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: Joseph Caggiano, Senior Consultant, Chevron Energy Technology Company; David K. Bellman, Director of Fundamental Analysis, Corporate Planning and Budgeting, American Electric Power; and Richard Gordon, Professor Emeritus of Mineral Economics, Pennsylvania State University.
Last summer, the National Petroleum Council issued a report titled “Facing the Hard Truths about Energy.” The 380-page study, which was put together under the direction of former ExxonMobil CEO Lee Raymond, included the work of 350 contributors (two-thirds of whom came from outside the oil and gas field) who availed themselves of the expertise of more than 1,000 third parties involved in the energy sector. The findings? If the world is going to meet the energy demands of 2030, it will require Herculean efforts from both private and public actors. How realistic is the study’s assessment of the future? How reliable is the policy blueprint being forwarded? Joseph Caggiano and David Bellman–both of whom helped put the report together–will discuss the study’s findings, and Richard Gordon–winner of an outstanding lifetime achievement award from the International Association for Energy Economics (1992)-will provide an independent assessment.