Economic Growth in Washington: An Examination of Labor Market and Fiscal Response
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This study develops a regional econometric model to extend and
complement standard local economic impact analysis for Washington
counties. Based on a static macroeconomic model, we derive labor supply
equations and fiscal equations. The resulting empirical model is
based on a cross- sectional econometric analysis of all Washington counties.
The use of the estimated econometric model is illustrated with 5
percent job growth scenario that is simulated for each Washington
county. For some counties, growth scenario actually results in an increase
in the number of unemployed. This occurs because most of the
new jobs are taken by either in-commuters or new residents who bring
with them additional entrants into the local labor market some of whom
become unemployed.