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.
Should American Workers Fear or Embrace Globalization?
Featuring Jagdish Bhagwati, Author, In Defense of Globalization and Matthew Slaughter, Tuck School of Business, Dartmouth University.
Anxiety about the impact of trade on real wages and the middle class has complicated efforts to move forward on trade liberalization. How real are those worries and how should policymakers respond? In a new edition of his book In Defense of Globalization, Columbia University economist Jagdish Bhagwati addresses the economic critiques that have now arisen, such as the alleged adverse impact of trade on real wages in the United States, and finds them mistaken. He has also taken aim at the critique of Alan Blinder and others who warn that job insecurity will soon spread to millions of service-sector workers. Joining the discussion will be Matthew Slaughter, a former member of the president’s Council of Economic Advisers, who has argued that the government must respond with policies that more aggressively address income inequality if free trade is to be maintained.