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.
Chile’s Struggles for International Status and Domestic Legitimacy: Standing at the Liberal Order’s Edge
English Summary
The article argues that Chile's democratic stability and international standing were historically secured by its integration into the U.S.-led liberal international order, which rewarded its commitment to democratic capitalism with favorable trade agreements. This stability, however, is now threatened by Washington's perceived drift away from liberal internationalism, leaving Chile vulnerable. The recent election of a conservative figure like José Antonio Kast is highlighted as a critical stress test for Chilean democracy. Policymakers must recognize that Chile's future depends on navigating this increasingly unpredictable geopolitical environment while maintaining its democratic credentials.
中文摘要
本文論點指出，智利的民主穩定性及其國際地位，在歷史上是透過其融入以美國為主的自由國際秩序而得以鞏固的。該秩序曾以優惠的貿易協定，回報了智利對民主資本主義的承諾。然而，這種穩定性現正受到美國被認為偏離自由國際主義的趨勢所威脅，使智利處於脆弱地位。近期選出像何塞·安東尼奧·卡斯特（José Antonio Kast）這樣的保守派人物，凸顯了智利民主面臨的關鍵壓力測試。政策制定者必須認識到，智利的未來取決於其在維護民主信譽的同時，如何應對這個日益不可預測的地緣政治環境。
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