The article argues that the Federal Reserve's recent rate hike decision, while justifiable on inflation grounds, highlights a critical lack of an underlying, transparent policy framework. The core problem is that the Fed's decisions appear discretionary, leading to market uncertainty because the committee's judgment, rather than clear data, dictates policy shifts. The author proposes that the Fed adopt a formal monetary policy rule—an algebraic formula linking the target rate to indicators like inflation and unemployment—to replace subjective guidance. Implementing such a rule would provide market predictability, enhance transparency, and shield the Fed from political attacks by making deviations from the standard easily quantifiable.
Metro Monitor 2026: The relationship between immigration and regional economic performance over the past decade
English Summary
The Brookings Metro Monitor 2026 report demonstrates that U.S. metropolitan areas with growing immigrant populations achieved superior economic performance, including higher GMP growth and productivity, between 2014 and 2024. The study finds no evidence that immigration harms native-born workers; instead, those in high-immigration regions saw higher employment rates and median earnings than their counterparts in low-immigration areas. These findings challenge the economic rationale behind mass deportations, suggesting such policies risk shrinking the national workforce by 2.4 million and reducing GDP by 7% by 2028. To sustain regional vitality, the report argues that federal and local leaders must prioritize policies that attract and integrate foreign-born talent rather than restricting it.
中文摘要
《布魯金斯大都會觀測 2026》（Brookings Metro Monitor 2026）報告顯示，在 2014 年至 2024 年間，移民人口增長的美國大都會地區展現出更優越的經濟表現，包括更高的城市生產總值（GMP）增長與生產力。研究發現，並無證據顯示移民會損害本土出生勞工的利益；相反地，高移民地區勞工的就業率與收入中位數均高於低移民地區。這些發現挑戰了大規模驅逐政策的經濟合理性，並指出此類政策可能導致 2028 年前全國勞動力減少 240 萬人，且 GDP 縮減 7%。為維持地區活力，報告主張聯邦與地方領袖應優先採取吸引並整合外籍人才的政策，而非對其進行限制。
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