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.
60 Minuteson US Shipbuilding and the Jones Act
English Summary
US commercial shipbuilding is nearly extinct, producing only ~1 ship annually and representing just 0.04% of global output, with domestic vessels costing five times more than South Korean alternatives due to labor shortages, outdated infrastructure, and weak supply chains. The Jones Act, intended to protect the industry by mandating domestic construction of vessels used in US waters, has paradoxically reduced competitiveness while raising water transportation costs and preventing LNG access to regions like New England and Alaska. Steel tariffs and restrictive immigration policies further compound these challenges. The case for Jones Act reform or repeal has never been stronger, despite uncertain political prospects.
中文摘要
美國商業造船業幾乎已經絕跡，每年僅生產約1艘船舶，佔全球產量的0.04%，國內船舶造價比南韓替代品高出五倍，原因包括勞動力短缺、基礎設施老化和供應鏈薄弱。《瓊斯法案》旨在保護該產業，規定在美國水域使用的船舶必須採用國內建造，但其結果反而降低了競爭力，同時提高了水運成本，並阻止了液化天然氣進入新英格蘭和阿拉斯加等地區。鋼鐵關稅和限制性移民政策進一步加劇了這些挑戰。儘管政治前景不確定，但改革或廢除《瓊斯法案》的理由從未如此充分。
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