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 2015 Annual Report, which documents a dynamic year of growth and productivity. The thousands of individuals who contribute to Cato are passionate about freedom and committed to ensuring that future generations enjoy the blessings of liberty, unencumbered by an overreaching state that seeks to control their lives. This is Cato’s optimistic vision for the future, and it would be unimaginable without the Institute’s longstanding partnership with its Sponsors. We will continue our diligence and dedication to seeing this vision realized.
Helping Students or Ballooning College Profits: What’s Federal Money Doing?
Featuring Vance Fried, Riata Professor of Entrepreneurship, Oklahoma State University; M. Peter McPherson, President, Association of Public and Land-grant Universities; Grover J. “Russ” Whitehurst, Director, Brown Center on Education Policy, Brookings Institution; moderated by Neal McCluskey, Associate Director, Center for Educational Freedom, Cato Institute.
President Obama wants the United States to lead the world in college attainment by 2020. Arguably the biggest obstacle standing in the way of that is rampant tuition inflation, which pushes prices to increasingly astronomical heights. Ironically, as a new Cato analysis by Professor Vance Fried lays bare, federal programs intended to make college more affordable are likely fueling this hyperinflation, enabling all colleges — both for-profit and putatively nonprofit — to make big bucks off of undergrads. Please join us for a frank discussion about the effect of federal funding in higher education and how to make the ivory tower as lean and effective as possible.