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 2015 Annual Report, which documents a dynamic year of growth and productivity. The thousands of individuals who contribute to Cato are passionate about freedom and committed to ensuring that future generations enjoy the blessings of liberty, unencumbered by an overreaching state that seeks to control their lives. This is Cato’s optimistic vision for the future, and it would be unimaginable without the Institute’s longstanding partnership with its Sponsors. We will continue our diligence and dedication to seeing this vision realized.
America’s Drive for Energy Independence: Fueling the Oil Price Boom?
Featuring A. F. Alhajji, Associate Professor at the College of Business Administration, Ohio Northern University.
Moderated by Jerry Taylor, Cato Institute.
America’s increasingly loud and bipartisan call for energy independence may well be having a negative impact on world crude oil markets. A. F. Alhajji, one of America’s most widely published academic oil economists, believes that investment trends in oil-producing countries are being affected by our (largely rhetorical) campaign against foreign oil. The net result is less oil and gas exports and higher world prices. Alhajji is a syndicated columnist and a regular contributing editor for one of the industry’s premier publications, World Oil magazine. In addition, he is an associate editor for Oil, Gas and Energy Law. Alhajji is also the energy columnist for the major daily business newspaper in Saudi Arabia, Aleqtisadiah. His articles have appeared in numerous countries and in more than 10 languages.