Question A: Financial regulators in the US and Europe lack the tools and authority to deter runs on banks by uninsured depositors.

Question B: Not guaranteeing uninsured deposits at Silicon Valley Bank in full would have created substantial damage to the US economy.

Question C: Fully guaranteeing uninsured deposits at Silicon Valley Bank substantially increases banks’ incentives to engage in excessive risk-taking.

Question A: By issuing inflation-indexed bonds, and thereby providing a long-term real safe asset for pension funds and retirement savers, governments can make a substantial contribution to social welfare.

Question B: Issuance of inflation-indexed bonds substantially helps government commit to a responsible fiscal and monetary policy.

Question A: Large-scale stock buybacks by public corporations provide short-term rewards for shareholders and senior executives at the expense of potentially higher-return corporate investments.

Question B: The proposed higher tax on corporate stock buybacks (an increase from 1% to 4%) would generate substantial public revenues.

Question C: The proposed higher tax on corporate stock buybacks would generate a substantial increase in corporate investment.

Question A: Missing payments on the US Treasury security obligations for several weeks would pose a substantial risk of a global financial crisis.

Question B: The requirement to periodically increase the debt ceiling measurably reduces the long-run size of the debt.

Question A: The SEC’s proposed new rule for stock orders from individual investors is likely to be effective in giving those investors better prices on their trades on average.

Question B: The new rule would improve the overall operation of the stock market.

Question A: Although the reported volatility of asset values in private markets (private equity, buyouts, and venture capital) is lower than that of comparable assets in public markets, their true volatility is broadly similar or greater.

Question B: Since the global financial crisis, the realized returns on private equities have measurably exceeded the returns on public equities.

Question A: The collapse of a major crypto intermediary will have little impact on the wider economy and the stability of the traditional financial system.

Question B: The collapse of a major crypto intermediary suggests the need for the crypto asset class to be more tightly regulated.

The amount of passively invested funds has reached levels at which it has a measurable detrimental effect on market efficiency.

Question A: Research on the nature and impact of bank runs has made it possible to limit substantially the wider economic damage from financial crises.

Question B: Reforms of financial regulation since 2008 (and macroprudential policies in some countries) will not substantially reduce the probability of financial crises.

Question A: The costs and risks associated with a sharp fall in the value of sterling outweigh any macroeconomic benefits for the UK of export stimulus due to a weaker currency.

Question B: Concerns about government finances and debt sustainability can undermine the reserve currency status of a major currency.

Question A: The typical chief executive officer of a publicly traded corporation in the U.S. is paid more than his or her marginal contribution to the firm's value.

Question B: Mandating that U.S. publicly listed corporations must allow shareholders to cast a non-binding vote on executive compensation was a good idea.

Question A: Having companies run to maximize shareholder value creates significant negative externalities for workers and communities.

Question B: Appropriately managed corporations could create significantly greater value than they currently do for a range of stakeholders – including workers, suppliers, customers and community members – with negligible impacts on shareholder value.

Question C: Effective mechanisms for boards of directors to ensure that CEOs act in ways that balance the interests of all stakeholders would be straightforward to introduce.

Question A: A mandate for public companies to provide climate-related disclosures (such as their greenhouse gas emissions and carbon footprint) would provide financially material information that enables investors to make better decisions.

Question B: A mandate for public companies to provide climate-related disclosures would provide material information that enables investors to make better decisions with regards to non-financial objectives (such as aiding portfolio choice based on ESG principles).

Question C: A mandate for public companies to provide climate-related disclosures would induce them to reduce their climate impact substantially.