http://www.theatlanticcities.com/jobs-and-economy/2011/11/co...
The National Research Council's "Understanding Crime Trends Workshop Report," eds. Goldberger, A. and Rosenfield, R.
It's tricky to isolate other social trends in the research though. Steven Levitt did a major study of prison overcrowding legislation, which can suddenly change incarceration rates if the legislation is successful, but not if it fails, a bit of a coinflip not directly connected to social or demographic shifts. He found evidence of a link under these conditions.
Levitt, S. The effect of prison population size on crime rates: evidence from prison overcrowding litigation.
Obviously those aren't the only two studies on the subject, it's been a focus of criminology research since it's been a discipline. Levitt followed up with a good meta-analysis that covered ten different explanations for the reduction of crime over the last few decades:
Levitt, S. Understanding Why Crime Fell in the 1990s: Four Factors that Explain the Decline and Six that Do Not. Journal of Economic Perspectives, Winter 2004. pp 163-190.
He cites John DiIulio (ie, DiiuLio) in that work. DiIulio has written a lot on the subject as well, usually arguing that incarceration rates have an impact on crime rates, but adding the nuance that three strikes laws rarely do much good.
Crime rates are very complex, and tied to many complex factors. Incarceration rate appears to be one such factor.
If that were the case, the US, Cuba and Rwanda should be the safest countries in the world (all near the top in incarceration rates) and Sweden one of the worst. The opposite is true if you look at (for example) homicide rates. I'm not sure there is any evidence of even a good correlation between higher incarceration and lower crime.
What does that even mean?