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 the author, Senator Chuck Hagel (R-NE), with an introduction by Edward H. Crane, President, Cato Institute.
In his two terms in the U.S. Senate, Chuck Hagel has distinguished himself as one of our nation’s most outspoken and thoughtful political leaders. Unafraid to challenge the policies of his own party, Senator Hagel has drawn praise and admiration from across the ideological spectrum by expressing grave concerns about the war in Iraq. In America: Our Next Chapter: Tough Questions, Straight Answers, Senator Hagel sets forth his vision for a humbler U.S. foreign policy guided by international diplomacy and free trade. He also addresses key domestic policy issues by calling for a significant reduction in the size of the federal government, demanding more fiscal responsibility in Washington, and supporting reforms to reduce the spiraling costs of entitlement programs. Please join Senator Hagel for a discussion of his new book, with introductory comments by Cato Institute president Edward H. Crane.