Owyang, Michael T.; Piger, Jeremy M.; Wall, Howard J.; … - Federal Reserve Bank of St. Louis - 2007
This paper examines the determinants of employment growth in metro areas. To obtain growth rates, we use a Markov …-phase and low-phase growth rates, along with the frequency of the low phase. We find that growth in the high phase is related to … human capital, industry mix, and average firm size. In contrast, we find that growth in the low phase is mostly related to …