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.
Brexit, 10 Years On
English Summary
The analysis argues that Brexit was fundamentally a constitutional quest for sovereignty rather than merely an anti-EU populism, and ten years later, the economic reality is less dramatic but still costly. While debunking myths of immediate recession or protectionism, the report finds that new trade frictions have substantially hampered UK GDP growth and increased political volatility. The key policy implication is that simply exiting a major bloc does not guarantee economic freedom; instead, the UK must proactively manage its regulatory divergence (e.g., avoiding EU AI regulations) to capitalize on its unique position and achieve genuine prosperity.
中文摘要
該分析指出，英國脫歐的根本動機是主權層面的憲政追求，而非單純的反歐民粹主義運動。十年來觀察，經濟現實雖然不如預期戲劇化，但仍具成本。報告駁斥了即時衰退或保護主義的迷思，但發現新的貿易摩擦已嚴重阻礙英國GDP增長，並加劇了政治不穩定性。關鍵政策啟示是，單純退出一個主要經濟體群並不保證經濟自由；相反地，英國必須主動管理其監管差異化（例如規避歐盟AI法規），才能充分利用自身獨特地位並實現真正的繁榮。
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