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Aleksandra Babii, Ms. Alina Carare, Dmitry Vasilyev, and Mr. Yorbol Yakhshilikov

aggregate remittances are much more elastic to the U.S. Hispanic unemployment rate. Additional robustness exercises include using a different method (see next subsection). B. Panel Vector Autoregression Model of Remittances As a second step, we used the panel vector autoregression method developed by Abrigo and Love (2016) to further control for endogeneity . This method applies the generalized method of moments estimator and allows all variables to be treated as endogenous as well as cross-sectional dynamics. While this model does not impose long