run (01/25/2025)

data/wp_data.csv

@@ -3080,3 +3080,6 @@ Survivors' Mental Health and the Protective Role of Income Stability,"Itzik Fadl
 American Life Histories,"David Lagakos, Stelios Michalopoulos & Hans-Joachim Voth","What does it take to live a meaningful life? We exploit a unique corpus of over 1,400 life narratives of older Americans collected by a team of writers during the 1930s. We combine detailed human readings with large language models (LLMs) to extract systematic information on critical junctures, sources of meaning, and overall life satisfaction. Under specific conditions, LLMs can provide responses to complex questions that are indistinguishable from those of human readers, effectively passing a version of the Turing Test. We find that sources of life meaning are more varied than previous research suggested, underlining the importance of work and community contributions in addition to family and close relationships (emphasized by earlier work). The narratives also highlight gendered disparities, with women disproportionately citing adverse family events, such as the loss of a parent, underscoring their role as keepers of the kin. Our research expands our understanding of human flourishing during a transformative period in American history and establishes a robust and scalable framework for exploring subjective well-being across diverse historical and cultural contexts.",https://www.nber.org/papers/w33373,33373,January 2025,NBER,01/20/2025
 Estimating nonlinear heterogeneous agent models with neural networks," Hanno Kase, Leonardo Melosi, Matthias Rottner","We leverage recent advancements in machine learning to develop an integrated method to solve globally and estimate models featuring agent heterogeneity, nonlinear constraints, and aggregate uncertainty. Using simulated data, we show that the proposed method accurately estimates the parameters of a nonlinear Heterogeneous Agent New Keynesian (HANK) model with a zero lower bound (ZLB) constraint.",https://www.bis.org/publ/work1241.htm,1241,2025-01-21,BIS,01/22/2025
 Privacy-enhancing technologies for digital payments: mapping the landscape," Raphael Auer, Rainer Böhme, Jeremy Clark, Didem Demirag","How can technology enhance privacy in digital payment systems? This paper presents a systematic evaluation of the interests of privacy-conscious users, commercial data holders, and law enforcement. We classify privacy-enhancing designs along the dimensions of privacy versus auditability, as well as soft institution-based versus hard technology-based solutions.",https://www.bis.org/publ/work1242.htm,1242,2025-01-23,BIS,01/24/2025
+"Liquidity, monetary policy and the commodity futures market","Miruna-Daniela Ivan, Chiara Banti and Neil Kellard","This paper explores a novel directional liquidity-based transmission channel of monetary policy, which explains the heterogeneity in the response of commodity future prices to monetary policy. Employing an event-study analysis with a high-frequency instrumental variable estimator, we find that the trading volume of our sample of commodity futures declines following FOMC announcements. Further, we find that more traded commodities are also more exposed to monetary policy surprises, suggesting a significant role for trading activity in the transmission of monetary policy shocks to commodity markets. Lastly, we show that the direction of the target rate change matters to this transmission mechanism of monetary policy.",https://www.bankofengland.co.uk/working-paper/2025/liquidity-monetary-policy-and-the-commodity-futures-market,1114,"Fri, 24 Jan 2",BOE,01/25/2025
+"Dealers, information and liquidity provision in safe assets",Robert Czech and Win Monroe,"In this paper, we empirically study the role of information in safe asset liquidity crises, using the 2022 UK LDI crisis as a laboratory. Contrary to traditional adverse selection models, which predict higher liquidity costs due to the presence of informed traders, we find that dealers initially reduce liquidity costs for informed investors, and subsequently raise costs and reduce liquidity for the broader market. We interpret this as evidence of dealers seeking to learn from informed investors and then restricting liquidity as they process this information. We also document that dealers exploit their informational advantage in anonymous interdealer markets and that similar dynamics are present in other crises. These patterns reverse when central bank interventions restore market liquidity, thereby mitigating the effects of dealers' information chasing and their liquidity reallocation.",https://www.bankofengland.co.uk/working-paper/2025/dealers-information-and-liquidity-provision-in-safe-assets,1113,"Fri, 24 Jan 2",BOE,01/25/2025
+Bouncing back: how mothballing curbs prices,"Thibaut Duprey, Artur Kotlicki, Daniel E Rigobon and Philip Schnattinger","We investigate the macroeconomic impacts of mothballed businesses – those that closed temporarily – on sectoral equilibrium prices after a negative demand shock. First, we introduce a new establishment-level data set derived from Google Places. We confirm the importance of temporary closures during the Covid-19 pandemic. Data on establishment reviews also suggests that preventing productive businesses from permanently exiting could support employment. Second, we embed these findings into a model of heterogeneous firm dynamics. By maintaining productive capacity during downturns, temporary closures initially support employment and subsequently reduce price pressures. Our results suggest that pandemic fiscal support for temporary closures may have eased inflationary pressures.",https://www.bankofengland.co.uk/working-paper/2025/bouncing-back-how-mothballing-curbs-prices,1112,"Fri, 24 Jan 2",BOE,01/25/2025