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.
Featuring Alan Pisarski, author of Commuting in America; Clyde Hart, Senior Vice President for Government Affairs, American Bus Association; and Randal O’Toole, Senior Fellow, Cato Institute and author, Gridlock: Why We’re Stuck in Traffic and What to Do About It; moderated by Brandon Arnold, Director of Government Affairs, Cato Institute.
With Congress poised to pass a surface transportation reauthorization bill in 2011, America’s transportation system is at a crossroads. Should we emphasize high-cost forms of transportation, such as light rail and high-speed rail, whose main goal is to get a few people out of their cars? Or should we find low-cost technologies that can increase personal mobility for everyone, regardless of their income? Alan Pisarski will discuss the future of urban commuting, Clyde Hart will describe the current and future state of intercity bus transportation, and Randal O’Toole will show how future automobile technologies will save more energy and relieve congestion at a lower cost than heavy investments in new infrastructure.