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.
Congress specifically intended to allow companies to use the H-1B to quickly respond to labor market needs. There are actions, consistent with this intent, that would help American workers compete, but a recruitment rule simply is not one of them.
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 Power of Productivity: Wealth, Poverty, and the Threat to Global Stability
Featuring the author William W. Lewis, Director emeritus, McKinsey Global Institute; with comments by Simon Johnson, Professor, MIT Sloan School of Management, and Research Department Assistant Director, International Monetary Fund; moderated by Ian Vásquez, Director, Cato Institute Project on Global Economic Liberty.
Even after the 1990s, when much of the world seemed to finally embrace market-oriented policies, there is a lack of understanding about what makes nations grow. William Lewis spent a dozen years studying how firms in the formal and informal economy operate in countries around the world. He will explain why the key to improving economic conditions in poor countries is to increase competition. Removing internal barriers to growth will raise productivity, the factor that accounts for large differences in wealth, including wealth among rich countries. Simon Johnson will assess Lewis’s insights on the impact of regulation, taxes, and size of government on productivity in countries as diverse as Brazil, Germany, Russia, and the United States.