Vassar Scholarship, the institutional repository formerly known as Digital Window, reflects the research and scholarly output of the Vassar College community. It provides access to a variety of collections, including senior theses and projects across a wide range of disciplines.
Using a continuous state space approach, this note extends Feyrer's [2003] study of the proximate determinants of the shape of the long-run distribution of income per capita. Contrary to Feyrer's finding of the primacy of TFP, the results here imply...
In this paper I apply the nonparametric methods proposed by Quah to data on US state relative income levels. In contrast to Quah's results using cross-country data I find no evidence of polarization in the cross-state income distribution. The long-run...
This paper presents an easily implemented test of the assumption of a normally distributed error term for the ordered probit model. As this assumption is the central maintained hypothesis in all estimation and testing based on this model, the test...
Arbitrage pressures that could equalize closed-end fund share prices with fund portfolio values appear to be largely absent in an extensive data set. Observed fund behavior violates the static arbitrage bounds of Gemmill and Thomas (2002) and is inconsistent with...
Previous papers find no relationship between interest rates and the discounts of US closed-end funds before 1985. This is taken as evidence against management fees being a cause of discounts because a negative relationship is expected: if interest rates rise...
This paper attempts to ascertain which of the convergence hypotheses – absolute, conditional, or club – best describes the economic development of the U.S. states since 1950. We use regression tree analysis to identify convergence clubs among the states and...
This paper provides a survey and synthesis of econometric tools that have been employed to study economic growth. While these tools range across a variety of statistical methods, they are united in the common goals of first, identifying interesting contemporaneous...
Many researchers have used a cointegration approach to test for the Fisher effect. This note argues that the cointegration of the nominal interest rate and the inflation rate is consistent with any theory implying a stationary real interest rate and...
There are numerous examples of assets with identical payout streams being priced differently. These violations of the law of one price result from two factors. First, investors have heterogeneous asset valuations so that if two groups of investors trade in...
In this paper we argue that modeling the cross-country distribution of per capita income as a mixture distribution provides a natural framework for the detection of convergence clubs. The framework yields tests for the number of component distributions that are...
Arbitrage positions that benefit from the reversion of closed-end fund discounts to rational levels show excess returns that increase in magnitude the more funds are mispriced. At the same time, fund trading volumes and bid-ask spreads more than double as...
The behavior of US closed-end funds is very different from that of the UK funds studied by Gemmill and Thomas (2002). There is no evidence that their discounts are constrained by arbitrage barriers, no evidence that higher expenses increase discounts...
The reaction of closed-end fund share prices to changes in portfolio values is on average the same whether funds are trading at discounts or premia and whether the changes in portfolio values are positive or negative. If closed-end fund discounts...
The larger a closed-end fund's premium over its portfolio value, the more intensely it is sold short. However, the intensity of short selling affects neither the rate at which premia mean revert to fundamental values nor the rate of return...
The conventional wisdom is that postwar economic growth has been unpredictable. In the 1960s few observers accurately forecast which countries would grow quickly. In this paper we show that indexes of social development constructed in the early 1960s have considerable...
The Archives & Special Collections Library is part of the Vassar College Libraries system. It holds the rare book, manuscript, and archival collections of the college. It collects, preserves, and makes available rare and unique collections, and also engages in teaching and outreach activities. This collection of finding aids describe items in both the Virginia B. Smith Memorial Manuscript Collection and the College Archives.
The Vassar College herbarium holds over 8,000 specimens of vascular plants, bryophytes, and algae. Holdings are primarily from northeastern North America, and include collections made by several notable 19th century botanists. To learn more about this project visit the website here.
Vassar College's institutional repository reflects the research and scholarly output of the Vassar College community. It provides access to senior theses, peer reviewed open access articles, and projects from a wide range of disciplines.