The geography of entrepreneurship in the New York metropolitan area

This article was presented at a conference organized by the Federal Reserve Bank of New York in April 2005, "Urban Dynamics in New York City." The goal of the conference was threefold: to examine the historical transformations of the engine-of-growth industries in New York and distill the main determinants of the city's historical dominance as well as the challenges to its continued success; to study the nature and evolution of immigration flows into New York; and to analyze recent trends in a range of socioeconomic outcomes, both for the general population and recent immigrants more specifically.Business enterprises - New York (N.Y.) ; Economic conditions - New York (N.Y.) ; Federal Reserve District, 2nd ; Urban economics

GPS measurements of deformation associated with the 1987 Superstition Hills earthquake: Evidence for conjugate faulting

Large station displacements observed from Imperial Valley Global Positioning System (GPS) campaigns are attributed to the November 24, 1987 Superstition Hills earthquake sequence. Thirty sites from a 42 station GPS network established in 1986 were reoccupied during 1988 and/or 1990. Displacements at three sites within 3 kilometers of the surface rupture approach 0.5 m. Eight additional stations within 20 km of the seismic zone are displaced at least 10 cm. This is the first occurrence of a large earthquake (M(sub S) 6.6) within a preexisting GPS network. Best-fitting uniform slip models of rectangular dislocations in an elastic half-space indicate 130 + or - 8 cm right-lateral displacement along the northwest-trending Superstition Hills fault and 30 + or - 10 cm left-lateral displacement along the conjugate northeast-trending Elmore Ranch fault. The geodetic moments are 9.4 x 10(exp 25) dyne-cm and 2.3 x 10(exp 25) dyne-cm for the Superstition Hills and Elmore Ranch faults, respectively, consistent with teleseismic source parameters. The data also suggest the post seismic slip along the Superstition Hills fault is concentrated at shallow depths. Distributed slip solutions using Singular Value Decomposition indicate near uniform displacement along the Elmore Ranch fault and concentrated slip to the northwest and southeast along the Superstition Hills fault. A significant component of non-seismic displacement is observed across the Imperial Valley, which is attributed in part to interseismic plate-boundary deformation

Development of heat flux sensors for turbine airfoils

The objectives of this program are to develop heat flux sensors suitable for installation in hot section airfoils of advanced aircraft turbine engines and to experimentally verify the operation of these heat flux sensors in a cylinder in a cross flow experiment. Embedded thermocouple and Gardon gauge sensors were developed and fabricated into both blades and vanes. These were then calibrated using a quartz lamp bank heat source and finally subjected to thermal cycle and thermal soak testing. These sensors were also fabricated into cylindrical test pieces and tested in a burner exhaust to verify heat flux measurements produced by these sensors. The results of the cylinder in cross flow tests are given

Firm level factors that affect returns to real estate investment trusts

Thesis (S.M.)--Massachusetts Institute of Technology, Dept. of Urban Studies and Planning, 2000.Includes bibliographical references (leaves 72-73).This thesis examines the historical financial data for publicly traded securities issued by Real Estate Investment Trusts (REITS). The inquiry isolates certain quantifiable firm specific financial data and organizes that data into pooled, time-series cross-sections. Annual returns to capital are determined for certain equity REITS from 1990 to 1999 and are used as the dependent variable in a statistical regression analysis. The analysis includes independent variables drawn from a database and includes variables to adjust results for the impact of macroeconomic factors. In addition, indexes for the broader markets are identified and included in the regressions to adjust for the impact of trends in the general market. Following adjustments for macroeconomic factors and general market trends the regression results identify various firm specific variables that display a statistically significant relationship to relative returns to capital in REIT securities over time. Negative impacts on returns are observed for increases in firm size and for certain debt features such as variable rate debt, unsecured debt, and total debt. Positive impacts on returns are associated with higher levels of asset growth as well as relatively higher levels of secured debt and preferred stock. The expected positive correlation of returns with increases in broader stock market indexes and negative correlation with increasing short-term interest rates is not displayed. For the period from 1993 to 1999, the data indicate an inverse correlation of REIT returns to the stock market as represented by the S&P 500 index and a direct relation with short-term interest rates. Interpretations of the results are provided in a form that relates the firm level determinates of returns to capital with the history of REITS and their organizational and tax characteristics. Alternatives for further inquiry are identified and implications for investors and REIT managers are discussed.by William B. Strange, III and Duo Tang.S.M

Agglomeration, Labor Supply, and the Urban Rat Race

This paper establishes the existence of a previously overlooked relationship between agglomeration and hours worked. Among non-professionals, hours worked decrease with the density of workers in the same occupation. Among professionals, a positive relationship is found. This relationship is twice as strong for the young as for the middle-aged. Moreover, young professional hours worked are shown to be especially sensitive to the presence of rivals. We show that these patterns are consistent with the selection of hard workers into cities and the high productivity of agglomerated labor. The behavior of young professionals is also consistent with the presence of keen rivalry in larger markets, a kind of urban rat race. This evidence of a rat race is nearly unique in the literature

Heterogeneous agglomeration

Many prior treatments of agglomeration either explicitly or implicitly suppose that all industries agglomerate for the same reasons, with traditional Marshallian (1890) factors affecting all industries similarly. An important instance of this approach is the extrapolation of the agglomeration experience of one key sector or cluster to the larger economy. Another is the pooling of data to look at common tendencies in agglomeration. This paper uses UK establishment level data on coagglomeration to document heterogeneity across industries in the microfoundations of agglomeration economies. The pattern of heterogeneity that we document is consistent with both traditional Marshallian theories and with alternative approaches that emphasize the adaptive and organizational aspects of agglomeration. *Disclaimer: This work was based on data from the Business Structure Database and the Quarterly UK Labour Force Survey, produced by the Office for National Statistics (ONS) and supplied by the Secure Data Service at the UK Data Archive. The data are Crown Copyright and reproduced with the permission of the controller of HMSO and Queen's Printer for Scotland. The use of the data in this work does not imply the endorsement of ONS or the Secure Data Service at the UK Data Archive in relation to the interpretation or analysis of the data. This work uses research datasets which may not exactly reproduce National Statistics aggregates