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 European Crisis Continues: No Solution on the Horizon
Featuring Václav Klaus, President, Czech Republic (until March 7, 2013), Distinguished Senior Fellow, Cato Institute; with comments by Uri Dadush, Senior Associate and Director, International Economics Program, Carnegie Endowment for International Peace; moderated by Roger Pilon, Vice President for Legal Affairs, Director, Center for Constitutional Studies, Cato Institute.
As the European Crisis continues, with no solution in sight, it is becoming increasingly clear to many that the problems are deep and structural. Stagnant growth, persistent unemployment, and public dissatisfaction are threatening the very premises of the European project. Although some believe that “an ever-closer Europe” is the solution, others argue that the current crisis is no accident; it is the natural result of naïve and excessively optimistic expectations concerning the economic benefits of integration and centralization. Professor Václav Klaus, former Czech minister of finance and prime minister, and now distinguished senior fellow at the Cato Institute, will address these pressing questions during his first visit to Washington just days after stepping down from his second term as president. Please join us for what should be a most interesting discussion.