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.
Featuring the Hon. Cal Dooley, President and CEO, Grocery Manufacturers/Food Products Association, and Daniel Griswold, Director, Center for Trade Policy Studies, Cato Institute.
Every U.S. president since 1974 has been granted authority by Congress to negotiate agreements with other nations to expand trade. At the end of June, the Bush administration’s ability to negotiate such agreements and submit them to Congress for an up-or-down vote, known as Trade Promotion Authority, will expire. Advocates say trade agreements promote economic growth, while Democratic leaders in Congress have vowed not to renew TPA without tougher language requiring other countries to improve their labor and environmental standards. How reasonable are the objections to TPA renewal? How important is TPA to successful completion of the Doha Round in the World Trade Organization? A former Democratic congressman and key player in U.S. trade policy will join a Cato trade expert to examine the looming battle over TPA.