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.
Resolved: The Court Should Better Protect Property Rights
Featuring Roger Pilon, Vice President for Legal Affairs, Cato Institute vs. J. Peter Byrne, Faculty Director, Georgetown Environmental Policy and Law Institute
On February 22 the Supreme Court will hear oral argument in the first two of three property rights cases before it this term, Kelo v. New London and Lingle v. Chevron. Kelo asks whether government can transfer property from one person to another for the sole purpose of possible economic development. Lingle asks whether a commercial rent control scheme is constitutional when it advances no legitimate state interest. The Cato Institute and the Georgetown Environmental Policy and Law Institute filed briefs on opposite sides of the two cases. Please join us for what promises to be a spirited debate on this most basic of constitutional issues.