*  *  *  Structural change is a central theme in virtually any explanation of the exceptional performance of the US economy over the past several years.
But much more work is needed to consider the full range of policy options. These include: direct regulation; indirect regulation via links to the regulated sector; targeting specific products and activities; and various macroprudential measures. As we consider the vulnerabilities posed by market-based financing and the appropriate policy response, it will be important to keep three points front of mind.