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Keywords:Public policy 

Working Paper
Racial profiling or racist policing? bounds tests in aggregate data

State-wide reports on police traffic stops and searches summarize very large populations, making them potentially powerful tools for identifying racial bias, particularly when statistics on search outcomes are included. But when the reported statistics conflate searches involving different levels of police discretion, standard tests for racial bias are not applicable. This paper develops a model of police search decisions that allows for non-discretionary searches and derives tests for racial bias in data that mixes different search types. Our tests reject unbiased policing as an explanation ...
Working Papers , Paper 2004-012

Working Paper
Optimal policy with probabilistic equilibrium selection

This paper introduces an approach to the study of optimal government policy in economies characterized by a coordination problem and multiple equilibria. Such models are often criticized as not being useful for policy analysis because they fail to assign a unique prediction to each possible policy choice. We employ a selection mechanism that assigns, ex ante, a probability to each equilibrium indicating how likely it is to obtain. With this, the optimal policy is well defined. We show how such a mechanism can be derived as the natural result of an adaptive learning process. This approach ...
Working Paper , Paper 01-03

Conference Paper
Joint venture payment networks and public policy

Proceedings , Paper 602

Conference Paper
Corporate governance : a rational course for public policy

Proceedings , Paper 839

Conference Paper
A pioneer's perspective on the spatial mismatch literature

Proceedings , Paper 908

Conference Paper
Public transit and spatial distribution of minority employment: evidence from a natural experiment

Proceedings , Paper 909

Speech
Economic inequality in the United States

Speech to the Center for the Study of Democracy 2006-2007 Economics of Governance Lecture, University of California, Irvine, November 6, 2006>
Speech , Paper 28

Working Paper
State Incentives for Innovation, Star Scientists and Jobs: Evidence from Biotech

We evaluate the effects of state-provided financial incentives for biotech companies, which are part of a growing trend of placed-based policies designed to spur innovation clusters. We estimate that the adoption of subsidies for biotech employers by a state raises the number of star biotech scientists in that state by about 15 percent over a three year period. A 10% decline in the user cost of capital induced by an increase in R&D tax incentives raises the number of stars by 22%. Most of the gains are due to the relocation of star scientist to adopting states, with limited effect on the ...
Working Paper Series , Paper 2013-17

Working Paper
Faster Payments : Market Structure and Policy Considerations

The U.S. payments industry is in the process of developing ubiquitous, safe, faster electronic solutions for making a broad variety of business and personal payments. How this market for faster payments will evolve will be shaped by a range of economic forces, such as economies of scale and scope, network effects, switching costs, and product differentiation. Emerging technologies could alter these forces and lead to new organizational arrangements or market structures that are different from those in legacy payment markets to date. In light of this uncertainty, this paper examines three ...
Finance and Economics Discussion Series , Paper 2017-100

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