Immigration boosts innovation and wages in the US. The positive dynamic impact of immigration on innovation and wages dominates the short-run negative impact of increased labor supply. Increased immigration to the US since 1965 is estimated to have increased innovation and wages by 5%.

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One challenge is having enough training data. Another is that the training data needs to be free of contamination. For a model trained up till 1900, there needs to be no information from after 1900 that leaks into the data. Some metadata might have that kind of leakage. While it’s not possible to have zero leakage - there’s a shadow of the future on past data because what we store is a function of what we care about - it’s possible to have a very low level of leakage, sufficient for this to be interesting.

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