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 Stephen A. Moses, President, Center for Long-Term Care Reform, Inc.; Jagadeesh Gokhale, Senior Fellow, Cato Institute; and Michael Cannon, Director of Health Policy Studies, Cato Institute.
Medicaid, the joint federal-state health care program for the poor, turns 40 this year. It has grown larger than Medicare, the federal health care program for the elderly, and eclipses elementary and secondary education spending in most state budgets. Congress has agreed to trim $10 billion from the federal Medicaid budget over the next five years, a Medicaid Advisory Commission has been created to propose short- and long-term reforms, and many state legislatures are crafting Medicaid reform plans of their own. Our panelists will discuss the Medicaid cost explosion, Medicaid’s unseen costs and perverse incentives, and possible solutions to the long-term care crisis in Medicaid.