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.
Why is spending on health care slowing?
English Summary
Analysis of U.S. healthcare spending reveals a substantial slowdown in growth between 2010 and 2024, driven primarily by technological advances and shifts from expensive inpatient to more cost-effective outpatient care. While this trend indicates increased productivity and improved health outcomes, the report cautions that some savings are linked to high-deductible plans, which may compromise necessary care. Policymakers should therefore shift focus from simply controlling spending to maximizing value, aiming to achieve better health outcomes while decreasing the overall share of health spending relative to GDP.
中文摘要
對美國醫療支出進行分析顯示，在 2010 年至 2024 年期間，其增長速度顯著放緩。這主要歸因於技術進步，以及醫療照護模式從昂貴的住院服務轉向更具成本效益的門診服務。雖然這一趨勢表明生產力提高和健康成果改善，但報告警告指出，部分節省的費用與高自付額保險計劃相關，這可能會危及必要的醫療照護。因此，政策制定者應將重點從單純控制支出轉向最大化價值，目標是在降低醫療支出佔國內生產毛額（GDP）總體比重 的同時，實現更優的健康成果。
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