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.
Free Trade with Chile: Understanding What’s at Stake
Featuring Regina Vargo, Assistant U.S. Trade Representative for the Americas; and Hernán Büchi, Former Minister of Finance, Chile.
The recently negotiated U.S.-Chile Free Trade Agreement promises to immediately eliminate tariffs on 85 percent of goods traded between the two countries and on much of the remainder in four years. If passed, it may signal the beginning of a new phase of trade liberalization in the region. Regina Vargo, lead negotiator of the U.S.-Chile FTA, will describe what the treaty covers and how it fits into other U.S. trade initiatives in the Americas. Hernán Büchi will explain how the agreement benefits Chile and its importance to Latin America at a time when much of the region is experiencing political and economic uncertainty.