The Labor Demand Was Downward Sloping: Disentangling Migrants’ Inflows and Outflows, 1929-1957 This paper studies inand out-migration from the U.S. during the first half of the twentieth century and assesses how these flows affected state-level labor markets. It shows that outmigration positively impacted the wages of remaining workers, while in-migration had a negative impact. Hence, immigrant...