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  • Author: Masoud Moghaddam, James E. Jenson
  • Publication Date: 01-2008
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: In a recent issue of this journal, Richard Reichel (2004) takes issue with the resurrected Phillips curve (PC) in William Niskanen's (2002) article. Accordingly, Niskanen's reformulation of the PC provides empirical evidence for a weak, but statistically significant, short-run (in the same year) tradeoff between inflation and unemployment rates in the United States. Furthermore, the unemployment rate is directly and significantly determined by the one-period lagged value of the inflation rate, which implies an upward sloping PC, consistent with the type of PC explicated by Milton Friedman (1987). Reichel's main point of contention is that the variables in the reformulated version of PC are nonstationary, meaning that statistical properties (such as conditional mean and variance) vary with time. Thus, Niskanen's findings are spurious.
  • Political Geography: United States
  • Author: Jagadeesh Gokhale
  • Publication Date: 01-2008
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: This book is about how and why a severe economic and financial crisis may well unfold in the United States within the next few years. The main reason: politicians have been increasingly profligate with the public purse—expanding government entitlement and nonentitlement spending, seemingly without regard for future economic consequences.
  • Political Geography: United States
  • Author: Neal McCluskey
  • Publication Date: 01-2008
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Only a dozen years ago, the Republican Party platform called for abolition of the U.S. Department of Education. Perhaps a holdover from what many thought would be a government-leveling tidal wave when the GOP won control of both the U.S. House of Representatives and Senate in 1994, the 1996 platform declared that “the federal government has no constitutional authority to be involved in school curricula. . . . That is why we will abolish the Department of Education, end federal meddling in our schools, and promote family choice at all levels of learning.”
  • Political Geography: United States
  • Author: Christopher Preble
  • Publication Date: 03-2008
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: “9/11 constituted an open declaration of war on the United States and … the war into which it catapulted us was nothing less than another world war.” So says Norman Podhoretz in the opening passage of this alarmist, rambling screed. The enemy is Islamofascism, a “monster with two heads, one religious and the other secular.” This scourge, Podhoretz warns darkly, may be “even more dangerous and difficult to beat” than Nazi Germany or the Soviet Union.
  • Political Geography: United States, Soviet Union
  • Author: Sitikantha Pattanaik
  • Publication Date: 09-2007
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: The exchange rate policies of the member countries of the International Monetary Fund could come under more intrusive scrutiny because of the June 15, 2007, decision of the IMF Executive Board on bilateral surveillance. This article highlights why the IMF decision cannot help in addressing the problem of global imbalances, even if it succeeds in delivering further appreciation of the exchange rates of surplus countries against the U.S. dollar. Moreover, there could be enormous challenges for effective implementation of the decision, which may further erode the credibility of the IMF. Even though disorderly correction of global imbalances remains a concern for every country, shifting the burden of adjustment entirely to surplus countries could have potentially damaging implications for international cooperation on global economic challenges. Past experiences of international cooperation to deal with global imbalances and currency misalignments suggest that countries rarely sacrifice their domestic economic priorities. Without appropriate macroeconomic adjustment measures, neither the high and growing U.S. current account deficit nor the savings glut of several surplus countries can be corrected solely by removing exchange rate misalignments.
  • Political Geography: United States
  • Author: Charles Edward Smith
  • Publication Date: 09-2007
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Hernando de Soto's The Mystery of Capital traces the essential developments of land registration and titling in 19th century U.S. history. But his chronology omits implementation of mid-17th century English legal reform initiatives in colonial Massachusetts concerning land registration, creditor-debtor law, and market regulations. Massachusetts's legislators were pursuing a reform agenda in an agrarian, semi-literate, and pre-contract society, conditions that are similar to many developing countries today. This article expands on de Soto's work by examining the vehicle that colonial Massachusetts utilized to communicate its ordinances and regulations: the official law books printed and distributed to colonists.
  • Political Geography: United States
  • Author: Robert Carbaugh
  • Publication Date: 09-2007
  • Content Type: Journal Article
  • Journal: The Cato Journal
  • Institution: The Cato Institute
  • Abstract: Structural, legal, and financial constraints have brought the U.S. Postal Service (USPS) to the brink of breakdown in the past decade. Faced by declining business brought about by the e-mail revolution and competition from private express companies, the Postal Service has repeatedly requested assistance from the federal government. This culminated in December 2006 with the passage of the Postal Accountability and Enhancement Act, which introduces modest re-visions in the pricing and service policies of the Postal Service so as to make it a self-sustaining government corporation. But will it?
  • Political Geography: United States