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 author Allan H. Meltzer, University Professor of Political Economy at Carnegie Mellon University; with comments by John Mueller, Senior Fellow, Cato Institute; moderated by David Boaz, Executive Vice President, Cato Institute.
The only economic system that maximizes both growth and individual liberty is capitalism, explains Allan H. Meltzer in his new book. Capitalism succeeds because it is adaptive, not rigid, whereas so much regulation often fails despite good intentions. The author will explain why European welfare states lag behind the United States, the causes of postwar progress and current enormous budget deficits, and why inflation will return. Join us to hear Professor Meltzer’s passionate defense of the free market at a time when U.S. citizens seem to lack a shared vision of the way to maintain domestic or world growth. John Mueller will comment on the role of capitalism in human progress.