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.
Extortionate Fees to Convert Property Usage Violate the Fifth Amendment
English Summary
The article argues that exorbitant monetary fees imposed by local governments for converting property usage may constitute an unconstitutional taking under the Fifth Amendment. Using the Takings Clause, the authors assert that such fees fail to meet the Nollan/Dolan standard, which requires the government's demand to have both an essential nexus and rough proportionality to the land use. They contend that the massive fees cited in the New York case lack this proportionality, effectively amounting to an unconstitutional seizure of property. The policy implication is that the Supreme Court must rule on whether such excessive monetary demands, absent a direct property interest, can trigger a Fifth Amendment violation, potentially limiting municipal regulatory power.
中文摘要
本文主張，地方政府為改變物業用途而徵收的過高金錢費用，可能構成《憲法》第五修正案下的違憲徵收。作者援引徵收條款（Takings Clause）指出，此類費用未能符合 Nollan/Dolan 標準，該標準要求政府的要求必須具備必要關聯性（essential nexus）和大致比例性（rough proportionality）的雙重條件。他們認為，在紐約案例中引用的鉅額費用缺乏此種比例性，實質上等同於違憲的財產沒收。其政策意涵是，最高法院必須裁定，在缺乏直接財產權益的情況下，是否會觸發第五修正案的違規行為，這或將限制地方政府的監管權力。
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