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.
Why Do Middle and High Schoolers Miss School? Selected Findings from the American Youth Panel and the American Parents Panel
English Summary
Despite declining rates since their peak, chronic absenteeism in U.S. secondary schools remains a significant post-pandemic challenge. The analysis reveals that the issue is largely attitudinal, as one-third of surveyed youth feel that missing three or more weeks of school is 'mostly OK.' This trend is driven by older students who increasingly view non-physical reasons—such as anxiety, needing rest, or catching up on work—as legitimate excuses for absence. Policy implications suggest that interventions must move beyond traditional health mandates and address the evolving social norms and perceived legitimacy of absences among youth and families.
中文摘要
儘管自高峰期以來缺勤率有所下降，但美國中學的慢性缺課現象仍是一個重大的疫情後挑戰。分析顯示，此問題主要源於態度層面，因為三分之一受訪青少年認為缺席三週或更長時間「大致可以接受」。這一趨勢由年齡較大的學生所驅動，他們越來越將非生理原因——例如焦慮、需要休息或補課——視為合理的缺勤藉口。政策建議指出，干預措施必須超越傳統的健康規定，轉而處理青少年和家庭群體之間不斷演變的社會規範以及對缺勤行為合法性的認知。
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