Unconventional monetary policy—characterized by “zero interest rate policy” (ZIRP) and “quantitative easing” (QE), along with macro-prudential regulation—has increased the power of central banks in the United States, Japan, and Europe. In the new issue of Cato Journal, contributors revisit the thinking behind unconventional monetary policy and the “new monetary framework,” make the case for transparent monetary rules versus foggy discretion, and point to the distortions generated by ultra-low interest rates and preferential credit allocation.
When the Danish newspaper Jyllands-Posten published the cartoons of the prophet Muhammad in 2005, Denmark found itself at the center of a global battle about the freedom of speech. The paper’s culture editor, Flemming Rose, defended the decision to print the 12 drawings, and he quickly came to play a central part in the debate about the limitations to freedom of speech in the 21st century. In The Tyranny of Silence, Flemming Rose provides a personal account of an event that has shaped the debate about what it means to be a citizen in a democracy and how to coexist in a world that is increasingly multicultural, multireligious, and multiethnic.
The Cato Institute has released its 2014 Annual Report, which documents a dynamic year of growth and productivity. “Libertarianism is the philosophy of freedom,” Cato’s David Boaz writes in his book, The Libertarian Mind. “It is the indispensable framework for the future.” And as the new report demonstrates, the Cato Institute, thanks largely to the generosity of our Sponsors, is leading the charge to apply this framework across the policy spectrum.
Featuring Maqbool Ali Sultan, Minister of Commerce and Industry of Oman; Salem Ben Nasser Al Ismaily, Omani Center for Investment Promotion and Export Development; and Fred McMahon, Centre for Globalization Studies Fraser Institute.
The United States has signed free trade agreements with four Middle Eastern countries–Israel, Jordan, Morocco, and Bahrain–and plans to sign a fifth with Oman this month. The hope behind the U.S. policy is that expanding economic freedom and openness in the Middle East will create private-sector opportunities in a region plagued by high trade barriers and stagnant growth. Can freer markets bring more democracy and peace to the region? Two speakers from Oman, one of the freest and most open economies in the Muslim world, will offer their insights from the government and private sectors, with comments from a leading expert on economic freedom in the Middle East.