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.
The Effect of Online Sales Bans on E‑Cigarette Use
English Summary
A study analyzing the impact of online sales bans on electronic nicotine delivery systems (ENDS) found no evidence that such legislation successfully reduced e-cigarette use among youth or adults. The research indicates that these bans are largely ineffective because young people rarely used the internet for acquisition, and instead, consumption shifted from legal online purchases to illegal shipments and in-person sources like family and friends. Consequently, while online sales dropped significantly (40–50%), overall usage remained high, suggesting that regulatory efforts focused solely on digital channels merely redirect—rather than curtail—consumption.
中文摘要
一項分析線上銷售禁令對電子尼古丁遞送系統（ENDS）影響的研究發現，此類立法並無成功降低青少年或成人使用電子香菸的證據。研究指出，這些禁令在很大程度上是無效的，因為年輕人很少透過網路進行購買；相反地，消費行為從合法的線上購買轉移到了非法的快遞和親友等實體來源。因此，儘管線上銷售額顯著下降了（40–50%），但整體使用率仍保持在高位，這表明僅專注於數位管道的監管努力，只是將消費行為重新導向——而非真正遏制其消耗。
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