In an article published in this journal in 2012, the author challenged the conventional wisdom that a major feature of Dodd‐Frank—the mandated clearing and required margining of OTC derivatives—could be expected to achieve a material reduction of the risk of another financial crisis. In this article, the author views the dramatic financial fallout from the spread of COVID‐19 in March 2020, when the economic infrastructure of the U.S. was threatened by extreme disruptions in its stock and bond markets, as providing the first major test of this theory.

中文翻译：

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避免了启示：COVID造成的流动性陷阱，多德-弗兰克和美联储

在2012年该杂志上发表的一篇文章中，作者挑战了传统观点，即多德-弗兰克（Dodd-Frank）的主要特征-强制性场外交易衍生品的清算和所需保证金-有望大大降低另一场金融危机的风险。在本文中，作者认为，由于2020年3月COVID-19的蔓延对美国造成了巨大的金融影响，当时美国的经济基础设施受到其股票和债券市场的极端破坏的威胁，这是对该理论的首次重大检验。 。