Featuring Elizabeth Cobbs, Producer and Writer, American Umpire; with comments by Derek Chollet, Counselor and Senior Advisor, Security and Defense Policy, German Marshall Fund; Heather Hurlburt, Director of New Models of Policy Change, New America; and Thomas Wright, Fellow and Director of the Project on International Order and Strategy, Brookings Institution; moderated by Christopher Preble, Vice President for Defense and Foreign Policy Studies, Cato Institute.
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.
Zoning Rules! The Economics of Land Use Regulation
Featuring the author William Fischel, Professor of Economics, Dartmouth College; with comments by Matt Yglesias, Executive Editor, Vox Media; and Robert Dietz, Vice President, Tax and Market Analysis, National Association of Home Builders; moderated by Mark Calabria, Director, Financial Regulation Studies, Cato Institute.
Zoning has shaped American cities since 1916, when New York City adopted the first comprehensive ordinance. It has remained a popular and widely used institution, particularly for homeowners wishing to protect the value of their homes. As values have soared in recent years, however, this protection has accelerated to the degree that new housing development has become unreasonably difficult and costly. The widespread Not in My Backyard (NIMBY) syndrome is driven by voters’ excessive concern about their home values and creates barriers to growth that reach beyond individual communities. Those barriers contribute to suburban sprawl, entrench income and racial segregation, retard regional immigration to the most productive cities, add to national wealth inequality, and slow the growth of the American economy. Zoning Rules, an update of Fischel’s 1985 classic book The Economics of Zoning, examines this history while offering solutions to the unintended consequences of zoning.