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.
Beyond ‘clean’ versus ‘cheap’: The energy and growth strategy that states and regions are missing
English Summary
The article argues that states are failing to capitalize on the energy transition by adopting a false dichotomy between 'clean' or 'cheap' energy. The core finding is that energy must be viewed not merely as a commodity cost, but as a strategic lever for industrial and economic transformation. This shift is underpinned by technological evidence, including the exponential cost declines of renewables and the rise of distributed energy resources (DERs). Policy implications suggest that the most critical resource is demand-side flexibility and efficiency, which offers a cheaper and faster path to capacity than building new centralized infrastructure. Therefore, states must adopt a new operating model that co-evolves economic development with the energy system by rewarding efficiency as a core industrial resource.
中文摘要
本文論述國家在能源轉型過程中，因採用「清潔」或「低成本」的虛假二分法，未能充分發揮能源轉型的潛力。核心發現指出，能源不應僅被視為一種商品成本，而必須被視為推動產業和經濟轉型的戰略槓桿。這一轉變的基礎證據包括再生能源成本的指數級下降，以及分散式能源資源（DERs）的崛起。政策意涵顯示，最關鍵的資源是需求側的彈性和效率，這為提升容量提供了一條比建設新的集中式基礎設施更經濟、更快速的途徑。因此，國家必須採取一種新的運營模式，讓經濟發展與能源系統共同演進，並將效率視為一種核心的產業資源來進行回報。
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