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.
Doing Away with Quarterly Reporting: The Right Step for the Wrong Reason
English Summary
The CATO analysis argues against the SEC’s proposed shift to semiannual financial reporting, contending that the justification of reducing short-termism is unsupported by evidence. Research, including a 2018 review and analysis of corporate investment and share repurchases, demonstrates that quarterly reporting has not demonstrably caused short-termism. Furthermore, the UK’s experience following its own mandated quarterly reporting revealed no impact on valuations, while highlighting the significant costs associated with the requirement. The core argument centers on restoring self-determination to companies and investors regarding reporting frequency, a principle supported by historical trends and cost savings.
中文摘要
CATO 的分析認為，證監會提出的將財務報告頻率調整為半年一次的提案缺乏依據，其聲稱旨在減少短期主義的理由並未得到充分支持。研究，包括 2018 年對企業投資和股權回購的審查與分析，表明季度報告並未顯著導致短期主義。此外，英國在實施強制季度報告後沒有發現對估值的影響，同時也凸顯了該要求所帶來的巨大成本。核心論點是恢復企業和投資者就報告頻率自主決定的權利，這一原則得到了歷史趨勢和成本節約的支撐。
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