Clearinghouses are central to our financial system after Dodd-Frank. And they will remain central even if Dodd-Frank is repealed. But clearinghouses themselves are apt to be quite fragile in times of extreme financial stress, like that experienced in 2008. And strangely Dodd-Frank only addresses...

The autonomous vehicle (“AV”) industry faces the following ethical question: “How do we know when our AV technology is safe enough to deploy at scale?” The search for an answer to this question is the “AV Problem.” This essay examines that question through the lens of the July 15,...

US households' consumption and car purchases collapsed during the Great Recession, for reasons that are still poorly understood. In this paper we use the Consumer Expenditure Survey to derive cohort and business cycle decompositions of consumption profiles. When decomposing the car expenditure...

US households’ consumption and car purchases collapsed during the Great Recession, for reasons that are still poorly understood. In this paper we use the Consumer Expenditure Survey to derive cohort and business cycle decompositions of consumption profiles. When decomposing the car expenditure...