Whither the Office of Financial Research?
The new US Office of Financial Research can make a real contribution to financial stability, but only if it develops goals that are both ambitious and realistic, argues David Rowe
The Dodd-Frank Wall Street Reform and Consumer Protection Act creates a powerful new Office of Financial Research (OFR). It has considerable potential to contribute to improved financial stability, but realisation of this potential is far from assured. Success of the OFR will depend on whether it develops a mandate and set of goals that are both ambitious and realistic. Its promise will remain unfulfilled if its targets are set too low, but overreaching holds equally serious dangers.
Some highly
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