Vassar Scholarship

The traditional classroom presentation of international macroeconomic issues obscures the link between budget deficits, exchange rates, and the trade deficit. The article offers a simple supply and demand framework to clarify the role of budget deficits in creating trade deficits...

This paper argues that, in economies heavily dependent on imported inputs, the responsiveness of price and output to cost and demand factors are altered by foreign exchange bottlenecks if the government resorts to nonmarket allocation of import licenses. A model...

Implicit contract models of labor market equilibrium under work sharing and layoffs are constructed to examine several common explanations for the observed market bias in favor of layoffs. We first establish the optimality of work sharing in the absence of...

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...

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...

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...

This study examines the income redistributional consequences of the public financing of higher education in Pakistan. The results show that the tax incidence and the subsidy to higher education entail a redistribution from the middle and upper to the lower...