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.
Popular Politics and Protest Event Analysis in Latin America
English Summary
Contrary to narratives of rising authoritarianism, protest movements in Latin America are driving democratic deepening, not undermining it. The analysis shows that economic liberalization, while weakening traditional labor, has energized a diverse spectrum of civil society groups, leading to protests that are either 'reactive' against austerity or 'proactive' in demanding rights and liberties. Protesters have adapted their methods from strikes to artistic demonstrations, and critically, local elites now tend to perceive these popular movements as ordinary democratic expressions. Policymakers should therefore recognize the evolving role of civil society and engage with these diverse groups rather than treating protests solely as signs of instability.
中文摘要
與日益威權化的敘事相反，拉丁美洲的抗議運動正在推動民主深化，而非削弱民主。分析顯示，經濟自由化雖然削弱了傳統勞工力量，卻激發了多元的公民社會群體，促成了兩類抗議：一類是對緊縮財政的「反應性」抗議，另一類則是「主動性」要求權利與自由。抗議者已將其方式從罷工轉變為藝術性示威，而關鍵的是，當地的精英階層現在傾向將這些民粹運動視為常態的民主表達。因此，政策制定者應認識到公民社會不斷演變的角色，與這些多元群體進行互動，而非僅將抗議視為不穩定的徵兆。
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