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# Winter 2019 

Vol. 39 No. 1 

Edited by [James A. Dorn](https://www.cato.org/people/james-dorn) 

##### Articles 

#### [Motherhood and Humble Pie: Some Lessons for the SEC ](/cato-journal/winter-2019/motherhood-humble-pie-some-lessons-sec)

By Hester Peirce 

#### [From Real Bills to Too Big to Fail: H. Parker Willis and the Fed’s First Century ](/cato-journal/winter-2019/real-bills-too-big-fail-h-parker-willis-feds-first-century)

By Jeffrey M. Lacker 

#### [Monetary Policy, Fiscal Dominance, Contracts, and Populism ](/cato-journal/winter-2019/monetary-policy-fiscal-dominance-contracts-populism)

By Sebastian Edwards 

#### [Economic Conditions and Policy Strategies: A Monetarist View ](/cato-journal/winter-2019/economic-conditions-policy-strategies-monetarist-view)

By Peter Ireland 

#### [Assessing China’s Financial Reform: Changing Roles of the Repressive Financial Policies ](/cato-journal/winter-2019/assessing-chinas-financial-reform-changing-roles-repressive-financial)

By Yiping Huang and Tingting Ge 

#### [An Analysis of the PBOC’s New Mobile Payment Regulation ](/cato-journal/winter-2019/analysis-pbocs-new-mobile-payment-regulation)

By Andrew Liu 

#### [Two Systems of Belief about Monopoly: The Press vs. Antitrust ](/cato-journal/winter-2019/two-systems-belief-about-monopoly-press-vs-antitrust)

By Dirk Auer and Nicolas Petit 

#### [Flawed Plan to Keep Out Welfare-Using Immigrants ](/cato-journal/winter-2019/flawed-plan-keep-out-welfare-using-immigrants)

By [David J. Bier](https://www.cato.org/people/david-bier) 

#### [The Influence of Air Conditioning on the Growth of State Government Expenditures ](/cato-journal/winter-2019/influence-air-conditioning-growth-state-government-expenditures)

By Thomas A. Garrett and Natalia A. Kolesnikova 

#### [China’s Future Development: Challenges and Opportunities ](/cato-journal/winter-2019/chinas-future-development-challenges-opportunities)

By [James A. Dorn](https://www.cato.org/people/james-dorn) 

#### [U.S.-China Relations: The Way Forward ](/cato-journal/winter-2019/us-china-relations-way-forward)

By P. H. Yu 

#### [Assessing President Trump’s Trade Priorities ](/cato-journal/winter-2019/assessing-president-trumps-trade-priorities)

By [Daniel Griswold](https://www.cato.org/people/daniel-griswold) 

#### [U.S. Median Household Income Has Risen More Than You Think ](/cato-journal/winter-2019/us-median-household-income-has-risen-more-you-think)

By William R. Cline 

##### Book Reviews 

##### [*Custodians of the Internet* by Tarleton Gillespie](/cato-journal/winter-2019/custodians-internet-tarleton-gillespie)

By [Will Duffield](https://www.cato.org/people/will-duffield) 

##### [*What Is Classical Liberal History?* edited by Michael J. Douma and Phillip W. Magness](/cato-journal/winter-2019/what-classical-liberal-history-edited-michael-j-douma-phillip-w-magness)

By [Jason Kuznicki](https://www.cato.org/people/jason-kuznicki) 

##### [*Melting Pot or Civil War? A Son of Immigrants Makes the Case Against Open Borders* by Reihan Salam](/cato-journal/winter-2019/melting-pot-or-civil-war-son-immigrants-makes-case-against-open-borders)

By [Alex Nowrasteh](https://www.cato.org/people/alex-nowrasteh) 

##### [*A Crisis of Beliefs: Investor Psychology and Financial Fragility* by Nicola Gennaioli and Andrei Shleifer](/cato-journal/winter-2019/crisis-beliefs-investor-psychology-financial-fragility-nicola-gennaioli)

By [Diego Zuluaga](https://www.cato.org/people/diego-zuluaga) 

##### Latest Issues 

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[Fall 2021](/cato-journal/fall-2021)

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[Spring/​Summer 2021](/cato-journal/spring/summer-2021)

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[Winter 2021](/cato-journal/winter-2021)

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[Fall 2020](/cato-journal/fall-2020)