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.
In discussions about homesharing it’s important to remember that prohibitions necessarily restrict what homeowners can say about their properties while they seek to carry out peaceful and voluntary transactions.
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 Swaminathan Aiyar, Research Fellow, Center for Global Liberty and Prosperity, Cato Institute; Surjit Bhalla, Managing Director, Oxus Research and Investments; and Arvind Panagariya, Jagdish Bhagwati Professor of Indian Political Economy, Columbia University; moderated by Ian Vasquez, Director, Center for Global Liberty and Prosperity, Cato Institute.
Twenty years ago this summer, India introduced major economic reforms that have led to sustained high growth, reductions in mass poverty, and an ongoing transformation of Indian society. Swaminathan Aiyar will describe the key reforms and why they were politically possible. Surjit Bhalla, one of the world’s leading experts on growth and poverty, will discuss the social impact of liberalization, including the dramatic rise of the middle class. Arvind Panagariya will stress the need for further modernization and highlight pressing items on India’s unfinished reform agenda. All three speakers will assess the probability of future high growth and reform.