摘要：The underlying note investigates migration impacts on the German economy, explicitly distinguishing between refugee
and non-refugee immigration. For this purpose, we propose a macroeconometric modelling approach complemented
by instrumental variables. We find that refugee migration causes positive short-run reactions that would typically be
connected to the demand side of the economy. However, it exerts negative effects on GDP and the labour market in
the medium run. In contrast, non-refugee immigration turns out to have more beneficial medium-run effects.
