Editors' Note

One does not need a Ph.D. to conduct original economic research. We founded the Yale Journal of Economics last year with that philosophy in mind, aiming to showcase outstanding research papers in economics written at the undergraduate level. As we worked on our inaugural issue last spring and our second issue this fall, we have constantly been impressed by the number of innovative, thought-provoking papers we have received. Undergraduates from around the world have been excited by the opportunity to have their research published, and we hope to continue to broaden the Journal's reach in the coming year.

Our second issue contains five essays written by undergraduates at the University of Chicago, Princeton University, and Yale. In the field of economic history, David Hu refutes earlier hypotheses in the literature by examining the effect of the U.S. postal savings system on bank runs during the Great Depression. Jacob Berman simulates counterfactual debt management strategies for the U.S. Treasury to see how changing the maturity structure of debt could save the Treasury billions of dollars. Erica Segall analyzes generational patterns in U.S. spending behavior and proposes a new model of consumer demand to incorporate these effects. Jisoo Han studies immigrant families and examines the connection between language spoken at home and children's access to health care services in the United States. Closing the issue, Aditya Rajagopalan adds his voice to the IPO Puzzle by modeling the effect of aggregate disagreement on short-term IPO underpricing and long-term IPO underperformance.

We selected these papers from a pool of more than 80 submissions from undergraduates at Yale and other universities. We were thrilled to receive submissions from across the globe---from university students in Canada, the United Kingdom, Russia, China, Argentina, and Italy, among others---as well as many schools in the United States. We hope that the Journal will continue to attract submissions from a wide range of students, and we look forward to featuring undergraduate research from more institutions in the future. We thank all the students who submitted papers and the professors who nominated the best papers in their classes for our consideration. The Journal's Board of Advisers also offered us valuable recommendations and guidance.

In addition, we thank the generous donors who have made publishing the Journal possible. In addition to the Yale Department of Economics and the Yale Undergraduate Organizations Committee, Stephen Freidheim '86 and David Swensen GRD '80 made substantial contributions that allow us to continue to produce the Journal and distribute it free of charge. Thanks to their support, we will be able to publish the Journal two times this academic year---this fall and in the spring of 2014---and make it a more established part of the academic community.