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.
The Hindu Equilibrium: India C. 1500 B.C. – 2000 A.D.
Featuring the author, Deepak Lal, Adjunct Scholar, Cato Institute, Professor of International Development Studies, University of California at Los Angeles with comments by Anne Krueger, First Deputy Managing Director, International Monetary Fund
India is an emerging economic giant. Deepak Lal will explain the role that modernity and tradition have played in that country’s recent moves to the market after decades of stagnation. Why has democracy succeeded and the caste system survived in India? Why did India switch to more liberal economic policies, and why is it likely to overtake China in the race for economic growth? Lal will provide answers to those questions and review India’s development challenges. Anne Krueger will comment on the record and prospects of Indian growth and poverty reduction.