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.
Banning Minors' Access to Adult Websites
English Summary
CATO research suggests that banning minors' access to adult websites is unlikely to substantially reduce overall consumption. Analysis of user data indicates that while initial bans cause temporary drops, users quickly circumvent restrictions using tools like VPNs or migrating to substitute, noncompliant websites. Consequently, regulation risks merely shifting activity to platforms with fewer safeguards rather than achieving a genuine reduction in exposure to adult content.
中文摘要
智庫研究指出，禁止未成年人存取成人網站，不太可能大幅減少整體內容消費。用戶數據分析顯示，雖然最初的禁令會導致短暫下降，但用戶會迅速利用VPN等工具或轉移至替代的、不合規的網站來規避限制。因此，監管措施只會將活動轉移到保障較少的平台，而非真正減少未成年人接觸成人內容的程度。
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