run (12/06/2025)

Author: actions-user

data/wp_data.csv

@@ -4923,3 +4923,5 @@ Estimating the natural rate of interest in a macro-finance yield curve model,"Cl
 Banks’ regulatory risk tolerance,"Aurea Ponte Marques, Mikael Juselius, Nikola Tarashev","We employ 68 quarters of data – including from non-public supervisory sources – to study how 17 US and 17 euro-area banks balance the risk of breaching regulatory requirements against the cost of maintaining and speedily restoring “management” buffers. We find that steady-state management buffer targets systematically declined and regulatory risk tolerance (RRT) rose following the Great Financial Crisis, especially at banks experiencing a stronger increase in capital requirements. As a sign that RRT is a conscious choice, banks facing more volatile management buffer shocks set higher management buffer targets. High-RRT banks tend to respond to a depletion of their management buffers by cutting lending, whereas low-RRT banks reduce the riskiness but not the volume of their assets — thus highlighting real-economy effects of capital management strategies.",https://www.ecb.europa.eu/pub/pdf/scpwps/ecb.wp3161~cdef7f6e86.en.pdf?26592e3b3b7f50879051984e45533a50,3161,4 December 2025,ECB,12/05/2025
 Hospital Billing Regulations and Financial Well-Being: Evidence from California’s Fair Pricing Law,"Yaa Akosa Antwi, Marion Aouad, Nathan Blascak","Supersedes Working Paper 23-20 – I've Got 99 Problems But a Bill Ain't One: Hospital Billing Caps and Financial Distress in California Exploiting cross-sectional variation in exposure to the law, we estimate its impact on individual financial distress. We find that the law reduces the likelihood of incurring non-medical debt in collections by 19.8 percent and the number of non-medical collections by 39 percent for an individual living in a county with average exposure in California. In addition, we find suggestive evidence that the number of delinquent accounts decreased for exposed individuals. Our results suggest hospital billing regulations can improve targeted individuals’ financial outcomes.",https://www.philadelphiafed.org/consumer-finance/consumer-credit/hospital-billing-regulations-and-financial-well-being-evidence-from-californias-fair-pricing-law,25-39,December 2025,FED-PHILADELPHIA,12/05/2025
 Macroeconomic effects of carbon-intensive energy price changes: a model comparison," Matthias Burgert, Matthieu Darracq Pariès, Luigi Durand, Mario Gonzalez, Romanos Priftis, Oke Röhe, Matthias Rottner, Edgar Silgado-Gómez, Nikolai Stähler, Janos Varga","This paper presents a novel model comparison to examine the challenges posed by changes in carbon-intensive energy prices for monetary policy. The employed environmental monetary models have a detailed multi-sector structure. The comparison assesses the effects of both a temporary and a permanent energy price increase with a particular focus on the euro area and the United States. Temporary and permanent price shocks are both inflationary. However, the inflationary impact of the permanent shock depends on the underlying model assumptions and monetary policy response. The analysis also establishes that these models share large commonalities in their quantitative and qualitative results, while also pointing out cross-country differences.",https://www.bis.org/publ/work1313.htm,1313,2025-12-04,BIS,12/05/2025
+A public-private partnership? Central bank funding and credit supply,"Matthieu Chavaz, David Elliott and Win Monroe","We exploit the surprise announcement and subsequent amendment of a central bank funding scheme to test how public liquidity provision affects credit market outcomes. Contrary to the notion that public liquidity is primarily a substitute for private liquidity, banks that are more exposed to stress in private wholesale funding markets use less central bank funding. We rationalise this pattern by establishing an 'equilibrium channel' of public liquidity. The mere availability of central bank funding reduces the cost of private wholesale funding. This stimulates lending by banks exposed to wholesale funding, regardless of whether they actually use the central bank funding. Using a surprise amendment to the design of the scheme, we show that the 'strings attached' to central bank funding help to explain why it is an imperfect substitute for private funding.",https://www.bankofengland.co.uk/working-paper/2025/a-public-private-partnership-central-bank-funding-and-credit-supply,1161,"Fri, 05 Dec 2",BOE,12/06/2025
+Climate change increases bilateral trade costs,Maximilian Huppertz,"It is well established that climate change affects productivity, but its effects on trade costs have not been studied. I combine international trade and weather data covering 190 years. I use an augmented gravity framework to show that rising temperatures at the origin or destination country increase bilateral trade costs. Adaptation to these impacts is slow. The impact appears to be driven by the vulnerability of sea ports to climate change. Combining these results with a standard international trade model, I find that 2010s welfare would increase by 1.6 percent if we could undo the impact of climate change on trade cost over the preceding 100 years. Welfare gains depend not only on countries' own climate trends, but also on their neighbours' trajectories. Poor and rich countries are roughly equally harmed. Smaller economies, which are more reliant on international trade, are especially affected. Ignoring this trade cost channel and focusing only on productivity effects leads to a 9% underestimate of the welfare impact of climate change. Because it is based on a gravity framework, my methodology can easily be embedded in studies of the impact of climate change.",https://www.bankofengland.co.uk/working-paper/2025/climate-change-increases-bilateral-trade-costs,1160,"Fri, 05 Dec 2",BOE,12/06/2025