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.
Maritime Action Plan Highlights Washington’s Misplaced Shipbuilding Obsession
English Summary
The CATO Institute critiques the Trump administration's Maritime Action Plan (MAP), arguing that its attempt to revive commercial shipbuilding through subsidies and protectionist mandates is economically unrealistic and potentially detrimental to national security. Key obstacles include US shipbuilding costs being five times the global average, severe labor shortages, and antiquated infrastructure that cannot be easily fixed by government intervention. The report warns that siphoning skilled workers into subsidized commercial projects may worsen existing delays in naval shipbuilding rather than providing spillover benefits. Instead of isolationist industrial policy, the author recommends leveraging allied shipyards for non-combatant vessels, providing steady demand signals, and reforming the Jones Act to modernize the US merchant fleet.
中文摘要
卡托研究所（CATO Institute）批評川普政府的《海事行動計畫》（MAP），指出其試圖透過補貼和保護主義手段振興商用造船業的做法在經濟上並不現實，且可能損害國家安全。關鍵障礙包括美國造船成本高出全球平均五倍、嚴重的勞動力短缺，以及政府干預難以輕易解決的陳舊基礎設施。報告警告，將熟練勞動力轉向受補貼的商用項目可能會加劇海軍艦艇建造的延誤，而非產生預期的溢出效應。作者建議與其採取孤立主義的產業政策，不如利用盟友船廠建造非作戰艦艇、提供穩定的需求信號，並改革《瓊斯法案》（Jones Act）以推動美國商船隊的現代化。
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