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.
The Age of Reagan: The Conservative Counterrevolution 1980–1989
Featuring the author, Steven F. Hayward, Weyerhaeuser Fellow, American Enterprise Institute; with comments by William A. Niskanen, Chairman Emeritus, Cato Institute, and Author, Reaganomics: An Insider’s Account of the Policies and the People; and James Mann, Foreign Policy Institute Author-in-Residence, SAIS, Johns Hopkins University, and Author, The Rebellion of Ronald Reagan: A History of the End of the Cold War.
Steven Hayward’s first volume of The Age of Reagan ended with the president’s election. The second volume provides a complete narrative history of the Reagan presidency and its aftermath, covering both domestic and foreign policy. Hayward pays special attention to Reagan’s battles within his own party as well as opposition from Democrats, and assesses how Reagan changed both parties. By his own account, Reagan set out to restore the constitutional limits on American government, thereby reviving the hope for individual liberty that motivated the American founding. Please join us for a lively discussion of Reagan’s successes and failures as president, especially regarding the ongoing struggle to limit government to its proper sphere.