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.
Georgia’s Liberal Institutions In the Wake of War and the Global Economic Crisis
Featuring David Bakradze, Speaker of the Georgian Parliament; Kakha Bendukidze, Former Minister of the Economy and Reform Coordination, Georgia;
and Andrei Illarionov, Senior Fellow, Center for Global Liberty and Prosperity, Cato Institute;
Since the Rose Revolution of 2003, Georgia has implemented perhaps the most ambitious economic reform program of all formerly socialist countries. Years of high growth have been transforming it into an economic success story. But beginning last year the country suffered a war with Russia, partial occupation and secession of part of its territory, and the effects of the global economic crisis. Kakha Bendukidze will explain the economic policies that Georgia is undertaking to confront that adversity. David Bakradze will discuss the country’s move toward greater democratization, including in the areas of free speech and a greater role for parliament in national decision making and presidential accountability.