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.
Featuring the editor and chief author Ejaz Ghani, Economic Advisor, South Asia Poverty Reduction and Economic Management, World Bank; with comments by Swaminathan S. Anklesaria Aiyar, Research Fellow, Center for Global Liberty and Prosperity, Cato Institute and columnist for the Times of India; moderated by Daniel Griswold, Director, Center for Trade Policy Studies, Cato Institute.
South Asia, especially India, has attracted global attention because of its success in service exports. Challenging the “iron law” of development that industrialization is the only route to rapid growth, Ejaz Ghani explores the revolutionary opportunities that the globalization of services opens up for developing countries. Swami Aiyar will question how deep the service revolution is, and whether it can be replicated widely. What exactly is a service revolution and what has contributed to it? Are services as dynamic as manufacturing? Why have some countries succeeded and others failed? What can we learn from the experiences of India, China, and other South Asian countries? Join us as we discuss this timely and provocative book.