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 Brink Lindsey, Vice President for Research, Cato Institute; Tyler Cowen, Professor, George Mason University; and Martin Baily, Senior Fellow, Brookings Institution; moderated by Annie Lowrey, Reporter, New York Times.
The sluggish recovery from the Great Recession raises a troubling question: is this the new normal? Tyler Cowen launched an ongoing debate of that question with The Great Stagnation, in which he argued that the “low-hanging fruit” of growth has already been picked. In a new Cato paper entitled “Why Growth Is Getting Harder,” Brink Lindsey offers an analysis that differs from Cowen’s but shares his conclusion that slow growth will be hard to avoid in the coming years. Martin Baily, one of the world’s leading experts on productivity, is optimistic about the future of innovation but cautions that other factors can hold growth back. Please join these experts for a stimulating discussion of a vitally important issue.