EVOLUTION OF INVESTMENT FLOWS IN U.S. MANUFACTURING:A SPATIAL PANEL APPROACH

The paper starts with a discussion of a conceptual model of location factors in U.S. manufacturing investment at the state level. The purpose of the paper is to test the relative importance of growth factors influencing investment and whether or not they have changed in importance over time. These factors include agglomeration, market structure, labor, infrastructure, and fiscal policy. A better understanding of investment flows in the manufacturing sector will help determine how growth factors have changed over time and which economic development policies may be most appropriate at targeting the sector. The analysis covers the time period 1994 to 2006 for the 48 contiguous states, with data taken from the Annual Survey of Manufactures, the Bureau of Economic Analysis, and the Bureau of Labor Statistics. Panel methods are used to test for fixed effects due to heterogeneity across states. Spatial panel methods with time effects are used for determination and specification of spatial and temporal effects. Empirical results are consistent across the empirical models put forth. Results suggest that market demand remains one of the most important location factors of manufacturing investment. Investment also goes to states with more productive labor and localized agglomeration of manufacturing activity.manufacturing, investment, location factors

DETERMINANTS OF INVESTME??T FLOWS IN U.S. MANUFACTURING

The purpose of the paper is to test the long-run steady state of growth factors hypothesized to influence U.S. manufacturing investment flows. These factors include agglomeration, market structure, labor, infrastructure, and fiscal policy. Spatial cross-regressive and spatial Durbin models are used to measure the spatial interaction of investment flows. Spatial spillovers are found to be of a competitive nature at the state level, implying that a factor which attracts more investment to a particular state is associated with lower investments in neighboring states. Investment flows to states with higher market demand, more productive labor, and more localized agglomeration of manufacturing activity.manufacturing, investment, spatial Durbin model

X-ray spectral study of the hot gas in three Clusters of Galaxies

We study the physical properties of three clusters of galaxies, selected from a BeppoSAX Wide Field Camera (WFC) survey. These sources are identified as 1RXS J153934.7-833535, 1RXS J160147.6-754507, and 1RXS J081232.3-571423 in the ROSAT All-Sky Survey catalogue. We obtained XMM-Newton follow-up observations for these three clusters. We fit single and multi-temperature models to spectra obtained from the EPIC-pn camera to determine the temperature, the chemical composition of the gas and their radial distribution. Since two observations are contaminated by a high soft-proton background, we develop a new method to estimate the effect of this background on the data. For the first time, we present the temperature and iron abundance of two of these three clusters. The iron abundance of 1RXS J153934.7-33535 decreases with radius. The fits to the XMM-Newton and Chandra data show that the radial temperature profile within 3' towards the centre either flattens or lowers. A Chandra image of the source suggests the presence of X-ray cavities. The gas properties in 1RXS J160147.6-754507 are consistent with a flat radial distribution of iron and temperature within 2' from the centre. 1RXS J081232.3-571423 is a relatively cool cluster with a temperature of about 3 keV. The radial temperature and iron profiles suggest that 1RXS J153934.7-833535 is a cool core cluster. The Chandra image shows substructure which points toward AGN feedback in the core. The flat radial profiles of the temperature and iron abundance in 1RXS J160147.6-754507 are similar to the profiles of non-cool-core clusters.Comment: Accepted for publication in A&A, 8 pages, 8 figures; corrected typos, added data points on which fig 1 and 2 are based as comment to source file