Vassar College Digital Library

Institutional Repository

Vassar College's institutional repository reflects the research and scholarly output of the Vassar College community.  It provides access to many collections, including a variety of senior theses and projects from disciplines ranging from American Culture to Urban Studies. 

In early 2022 Vassar College Libraries moved the institutional repository from Digital Window to the Vassar College Digital Library. This new method of access is a work in progress and will be officially launched in June 2022. The original Digital Window will remain accessible through July 1, 2022. 

A continuous state space approach to "Convergence by Parts,"

Publication Date
2005-March-01
Document Type
Authors
Department or Program
Abstract

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...

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A general-equilibrium analysis of public policy for pharmaceutical prices

Publication Date
2005-January-01
Document Type
Department or Program
Abstract

Retail sales of prescription drugs totaled $154.5 billion in 2001. The National Institute for Health Care Management estimates annual sales will exceed $400 billion by the year 2010. This paper analyzes the welfare and distributional effects of two policy families...

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Closed-end fund discounts and interest rates: positive covariance in US data after 1985

Publication Date
2005-September-01
Document Type
Authors
Department or Program
Abstract

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...

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Do fringe benefits cause layoffs?

Publication Date
1990-October-01
Document Type
Department or Program
Abstract

It is commonly believed that firms prefer layoffs to worksharing, in part, because layoffs economize on fringe benefit costs. We find that when labor markets are characterized by optimal implicit contracts, layoffs will never occur in equilibrium, regardless of the...

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Does post-graduate education affect women's investment in health? A study of the determinants of preventative health

Publication Date
2005-October-01
Document Type
Department or Program
Abstract

Does the well established positive association between education and investment in health hold for education beyond college? This study examines the effect of having a postgraduate degree on investment in health, using an original data set composed of samples of...

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How do political changes influence U.S. bilateral aid allocations? Evidence from panel data

Publication Date
2005-June-30
Document Type
Department or Program
Abstract

This paper examines the role of U.S. domestic politics in the allocation of foreign aid using panel data on aid to 119 countries from 1960 to 1997. Employing proxies for four aid allocation criteria (development concerns, strategic importance, commercial importance...

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Intergenerational strategic behavior and crowding out in a general equilibrium model

Publication Date
2005-October-01
Document Type
Department or Program
Abstract

The return of large government budget deficits should encourage us to resume analysis of their effects. Two topics deserving further attention are the importance of correctly modeling the form of intergenerational relationships and clarification of the extent to which deficits...

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Noise-trader risk: does it deter arbitrage, and is it priced?

Publication Date
2005-September-12
Document Type
Authors
Department or Program
Abstract

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...

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Noise-trading, costly arbitrage, and asset prices: evidence from US closed-end funds

Publication Date
2005-August-30
Document Type
Authors
Department or Program
Abstract

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...

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Patent protection, creative destruction, and generic entry in pharmaceuticals: evidence from patent and pricing data

Publication Date
2005-October-28
Document Type
Authors
Department or Program
Abstract

This paper merges patent citation data with data on pharmaceutical patent expirations, generic entry, and pricing to explore the effects of observable patent characteristics on off-patent and on-patnet pharmaceutical pricing. Using a sample of drug patents facing generic entry in...

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Sentiment and the interpretation of news about fundamentals

Publication Date
2005-August-30
Document Type
Authors
Department or Program
Abstract

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...

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The value of certainty in intellectual property rights: stock market reactions to patent litigation

Publication Date
2005-November-15
Document Type
Authors
Department or Program
Abstract

Using a sample of patents litigated between 1977 and 1997, I estimate stock market reactions to patent litigation decisions and to patent grants. I find that the resolution of uncertainty over validity and infringement is worth as much to the...

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Unproductive expenditure in manufacturing

Publication Date
1990-August-01
Document Type
Department or Program
Abstract

A behavioral model is developed to explain the magnitude of surplus and the division of surplus into unproductive and profit for oligopoly firms in the manufacturing sector of advanced capitalist economies. Particular attention is focused upon the determinants of interfirm...

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Why only some industries unionize: insights from reciprocity theory

Publication Date
2005-February-14
Document Type
Authors
Department or Program
Abstract

This paper argues that the degree to which a given industry's labor contracts are complete or incomplete is the major factor determining whether its workforce will be unionized. For instance, assembly line industries feature complete labor contracts because of the...

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World Bank independence: A model and statistical analysis of U.S. influence

Publication Date
2005-June-30
Document Type
Department or Program
Abstract

This paper develops a model to test whether World Bank lending caters to U.S. interests. We use country-level panel data to examine the geographic distribution of World Bank lending to 110 countries from 1968 to 2002. After controlling for country...

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