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 2015 Annual Report, which documents a dynamic year of growth and productivity. The thousands of individuals who contribute to Cato are passionate about freedom and committed to ensuring that future generations enjoy the blessings of liberty, unencumbered by an overreaching state that seeks to control their lives. This is Cato’s optimistic vision for the future, and it would be unimaginable without the Institute’s longstanding partnership with its Sponsors. We will continue our diligence and dedication to seeing this vision realized.
Social Security: A Fresh Look at Policy Alternatives
Featuring Jagadeesh Gokhale, Senior Fellow, Cato Institute; Former Rep. Jim Kolbe, (R-AZ) Senior Transatlantic Fellow, The German Marshall Fund of the United States; and Former Rep. Charles Stenholm (D-TX), Senior Policy Advisor, Olsson Frank Weeda PC.
Experts and practitioners of federal budget policies across the political spectrum recognize that America’s fiscal trajectory is unsustainable — especially because of the effects of changing demographic and economic forces on the finances of entitlement programs such as Social Security and Medicare. Although many recognize that delays make achieving sustainable reforms more difficult, a key requirement for sensible reforms is proper projections and estimates of entitlement program finances. In a new book from the University of Chicago Press, Social Security: A Fresh Look at Policy Alternatives, Jagadeesh Gokhale argues that the government’s methods for estimating the program’s outlook seriously underestimate its imbalance. He develops a more detailed approach and evaluates six reform proposals — two liberal, two centrist, and two conservative — to demonstrate how far they resolve Social Security’s imbalance and who bears the costs under each. Joining him at this event are two coauthors of a centrist reform plan to explain why achieving Social Security reform with broad bipartisan support remains a key national goal and how it can be achieved.