Cato Papers on Public Policy: 2012-2013

critical economic and public policy issues. Each article is written by a recognized national expert, most often a senior member of a prestigious university. The overarching goal of the publication is to provide in-depth, imaginative new research on key economic and public policy matters combined with a range of potential improvements and strategies. This year s issue includes the following four topics: An evaluation of the effectiveness as well as the political economy of the Term-Auction Facility program, which was one of the main tools used by the Federal Reserve during the financial crisis. An examination of an often overlooked source of the Great Depression: the failure to monetize gold inflows by France in the late 1920s and early 1930s. Analyzes how France s policy contributed to the overall reduction in world gold reserves, and calculates its impact on the world price level. An examination of the nearly 500% increase in the rate of imprisonment between 1970 2000 uses an empirical approach to measure the magnitude of crime reduction that could be achieved through deterrence and incapacitation. Evidence to dispute the conventional criticisms of U.S. CEOs, top executives, and corporate governance: that they are being paid more and more, are not being paid for performance, and are not penalized for poor performance.