"An expert on financial markets and regulation explains how middlemen like Amazon, Walmart, and big banks have become so powerful and have entrenched their dominance in the market, providing tips for readers so they can engage in more direct, ethical purchasing."

This article argues that “soft constraints” are a critical and overlooked complement to formal limitations on an agency's independence. Two types of soft constraints that have been influential checks throughout the history of the Federal Reserve illustrate their power. The first, principled...

Small businesses are among the hardest hit by the COVID-19 crisis. Many are shuttered, and far more face cash flow constraints, raising questions about just how many will survive this recession. The government has responded with a critical forgivable loan program, but for many of these...

This article argues that there is a fundamental mismatch between the nature of finance and current approaches to financial regulation. Today's financial system is a dynamic and complex ecosystem. For these and other reasons, policy makers and market actors regularly have only a fraction of the...

EU policy-makers have focused on the creation of a “Capital Market Union” to advance the economic vitality of the EU in the aftermath of the Global Financial Crisis of 2007-09 and the Eurozone crisis of 2011-13. The hope is that EU-wide capital markets will help remedy the limitations in the...

Financial regulations often encourage or require market participants to hold particular types of financial assets. One unintended consequence of this form of regulation is that it can spur innovation to increase the effective supply of favored assets. This Article examines when and how changes...