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.
Too Big To Save? How to Fix The U.S. Financial System
Featuring the author, Robert Pozen, Chairman, MFS Investment Management; with comments by Kenneth E. Bentsen Jr., Executive Vice President, Public Policy and Advocacy Securities Industry and Financial Markets Association; and Phillip Swagel, Professor, McDonough School of Business, Georgetown University. Moderated by Mark Calabria, Director, Financial Regulation Studies, Cato Institute.
Mortgage defaults, together with excessive debt and ineffective regulation, ultimately led to a major financial crisis in the United States. But how exactly did a steep drop in U.S. housing prices result in a severe financial crisis throughout the world? How did actions of the U.S. government impact the crisis? And what actions should be taken to resolve this financial crisis and help prevent others from happening? In Too Big To Save? Robert Pozen, former vice chairman of Fidelity Investments and current lecturer at the Harvard Business School, takes on these questions and others.