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...

This paper analyzes the magnitude of earnings differentials and differences in the rates of return to education for individuals who attended private and public high schools in the U.S. from 1976 to 1983, controlling for self-selection into school sector, as...

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...

More than 100 savings and loans are currently involved in supervisory goodwill litigation against the federal government, with total claims approach fifty billion dollars. These claims arise from a provision in the 1989 Financial Institutions Reform Recovery and Enforcement Act...

This paper develops a model of private school choice that incorporates measures of the availability and costs of private schooling, as well as the quality of existing public schools, in the local market for secondary education. Using data from the...

This paper develops a model of private school choice that incorporates measures of the availability and costs of private schooling, as well as the quality of existing public schools, in the local market for secondary education. Using data from the...

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and introduced a systematic methodology to identify such clusters, their technique and results were based on the now-outdated Standard Industrial Classification (SIC) system for categorizing industries.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...

Using a unique set of publicly-traded litigation certificates, we measure the wealth effects of (largely) unanticipated damage awards in the ongoing supervisory goodwill litigation between thrifts and the federal government. Estimating abnormal returns for portfolios of litigation certificates and retained...