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.
Four States, One Rifle: Second Amendment Legal Fights On Multiple Fronts
English Summary
The article analyzes ongoing federal and state legal battles concerning bans on modern sporting rifles and high-capacity magazines, noting that these challenges are heading to the Supreme Court. The author argues that empirical evidence supporting such bans is weak; studies cited by RAND and historical analyses of previous federal bans found no measurable impact on crime rates or mass shootings. Furthermore, the analysis emphasizes that criminal violence is not deterred by gun laws, suggesting that restricting law-abiding citizens' access to firearms does little to curb armed criminal activity. Consequently, the policy implication suggests that legislative efforts focused on banning specific types of weapons are unlikely to be effective deterrents against violent crime.
中文摘要
本文分析了關於禁止現代運動步槍和高容量彈匣的聯邦及州層級法律爭議，指出這些挑戰正逐步走向最高法院。作者認為，支持此類禁令的實證證據較為薄弱；引用的研究（包括RAND的研究）以及對先前聯邦禁令的歷史分析均未發現其對犯罪率或大規模槍擊事件有任何可衡量的影響。此外，本文強調，刑事暴力並非受限於槍枝法律所威懾，限制守法公民使用槍械權利對於遏制武裝犯罪活動的作用甚微。因此，政策意涵指出，專注於禁止特定類別武器的立法努力，很難成為阻止暴力犯罪的有效威懾手段。
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