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.
Featuring Bjørn Lomborg, Associate Professor of Statistics, University of Aarhus,
Author, The Skeptical Environmentalist, and Editor, Global Crises, Global Solutions; and moderated by Jerry Taylor, Director of Natural Resource Studies, Cato Institute
How should governments prioritize responses to the most serious problems facing the world today, such as climate change, communicable diseases, armed conflicts, malnutrition, and hunger? Bjørn Lomborg, author of the controversial bestseller The Skeptical Environmentalist, answers that question in his new book Global Crises, Global Solutions. The book is a product of “The Copenhagen Consensus,” an effort sponsored by Denmark’s National Environmental Assessment Institute. Its purpose was to bring together some of the most respected scholars in the world to map out a path toward positive global change. Professor Lomborg, who served as director of the project, will report what “the best and the brightest” concluded.