This paper examines the northbound crossings of personal vehicles from Mexico to the U.S. A monthly dataset, from January 1997 to September 2018, is implemented for panel data methods with heterogeneous slopes. Controlling for national economic conditions, local labor markets, and dummy variables, the major results are as follows. First, when the peso depreciates against the U.S. dollar, Mexicans' purchasing power declines, and they travel less for shopping and leisure. Second, economic fundamentals are robust: border crossings increase not only when the Mexican economy grows faster than the U.S., but also when unemployment in major U.S. urban areas declines.
