This paper argues that the modern stochastic consumption model, in which impatient consumers face uninsurable labor income risk, matches Milton Friedman's (1957) original description of the Permanent Income Hypothesis much better than the perfect foresight or certainty equivalent models did. The...

This paper presents a comprehensive but relatively brief historical survey of U.S. trade-policy over the last 75 years. It is aimed at individuals who are not already familiar with the concepts and terminology used in discussions of trade policy and the domestic and international institutional...

This article surveys the macroeconomic implications of financial frictions. Financial frictions lead to persistence and when combined with illiquidity to non-linear amplification effects. Risk is endogenous and liquidity spirals cause financial instability. Increasing margins further restrict...

We examine the relationship between marijuana use and non-drug related crime using data on arrests from the Arrestee Drug Abuse Monitoring (ADAM) Program and Uniform Crime Reports. There is a positive association between self-reported use at the time of the offence and non-drug related violent,...

We present a simple model of the effects of hate crime legislation. It shows that even if the direct harm to victims of hate crime is the same as for other crimes, because of other differences in the effects it may still be optimal to exert more law-enforcement effort to deter or prevent hate...

How law is interpreted and enforced at a particular historical moment reflects contemporary social concerns and prejudices. This paper investigates the nature of criminal sentencing in mid-nineteenth-century Pennsylvania. It finds that extralegal factors, namely place of conviction and several...

Youth crime is widespread. To study the effect of market wages on youth crime, I analyze a time-allocation model in which consumers face parametric wages and diminishing marginal returns to crime. Under these assumptions, an individual who works will commit crime if the returns to the first hour...

Traditional economic models of criminal behavior have straightforward predictions: raising the expected cost of crime via apprehension probabilities or punishments decreases crime. I test the effect of harsher punishments on deterring driving under the influence (DUI). In this setting,...

This paper considers the extent to which crime in early America was conditioned on height. With data on inmates incarcerated in Pennsylvania state penitentiaries between 1826 and 1876, we estimate the parameters of Wiebull proportional hazard specifications of the individual crime hazard. Our...