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What a difference a few years can make! The financial crisis that engulfed mature economies in the late 2000s has prompted much soul searching. Economists are now trying hard to incorporate financial factors into standard macroeconomic models. However, the prevailing, in fact almost exclusive, strategy is a conservative one. It is to graft additional so-called financial “frictions” on otherwise fully well behaved equilibrium macroeconomic models, built on real-business-cycle foundations and augmented with nominal rigidities. The approach is firmly anchored in the New Keynesian Dynamic Stochastic General Equilibrium (DSGE) paradigm. The purpose of this essay is to summarise what we think. | AUTHENTICATED U.S. GOVERNMENT INFORMATION s GPO H. R. 4173 One Hundred Eleventh Congress of the United States of America AT THE SECOND SESSION Begun and held at the City of Washington on Tuesday the fifth day of January two thousand and ten An Act To promote the financial stability of the United States by improving accountability and transparency in the financial system to end too big to fail to protect the American taxpayer by ending bailouts to protect consumers from abusive financial services practices and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled SECTION 1. SHORT TITLE TABLE OF CONTENTS. a Short Title. This Act may be cited as the Dodd-Frank Wall Street Reform and Consumer Protection Act . b Table of Contents. The table of contents for this Act is as follows Sec. 1. Short title table of contents. Sec. 2. Definitions. Sec. 3. Severability. Sec. 4. Effective date. Sec. 5. Budgetary effects. Sec. 6. Antitrust savings clause. TITLE I FINANCIAL STABILITY Sec. 101. Short title. Sec. 102. Definitions. Subtitle A Financial Stability oversight Council Sec. 111. Financial Stability Oversight Council established. Sec. 112. Council authority. Sec. 113. Authority to require supervision and regulation of certain nonbank financial companies. Sec. 114. Registration of nonbank financial companies supervised by the Board of Governors. Sec. 115. Enhanced supervision and prudential standards for nonbank financial companies supervised by the Board of Governors and certain bank holding companies. Sec. 116. Reports. Sec. 117. Treatment of certain companies that cease to be bank holding companies. Sec. 118. Council funding. Sec. 119. Resolution of supervisory jurisdictional disputes among member agencies. Sec. 120. Additional standards applicable to activities or practices for financial stability purposes. Sec. 121. Mitigation of risks to financial stability. Sec. 122. GAO Audit of Council. Sec. .
