A study in CA says no.
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Researchers at the University of California, Berkeley and California State University, East Bay have measured the effect of high occupancy vehicle (HOV) restrictions on 100 miles of freeway in the San Francisco Bay area and found the lanes have had the opposite of their intended effect. Using detectors buried in the pavement, they analyzed four-and-a-half years worth of speed and travel time data from 2001 to 2005. Because the HOV/carpool restrictions only apply for 8-10 hours a day on the freeway segments examined, traffic flow was measured both with and without the restriction.
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"HOV lanes exacerbate the problem," the authors conclude. They found overall congestion would be reduced by eliminating the HOV lane, but only in areas where effective on-ramp metering is employed during congested periods.
A report released last year also shows that the most common form of HOV lane, where general and restricted traffic is not separated by a physical barrier, causes a fifty percent increase in accidents.
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But it's San Francisco so you're mileage may vary. 
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The descent of man ~ Nixon, Friedman, Reagan, Trump.
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