[![Media Name: cppp-vol-2.jpg](/sites/cato.org/files/styles/serial_cover_phone/public/serials/covers/cppp-vol-2.jpg?itok=zmtgtlsG)](https://www.cato.org/sites/cato.org/files/serials/files/cato-papers-public-policy/2013/11/cpppvol2.pdf) 

# 2012–2013 

Vol. 2 

Edited by [Jeffrey Miron](https://www.cato.org/people/jeffrey-miron) 

[ 

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- **The French Gold Sink and the Great Deflation of 1929–32** 
Analyzing how the French failure to monetize gold inflows in the late 1920s and early 1930s contributed to the overall reduction in world gold reserves and impacted the world price level.
- **An Empirical Analysis of the Fed’s Term Auction Facility** 
The effectiveness of the Term-Auction Facility program, one of the main tools used by the Federal Reserve during the financial crisis.
- **Executive Compensation and Corporate Governance in the United States: Perceptions, Facts, and Challenges** 
Evidence to dispute the conventional wisdom that U.S. CEOs, top executives, and corporate governance are being paid more and more, and not being penalized for poor performance.
- **General Equilibrium Effects of Prison on Crime: Evidence from International Comparisons** 
The 500% increase in the rate of imprisonment between 1970–2000 and an empirical approach to measuring how deterrence and incapacitation can affect crime reduction.

##### Articles 

#### [An Introduction to the 2012–2013 *Cato Papers on Public Policy* and Annual Conference ](/cato-papers-public-policy/2012-2013/introduction-2012-2013-cato-papers-public-policy-annual)

By [Jeffrey Miron](https://www.cato.org/people/jeffrey-miron) 

#### [The French Gold Sink and the Great Deflation of 1929–32 ](/cato-papers-public-policy/2012-2013/french-gold-sink-great-deflation-1929-32)

By [Douglas Irwin](https://www.cato.org/people/douglas-irwin), Charles Calomiris, and James Hamilton 

#### [An Empirical Analysis of the Fed’s Term Auction Facility ](/cato-papers-public-policy/2012-2013/empirical-analysis-feds-term-auction-facility)

By Efraim Benmelech, Simon Gilchrist, and Ross Levine 

#### [Executive Compensation and Corporate Governance in the United States: Perceptions, Facts, and Challenges ](/cato-papers-public-policy/2012-2013/executive-compensation-corporate-governance-united-states)

By Steve Kaplan, Carola Frydman, and Lucian Taylor 

#### [General Equilibrium Effects of Prison on Crime: Evidence from International Comparisons ](/cato-papers-public-policy/2012-2013/general-equilibrium-effects-prison-crime-evidence-international)

By Justin McCrary, Sarath Sanga, Steve Durlauf, & Bruce Sacerdote 

##### Latest Issues 

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[2013–2014](/cato-papers-public-policy/2013-2014)

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[2011](/cato-papers-public-policy/2011)