A Fed Chair who made it her mission to restore effective supervision would not choose "boring," "dull," or "bureaucratic" people. She would be putting a giant bull's-eye on her back and would ensure that she never have another boring day.
What has been missing in all the debate about the efficient market hypothesis is a rigorous examination of its conceptual grounds. Now we have it in a new paper written by University of Florida professor Charles W. Collier.
Today there's sensitivity to the dangers of regulatory arbitrage when regulatory regimes widely vary either nationally or internationally -- although, so far, there are few answers to resolve this beyond gestures toward coordination.