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.
Two Books on El Paso
English Summary
The analysis of El Paso reveals that the U.S.-Mexico border region is defined by cyclical resource extraction, historical violence, and complex cross-border movement. Key evidence points to the physical remnants of industrial activity (like copper smelters) alongside a history of two-way migration, which consistently challenges fluctuating U.S. immigration policies. The texts argue that political rhetoric, whether focused on jingoism or enforcement, fails to address the persistent economic and social pull of the American dream. For policy, this suggests that stable, bi-directional cooperation must supersede purely enforcement-based strategies to manage the region's deep-seated economic and social dynamics.
中文摘要
對埃爾帕索（El Paso）的分析揭示，美墨邊境地區的特徵是週期性的資源開採、歷史暴力，以及複雜的跨界移動。關鍵證據指出，工業活動的實體遺蹟（例如銅冶煉廠）與雙向移民的歷史並存，這持續挑戰著美國波動的移民政策。本文認為，無論是著重於愛國主義（jingoism）還是執法（enforcement）的政治修辭，都未能解決美國夢持續存在的經濟與社會吸引力。因此，對於政策制定而言，這表明管理該地區根深蒂固的經濟與社會動態，必須以穩定、雙向的合作取代純粹基於執法的策略。
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