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.
A Harsh Climate for Trade: How Climate Change Proposals Threaten Global Commerce
Featuring Sallie James, Trade Policy Analyst, Cato Institute; Gary Hufbauer, Senior Fellow, Peterson Institute for International Economics; and Clayton Yeutter, Senior Advisor, Hogan and Hartson LLP and former United States Trade Representative.
As the Senate prepares to consider a climate change bill, a new study from the Cato Institute lays out some of the dangers in trade provisions ostensibly designed to “level the carbon playing field” between countries that sign carbon-limiting agreements and those that do not. Using the latest data and thinking on trade law, Sallie James shows how linking tariffs to greenhouse gas emissions would be harmful to the U.S. economy and counterproductive for achieving climate change objectives. Gary Hufbauer and Clayton Yeutter will also present their views on the intersection between climate change and trade policy.