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 Michele Boldrin, University of Minnesota with comments by John Rust, University of Maryland and moderated by Jagadeesh Gokhale, Cato Institute
The Social Security debate is focused on mundane financial issues: transition costs, benefit adequacy, the value of the Social Security Trust Fund, and so on. The program’s long-term impact on individual economic choices is much more important but generally neglected. Completely unheard in the debate, however, is the program’s potential to affect fundamental choices about family formation. A new study by Michele Boldrin and colleagues examines the link between government-provided old-age pensions and the continual dramatic reduction in fertility throughout the developed world during the twentieth century. Its compelling evidence suggests an issue that deserves serious attention as policymakers consider the future of Social Security.