Working Paper 2004 February 2020 Research Department https://doi.org/10.24149/wp2004 Working papers from the Federal Reserve Bank of Dallas are preliminary drafts circulated for professional comment. The views in this paper are those of the authors and do not necessarily reflect the views of the Federal Reserve Bank of Dallas or the Federal Reserve System. Any errors or omissions are the responsibility of the authors. The Effect of Immigration on Business Dynamics and Employment Pia M. Orrenius, Madeline Zavodny and Alexander Abraham