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.
Evaluation of Pima County’s Bureau of Justice Assistance Fiscal Year 2021 Second Chance Act Pay for Success Initiative
English Summary
Pima County's Second Chance Act Pay for Success Initiative is a permanent supportive housing program targeting justice-involved adults experiencing homelessness and behavioral health challenges. The evaluation found that among 86 program participants with complete data, criminal justice involvement fell 35% after enrollment, total criminal justice events declined 58%, and average costs per participant decreased 46% ($10,450 to $5,657). However, substantial implementation challenges limit the program's reach: only 43 of 126 participants enrolled during the evaluation period were placed in permanent supportive housing due to limited affordable housing and voucher freezes that extended wait times from 5 to 9 months. The findings suggest permanent supportive housing shows promise for breaking cycles of incarceration and homelessness, but policymakers must address systemic barriers through improved data integration, stronger evaluation methods, and expanded housing resources to maximize impact and reach the significant unmet demand.
中文摘要
皮馬縣第二次機會法案按績效付費計畫是一項永久性支援性住房計畫，針對涉及司法程序且經歷無家可歸和行為健康挑戰的成年人。評估發現，在具完整數據的86名計畫參與者中，入選後司法涉入下降35%，司法事件總數下降58%，每位參與者平均成本下降46%（從$10,450降至$5,657）。然而，實施的重大挑戰限制了計畫的覆蓋範圍：評估期間入選的126名參與者中僅43人被安置在永久性支援性住房中，原因是經濟適用房供應有限，且住房券凍結導致等候時間從5個月延長至9個月。研究結果表明，永久性支援性住房在打破監禁與無家可歸的循環方面顯示了希望，但政策制定者必須透過改進數據整合、強化評估方法和擴展住房資源，來解決系統性障礙，以最大化影響力並滿足巨大的未滿足需求。
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