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.
Transit agencies regularly splurge on expensive but little-used rail transit lines, then declare them to be great successes. And for good reason: if they admitted that federally subsidized rail lines were failures and quit running them, they would have to reimburse the feds. How can you know whether a rail transit line is really successful or whether the transit agency is trying to avoid admitting that it wasted so much money? To answer this question, Cato scholar Randal O’Toole developed six different tests, including profitability and effects on ridership, and used them to evaluate more than 70 rail transit systems in dozens of cities. Please join Randal O’Toole and Ron Utt of the Heritage Foundation to discuss how rail transit measures up and how it affects urban mobility.