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By Randall S. Kroszner, Robert J. Shiller, Benjamin M. Friedman

Most sensible economists define certain techniques to post-crisis monetary reform.

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Extra resources for Reforming U.S. Financial Markets: Reflections Before and Beyond Dodd-Frank (Alvin Hansen Symposium on Public Policy at Harvard University)

Sample text

They did this in reaction to a social-psychological event then called the windhandel, or “wind trade,” trade irrationally based on no more substance than air. In 1720, the stock market crashes in both France and the United Kingdom led to a new word for this kind of psychological event, bulle or “bubble,” another reference to air and lack of substance, and to a new set of regulations to try to prevent a repetition of such an event. Historically, periods of regulatory innovation have occurred in waves, followed by long periods of relative inattention and decay of the institutions.

What is most important is the opportunity it has given us to focus our attentions on bringing our financial system up to date, and the new rules of operation that will be with us for many years to come. S. Financial Markets: What to Do Once the Crisis Is Over, April 30, 2009, including also Randall S. Kroszner, discussants Benjamin M. Friedman, George G. Kaufman, Robert C. Pozen, and Hal S. Scott. 1. The conference version of this paper, upon which the comments in this volume are based, preceded the announcement of the Obama Administration’s June 2009 plan and the July 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.

Shiller of real estate risks. Doing this would be democratizing finance, since real estate risk is so important to the vast number of moderate income and lower income Americans. S. cities, and a futures market for the ten-city composite of these indexes. The market provides hedging opportunities. It also provides price discovery for the outlook for home prices going out five years. But unfortunately, as of this date, it has not taken off. The hope when this market was launched was that it would be the basis for creation of new retail products that would democratize finance by addressing the real risks that homeowners face.

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