Vassar Scholarship

We develop a classroom experiment on exchange rate determination appropriate for undergraduate courses in macroeconomics and international economics. Students represent citizens from different countries and need to obtain currency to purchase goods. By participating in a sealed bid auction to...

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...

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...

Robert Barro (1974) showed government debt has no real effects when generations are linked by altruistically motivated intergenerational transfers, a result now known widely as the Ricardian Equivalence Theorem.
An important condition for debt neutrality is believed to be the...

The decision whether or not to work for a temporary agency was examined using a 1990 cross-section survey of Illinois registered nurses and a model which corrects for the simultaneity between agency choice and wages (and benefits). Conditional on having...

Do temporary nursing agencies cause labor supply to nursing to be greater or less than it otherwise would be? Using cross-section survey data from 1984, 1988, and 1992, this question is examined within a nine-equation system capable of estimating hours...

A model incorporating a discrete full-time/part-time/do not work labor choice and decomposing labor supply into its full-time and part-time components was used to examine the increase in labor supplied by nurses (the increase per nurse on average) over the 1977-88...

Whereas FESER and BERGMAN, 2000, developed the concept of national-level cluster templates and introduced a systematic methodology to identify such clusters, their technique and results were based on the now-outdated Standard Industrial Classification (SIC) system for categorizing industries. We update...