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.
The World’s Banker: A Story of Failed States, Financial Crises, and the Wealth and Poverty of Nations
Featuring the author Sebastian Mallaby, Columnist, Washington Post; with comments by
Kenneth Rogoff, Professor of Economics, Harvard University and Former Chief Economist, International Monetary Fund; and moderated by Brink Lindsey, Cato Institute.
The World Bank under the high-profile presidency of James Wolfensohn has been more controversial than ever. Wolfensohn’s attempts to reinvent the bank during the last nine years of economic and political turbulence on the international scene have pulled the agency in a number of different directions. Sebastian Mallaby will tell the story of Wolfensohn’s initiatives on internal reform, debt relief, and corruption, and review the bank’s often stormy relations with the Bush administration and nongovernmental organizations. Kenneth Rogoff will comment on Wolfensohn’s tenure, the bank’s lending priorities, and its continuing problems with accountability.