The Dynamic (In)efficiency of Monetary Policy by Committee

This paper develops a model where the value of the monetary policy instrument is selected by a heterogenous committee engaged in a dynamic voting game. Committee members differ in their institutional power and, in certain states of nature, they also differ in their preferred instrument value. Preference heterogeneity and concern for the future interact to generate decisions that are dynamically ineffcient and inertial around the previously-agreed instrument value. This model endogenously generates autocorrelation in the policy variable and provides an explanation for the empirical observation that the nominal interest rate under the central bank’s control is infrequently adjusted.

School Choice with Control

Controlled choice over public schools is a common policy of school boards in the United States. It attempts giving choice to parents while maintaining racial and ethnic balance at schools. This paper provides a foundation for controlled school choice programs. We develop a natural notion of fairness and show that assignments, which are fair for same type students and constrained non-wasteful, always exist in controlled choice problems; a "controlled" version of the student proposing deferred acceptance algorithm (CDAA) always finds such an assignment which is also weakly Pareto-optimal. CDAA provides a practical solution for controlled school choice programs.

Drugs, alcohol, and criminal behaviour : a profile of inmates in canadian federal institutions

The scientific literature often mentions that there is a statistical connection between alcohol and drug consumption and criminal behaviour. However, there is little information available which would make it possible to quantify this connection, and specify the impact that drugs and alcohol have on criminal behaviour. Consumption of psychoactive substances has two major effects: intoxication and addiction. These effects are related, respectively, to the psycho-pharmacological and economic-compulsive models of the connection between drugs and crime. The first model associates drug use and intoxication with a decrease in cognitive functions and a lack of self-control, leading to aggressive impulses, violence and lack of inhibitions. The second model refers to the huge costs that are associated with being addicted to certain drugs. A person addicted to these drugs would need to engage in lucrative criminal activities in order to pay for them. This article explores and attempts to further define the links between alcohol, illicit drugs and criminal behaviour, taking into account the types of drugs consumed and the types of criminal behaviour displayed.