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...

Underneath the historiographical disagreements about military honor and dueling in Imperial Germany there lurks a consensus that most duelists simply internalized the dictates of honor. This article troubles that presumption by attending to the Prussian-German military honor code’s mixed messages...

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...

This article examines a famous 1906 event that occurred when a con man dressed in a captain's uniform commandeered two small contingents of soldiers in Berlin and took them to nearby Köpenick, where he proceeded to arrest the city’s mayor...

In light of Wilhelm II’s well-known predilection for military uniforms and displays, many of his contemporaries regarded him as a real-life version of the titular figure in Hans Christian Andersen’s fable “The Emperor’s New Clothes.” This essay uses the concept...

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and introduced a systematic methodology to identify such clusters, their technique and results were based on the now-outdated Standard Industrial Classification (SIC) system for categorizing industries.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