"Discount rate variation is the central organizing question of current asset pricing research. I survey facts, theories and applications. We thought returns were uncorrelated over time, so variation in price-dividend ratios was due to variation in expected cashflows. Now it seems all...

Introduction -- A systemic regulator for financial markets -- A new information infrastructure for financial markets -- Regulation of retirement savings -- Reforming capital requirements for financial institutions -- Regulation of executive compensation in financial services -- An expedited...