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The Supply of Transaction Assets, Nominal Income, and Monetary Policy...
Joshua R. Hendrickson and David BeckworthOver the last few years, the Federal Reserve has conducted a series of large scale asset purchases. Given the Federal Reserve’s dual mandate, the objective of...
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Checking E-Verify: The Costs and Consequences of a National Worker Screening...
Alex Nowrasteh and Jim HarperMany policymakers believe that an essential part of immigration reform is nationally mandating the use of E-Verify, the electronic employment eligibility verification...
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Capitalism's Assault on the Indian Caste System: How Economic Liberalization...
Swaminathan S. Anklesaria AiyarDalits—once called untouchables—constitute one-sixth of India’s population. They traditionally occupied the bottom of the caste hierarchy, in the filthiest...
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Why the Federal Government Fails
Chris EdwardsMost Americans think that the federal government is incompetent and wasteful. Their negative view is not surprising given the steady stream of scandals emanating from Washington. Scholarly...
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On the Desirability of Nominal GDP Targeting
Julio Garín, Robert Lester, and Eric SimsThis paper evaluates the welfare properties of nominal GDP targeting in the context of a New Keynesian model with both price and wage rigidity. In particular,...
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Islam and the Spread of Individual Freedoms: The Case of Morocco
Ahmed BenchemsiMorocco is a “partly free” country according to Freedom House’s Freedom Index—it is a constitutional monarchy with a freely elected government. However, the North African country’s...
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The Work versus Welfare Trade-Off: Europe
Michael D. Tanner and Charles HughesIf welfare benefits become too generous, they can create a significant incentive that encourages recipients to remain “on the dole” rather than to seek employment....
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The Case Against a Carbon Tax
Robert P. Murphy, Patrick J. Michaels, and Paul C. "Chip" KnappenbergerA vigorous campaign aimed at American policymakers and the general public has tried to create the perception that a federal carbon...
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Washington’s Largest Monument: Government Debt
Chris EdwardsChris Edwards is the director of tax policy studies at Cato and editor of www.DownsizingGovernment.org.
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Patent Rights and Imported Goods
Daniel R. PearsonThe United States government has granted patents almost from the founding of the country. The First Congress acted in 1790 to provide exclusive — but temporary — intellectual property...
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Federal Government Cost Overruns
Chris Edwards and Nicole KaedingChris Edwards is the director of tax policy studies at Cato and editor of www.downsizinggovernment.org. Nicole Kaeding is a budget analyst for the Cato Institute.
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In Defense of Derivatives: From Beer to the Financial Crisis
Bruce TuckmanThe vast majority of large businesses use derivatives to hedge their business risks. Anheuser-Busch, for example, uses exchange-traded wheat futures and over-thecounter aluminum swaps to...
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Earned Income Tax Credit: Small Benefits, Large Costs
Chris Edwards and Veronique de RugyWith America’s sluggish economy and stagnant wages, federal policymakers are looking for ways to help the working poor. One idea that has gained some bipartisan...
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Antidumping Fowls Out: U.S.–South Africa Chicken Dispute Highlights the Need...
K. William WatsonIntroductionThe United States and South Africa recently resolved a long-standing dispute over trade in chicken. Fifteen years ago, South African authorities, in response to domestic...
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Watching the Watchmen: Best Practices for Police Body Cameras
Matthew FeeneyCoverage of recent police killings has prompted a much-needed debate on law enforcement reform, and proposals for police body cameras have featured heavily in these discussions. Body...
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Requiem for QE
Daniel L. ThorntonTo combat the 2007–09 recession, the Federal Reserve implemented the Large Scale Asset Purchase program, more commonly known as quantitative easing (QE). The Fed intended to reduce...
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The Costs and Consequences of Gun Control
David B. KopelIn politicizing mass murders, gun control advocates, such as President Obama, insist that more laws against firearms can enhance public safety. Over and over again, there are calls for...
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China’s Challenge: Expanding the Market, Limiting the State
James A. DornThis article explores the tension between the state and the market in China, the challenges that remain in moving toward what Milton Freidman called “free private markets,” and the...
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Fiscal Imbalance: A Primer
Jeffrey MironThe concept of fiscal imbalance is familiar to economists but less so to policymakers, politicians, and the public. Yet understanding this concept is essential to rational discussion of...
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Climate Models and Climate Reality: A Closer Look at a Lukewarming World
Patrick J. Michaels and Paul C. "Chip" KnappenbergerThe case for lukewarming — modest anthropogenic climate change in accordance with the lower end of expectations from mainstream science — is simple,...
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