discontent
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![]() Richard Baldwin |
The Graduate Institute Geneva | Did Not Answer | Bio/Vote History | |
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![]() Agnès Bénassy-Quéré |
Paris School of Economics | Bio/Vote History | ||
I think it will take more than a decade for the net economic benefits to appear.
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![]() Timothy J. Besley |
LSE | Did Not Answer | Bio/Vote History | |
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![]() Olivier Blanchard |
Peterson Institute | Bio/Vote History | ||
it very much depends on the degree to which the refugees eventually become integrated and productive. Not clear at this point.
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![]() Nicholas Bloom |
Stanford | Bio/Vote History | ||
This was an incredible humanitarian move but the economics are unclear. They are accepting mainly unskilled and often traumatized people.
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![]() Richard William Blundell |
University College London | Bio/Vote History | ||
This is a fairly skilled and young group, precisely the right mixture of human capital. Of course, there are some losers and usual frictions
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![]() Elena Carletti |
Bocconi | Bio/Vote History | ||
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![]() Jean-Pierre Danthine |
Paris School of Economics | Did Not Answer | Bio/Vote History | |
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![]() Paul De Grauwe |
LSE | Bio/Vote History | ||
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![]() Jan Eeckhout |
UPF Barcelona | Bio/Vote History | ||
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![]() Ernst Fehr |
Universität Zurich | Did Not Answer | Bio/Vote History | |
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![]() Xavier Freixas |
Barcelona GSE | Bio/Vote History | ||
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![]() Nicola Fuchs-Schündeln |
Goethe-Universität Frankfurt | Bio/Vote History | ||
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![]() Jordi Galí |
Barcelona GSE | Bio/Vote History | ||
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![]() Luis Garicano |
LSE | Did Not Answer | Bio/Vote History | |
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![]() Francesco Giavazzi |
Bocconi | Bio/Vote History | ||
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![]() Rachel Griffith |
University of Manchester | Bio/Vote History | ||
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![]() Veronica Guerrieri |
Chicago Booth | Bio/Vote History | ||
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![]() Luigi Guiso |
Einaudi Institute for Economics and Finance | Bio/Vote History | ||
I have no theoretcial guidance to anser the question
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![]() Martin Hellwig |
Max Planck Institute for Research on Collective Goods | Bio/Vote History | ||
The outcome is highly contingent on the extent of labor market opening and on integration. No general assessment can be seriously made.
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![]() Patrick Honohan |
Trinity College Dublin | Bio/Vote History | ||
Aging Europe must find ways of coping with immigration; though the 2015 surge may have unleashed political forces with bad economic impact.
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![]() Henrik Kleven |
Princeton | Did Not Answer | Bio/Vote History | |
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![]() Botond Kőszegi |
Central European University | Bio/Vote History | ||
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![]() Jan Pieter Krahnen |
Goethe University Frankfurt | Bio/Vote History | ||
Direct effects likely negative, while indirect effects -ranging from fiscal stimuli to change in immigration policy- likely positive. Sum=?
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![]() Per Krusell |
Stockholm University | Bio/Vote History | ||
The adjustment likely takes longer (even though German labor markets allow low entry wages). Eventually the average benefits will be > 0.
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![]() Eliana La Ferrara |
Harvard Kennedy | Bio/Vote History | ||
Depends on extent refugees' integration in labor market. If successful, benefits for pension system could outweigh social welfare costs.
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![]() Christian Leuz |
Chicago Booth | Bio/Vote History | ||
Agree for migrants,esp w/ low birth rate as DE. Less clear w/ large ref influx. Key is quick right to work&access to education. DE too rigid
-see background information here -see background information here -see background information here |
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![]() Costas Meghir |
Yale | Did Not Answer | Bio/Vote History | |
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![]() Peter Neary |
Oxford | Bio/Vote History | ||
Net benefits from increased labor supply. Losses to some workers possible. Poor integration could lead to social unrest: safety nets needed
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![]() Kevin O'Rourke |
Oxford | Bio/Vote History | ||
It will depend on their composition, how well they are integrated into labour markets, and other factors. Plus: which German citizens?
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![]() Marco Pagano |
Università di Napoli Federico II | Bio/Vote History | ||
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![]() Lubos Pastor |
Chicago Booth | Bio/Vote History | ||
The economy will get bigger but maybe not per capita and there will be redistribution.
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![]() Torsten Persson |
Stockholm University | Did Not Answer | Bio/Vote History | |
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![]() Christopher Pissarides |
London School of Economics and Political Science | Bio/Vote History | ||
refugees are primarily young, which is good, but unqualified in things needed by German industry, which could offset benefits
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![]() Richard Portes |
London Business School | Bio/Vote History | ||
Depends partly on integration policies. But evidence clear: immigrants bring dynamism, improve demography, net fiscal contributors.
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![]() Canice Prendergast |
Chicago Booth | Bio/Vote History | ||
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![]() Lucrezia Reichlin |
London Business School | Bio/Vote History | ||
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![]() Rafael Repullo |
CEMFI | Bio/Vote History | ||
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![]() Hélène Rey |
London Business School | Did Not Answer | Bio/Vote History | |
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![]() Antoinette Schoar |
MIT | Bio/Vote History | ||
The benefits of the immigration will depend on how well German society can provide education opportunities and integrate the refugees.
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![]() John Van Reenen |
LSE | Bio/Vote History | ||
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![]() John Vickers |
Oxford | Bio/Vote History | ||
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![]() Hans-Joachim Voth |
University of Zurich | Bio/Vote History | ||
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![]() Beatrice Weder di Mauro |
The Graduate Institute, Geneva | Bio/Vote History | ||
Most refugees lack the skills to be quickly integrated into the German labor market. EducatIon and integration policies will be key
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![]() Karl Whelan |
University College Dublin | Bio/Vote History | ||
Germany has very poor demographics and its population is set to contract. Taking in immigrants will have many long-term economic benefits.
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![]() Charles Wyplosz |
The Graduate Institute Geneva | Bio/Vote History | ||
This is a big plus given a sharply negative natural demography, but... Absorbing this population will be long and costly.
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![]() Fabrizio Zilibotti |
Yale University | Bio/Vote History | ||
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