Links in my excerpts are not clickable. Is there a way to fix this? I couldn't find anything in the docs.

The auto-generated excerpts have all HTML stripped out of them. This is because MT auto-generates them by taking the first x number of words from your entry. If you had an opening tag in the first x words but the closing tag was later in the entry, this would cause a problem in the excerpt.

If you want excerpts to include links, you can write your own excerpt in the Entry Excerpt field and the HTML should work there.