The “End Racial Profiling Act of 2001” (ERPA) states that “nolaw enforcement agent or law enforcement agency shall engage in racial profiling” andmandates states to “collect detailed data on stops, searches, seizures, and arrests.” Wedevelop a stylized dynamic model of highway...

The Friedman rule, a widely studied prescription for monetary policy, is optimal inTownsend’s turnpike model of money; it is not so in the overlapping generations versionof his stochastic relocation model of money. We investigate these monetary models inthe light of this disparity. To that...

Chakraborty [Journal of Economic Theory, 2004] introduces endogenousmortality in a two period overlapping generations model by postulating thatthe probability of surviving from the first period to the second depends on taxfundedpublic health. His central result on the existence of multiple...

In this paper we propose tests for hypotheses regarding the parameters of the deterministictrend function of a univariate time series. The tests do not require knowledge of the form ofserial correlation in the data and they are robust to strong serial correlation. The data cancontain a unit root...

This paper takes a discrete-time adaptation of the continuous−time matching economy described in Pissarides (1990, 2000), and computes the solution to the dynamic planning problem. The solution is shown to be completely characterized by a first−order, non−linear map. We show that the map...

Central banks typically find it difficult to turn off the "political pressure valve". This has important consequences for the types of monetary policies they implement. This paper presents an analysis of how political factors may come into play in the equilibrium determination of inflation. We...

We develop a stylized dynamic model of highway policing in which a non-racist police officer exhibits a cognitive bias: relative overconfidence. The officer is given incentives to arrest criminals but faces a per stop cost which increases when the racial mix of her stops differs from that of the...