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arxivecongnbot.bsky.social
ArXiv Paperboy (Econ.GN + Econ.TH)
@arxivecongnbot.bsky.social
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posts updates from arXiv rss feeds for methodology papers in Economic Theory and General Economics.

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arxivecongnbot.bsky.social
arXiv📈🤖
On click-fraud under pro-rata revenue sharing rule
By Yu
Click-fraud is commonly seen as a key vulnerability of pro-rata revenue sharing on music streaming platforms, whereas user-centric is largely immune. This paper develops a tractable non-cooperative model in which artists can purchase fraud activity that generates undetectable fake streams up to a technological limit. We show that pro-rata can be fraud-robust: when fraud technology is weak, honesty is a strict dominant strategy, and an efficient fraud-free equilibrium obtains. When fraud technology is strong, a unique fraud equilibrium arises, yet aggregate fake streams remain bounded. Although fraud is inefficient, the resulting redistribution may improve fairness in some cases. To mitigate fraud without abandoning pro-rata, we introduce a parametric weighted rule that interpolates between pro-rata and user-centric, and characterize parameter ranges that restore a fraud-free equilibrium under technology constraint. We also discuss implications of Spotify's modernized royalty system for fraud incentives.
January 16, 2026 at 3:47 AM
arxivecongnbot.bsky.social
arXiv📈🤖
Institutions, Education, and Religious Change: Evidence from Colombia
By Galindo-Silva, Herrera-Idarraga
How do religious identities change? We study the effects of civic education reforms on religious identification using Colombia's 1991 Constitution, which dismantled the country's confessional regime and mandated constitutional instruction in high schools. Exploiting cohort-based variation in exposure to the reform and nationally representative survey data, we implement a difference-in-differences design. We find that exposure to the constitutional curriculum reduced Catholic self-identification by about three percentage points. This decline reflects a reallocation of religious identities rather than a generalized decline in religiosity. In regions where Catholic institutional presence was historically weaker, Catholic losses translate into switching toward non-Catholic Christian denominations and higher religious attendance. In contrast, in regions where Catholic dominance was stronger, the decline is associated with increased secular identification and lower attendance. These patterns hold across ethnic and non-ethnic groups and are shaped primarily by regional religious supply rather than ethnicity per se. Overall, the results show that civic education can reconfigure religious identities by reshaping the relative legitimacy of competing affiliations.
January 16, 2026 at 3:42 AM
arxivecongnbot.bsky.social
arXiv📈🤖
Targeting Information in Ad Auction Mechanisms
By Tunuguntla, Mela, Pratt
Digital advertising platforms and publishers sell ad inventory that conveys targeting information, such as demographic, contextual, or behavioral audience segments, to advertisers. While revealing this information improves ad relevance, it can reduce competition and lower auction revenues. To resolve this trade-off, this paper develops a general auction mechanism -- the Information-Bundling Position Auction (IBPA) mechanism -- that leverages the targeting information to maximize publisher revenue across both search and display advertising environments. The proposed mechanism treats the ad inventory type as the publisher's private information and allocates impressions by comparing advertisers' marginal revenues. We show that IBPA resolves the trade-off between targeting precision and market thickness: publisher revenue is increasing in information granularity and decreasing in disclosure granularity. Moreover, IBPA dominates the generalized second-price (GSP) auction for any distribution of advertiser valuations and under any information or disclosure regime. We also characterize computationally efficient approximations that preserve these guarantees. Using auction-level data from a large retail media platform, we estimate advertiser valuation distributions and simulate counterfactual outcomes. Relative to GSP, IBPA increases publisher revenue by 68%, allocation rate by 19pp, advertiser welfare by 29%, and total welfare by 54%.
January 16, 2026 at 3:41 AM
arxivecongnbot.bsky.social
arXiv📈🤖
Credible Nash Bargaining Solution for Bilateral Trading Networks
By Rong, Tang
We study surplus division in network constrained bilateral matching markets with transferable utility. We introduce a new solution concept, the credible bargaining solution, which refines stability by requiring that, for each matched pair of buyer and seller, surplus be divided according to the Nash bargaining solution with respect to credible outside options, defined as their payoffs in some stable outcome of the submarket obtained by removing their link. We establish general properties of the credible bargaining solution, prove existence, and provide a complete characterization in the unit-surplus case based on the notion of essential links.
January 16, 2026 at 3:39 AM
arxivecongnbot.bsky.social
arXiv📈🤖
The Connection Between Monetary Policy and Housing Prices: Public Perception and Expert Communication
By Poyntner, Waltl
We study how the general public perceives the link between monetary policy and housing markets. Using a large-scale, cross-country survey experiment in Austria, Germany, Italy, Sweden, and the United Kingdom, we examine households' understanding of monetary policy, their beliefs about its impact on house prices, and how these beliefs respond to expert information. We find that while most respondents grasp the basic mechanisms of conventional monetary policy and recognize the connection between interest rates and house prices, literacy regarding unconventional monetary policy is very low. Beliefs about the monetary policy-housing nexus are malleable and respond to information, particularly when it is provided by academic economists rather than central bankers. Monetary policy literacy is strongly related to education, gender, age, and experience in housing and mortgage markets. Our results highlight the central role of housing in how households interpret monetary policy and point to the importance of credible and inclusive communication strategies for effective policy transmission.
January 16, 2026 at 3:35 AM
arxivecongnbot.bsky.social
arXiv📈🤖
On click-fraud under pro-rata revenue sharing rule
By Yu
Click-fraud is commonly seen as a key vulnerability of pro-rata revenue sharing on music streaming platforms, whereas user-centric is largely immune. This paper develops a tractable non-cooperative model in which artists can purchase fraud activity that generates undetectable fake streams up to a technological limit. We show that pro-rata can be fraud-robust: when fraud technology is weak, honesty is a strict dominant strategy, and an efficient fraud-free equilibrium obtains. When fraud technology is strong, a unique fraud equilibrium arises, yet aggregate fake streams remain bounded. Although fraud is inefficient, the resulting redistribution may improve fairness in some cases. To mitigate fraud without abandoning pro-rata, we introduce a parametric weighted rule that interpolates between pro-rata and user-centric, and characterize parameter ranges that restore a fraud-free equilibrium under technology constraint. We also discuss implications of Spotify's modernized royalty system for fraud incentives.
January 16, 2026 at 1:47 AM
arxivecongnbot.bsky.social
arXiv📈🤖
Institutions, Education, and Religious Change: Evidence from Colombia
By Galindo-Silva, Herrera-Idarraga
How do religious identities change? We study the effects of civic education reforms on religious identification using Colombia's 1991 Constitution, which dismantled the country's confessional regime and mandated constitutional instruction in high schools. Exploiting cohort-based variation in exposure to the reform and nationally representative survey data, we implement a difference-in-differences design. We find that exposure to the constitutional curriculum reduced Catholic self-identification by about three percentage points. This decline reflects a reallocation of religious identities rather than a generalized decline in religiosity. In regions where Catholic institutional presence was historically weaker, Catholic losses translate into switching toward non-Catholic Christian denominations and higher religious attendance. In contrast, in regions where Catholic dominance was stronger, the decline is associated with increased secular identification and lower attendance. These patterns hold across ethnic and non-ethnic groups and are shaped primarily by regional religious supply rather than ethnicity per se. Overall, the results show that civic education can reconfigure religious identities by reshaping the relative legitimacy of competing affiliations.
January 16, 2026 at 1:46 AM
arxivecongnbot.bsky.social
arXiv📈🤖
Targeting Information in Ad Auction Mechanisms
By Tunuguntla, Mela, Pratt
Digital advertising platforms and publishers sell ad inventory that conveys targeting information, such as demographic, contextual, or behavioral audience segments, to advertisers. While revealing this information improves ad relevance, it can reduce competition and lower auction revenues. To resolve this trade-off, this paper develops a general auction mechanism -- the Information-Bundling Position Auction (IBPA) mechanism -- that leverages the targeting information to maximize publisher revenue across both search and display advertising environments. The proposed mechanism treats the ad inventory type as the publisher's private information and allocates impressions by comparing advertisers' marginal revenues. We show that IBPA resolves the trade-off between targeting precision and market thickness: publisher revenue is increasing in information granularity and decreasing in disclosure granularity. Moreover, IBPA dominates the generalized second-price (GSP) auction for any distribution of advertiser valuations and under any information or disclosure regime. We also characterize computationally efficient approximations that preserve these guarantees. Using auction-level data from a large retail media platform, we estimate advertiser valuation distributions and simulate counterfactual outcomes. Relative to GSP, IBPA increases publisher revenue by 68%, allocation rate by 19pp, advertiser welfare by 29%, and total welfare by 54%.
January 16, 2026 at 1:43 AM
arxivecongnbot.bsky.social
arXiv📈🤖
Credible Nash Bargaining Solution for Bilateral Trading Networks
By Rong, Tang
We study surplus division in network constrained bilateral matching markets with transferable utility. We introduce a new solution concept, the credible bargaining solution, which refines stability by requiring that, for each matched pair of buyer and seller, surplus be divided according to the Nash bargaining solution with respect to credible outside options, defined as their payoffs in some stable outcome of the submarket obtained by removing their link. We establish general properties of the credible bargaining solution, prove existence, and provide a complete characterization in the unit-surplus case based on the notion of essential links.
January 16, 2026 at 1:39 AM
arxivecongnbot.bsky.social
arXiv📈🤖
The Connection Between Monetary Policy and Housing Prices: Public Perception and Expert Communication
By Poyntner, Waltl
We study how the general public perceives the link between monetary policy and housing markets. Using a large-scale, cross-country survey experiment in Austria, Germany, Italy, Sweden, and the United Kingdom, we examine households' understanding of monetary policy, their beliefs about its impact on house prices, and how these beliefs respond to expert information. We find that while most respondents grasp the basic mechanisms of conventional monetary policy and recognize the connection between interest rates and house prices, literacy regarding unconventional monetary policy is very low. Beliefs about the monetary policy-housing nexus are malleable and respond to information, particularly when it is provided by academic economists rather than central bankers. Monetary policy literacy is strongly related to education, gender, age, and experience in housing and mortgage markets. Our results highlight the central role of housing in how households interpret monetary policy and point to the importance of credible and inclusive communication strategies for effective policy transmission.
January 16, 2026 at 1:34 AM
arxivecongnbot.bsky.social
arXiv📈🤖
On click-fraud under pro-rata revenue sharing rule
By Yu
Click-fraud is commonly seen as a key vulnerability of pro-rata revenue sharing on music streaming platforms, whereas user-centric is largely immune. This paper develops a tractable non-cooperative model in which artists can purchase fraud activity that generates undetectable fake streams up to a technological limit. We show that pro-rata can be fraud-robust: when fraud technology is weak, honesty is a strict dominant strategy, and an efficient fraud-free equilibrium obtains. When fraud technology is strong, a unique fraud equilibrium arises, yet aggregate fake streams remain bounded. Although fraud is inefficient, the resulting redistribution may improve fairness in some cases. To mitigate fraud without abandoning pro-rata, we introduce a parametric weighted rule that interpolates between pro-rata and user-centric, and characterize parameter ranges that restore a fraud-free equilibrium under technology constraint. We also discuss implications of Spotify's modernized royalty system for fraud incentives.
January 15, 2026 at 10:23 PM
arxivecongnbot.bsky.social
arXiv📈🤖
Institutions, Education, and Religious Change: Evidence from Colombia
By Galindo-Silva, Herrera-Idarraga
How do religious identities change? We study the effects of civic education reforms on religious identification using Colombia's 1991 Constitution, which dismantled the country's confessional regime and mandated constitutional instruction in high schools. Exploiting cohort-based variation in exposure to the reform and nationally representative survey data, we implement a difference-in-differences design. We find that exposure to the constitutional curriculum reduced Catholic self-identification by about three percentage points. This decline reflects a reallocation of religious identities rather than a generalized decline in religiosity. In regions where Catholic institutional presence was historically weaker, Catholic losses translate into switching toward non-Catholic Christian denominations and higher religious attendance. In contrast, in regions where Catholic dominance was stronger, the decline is associated with increased secular identification and lower attendance. These patterns hold across ethnic and non-ethnic groups and are shaped primarily by regional religious supply rather than ethnicity per se. Overall, the results show that civic education can reconfigure religious identities by reshaping the relative legitimacy of competing affiliations.
January 15, 2026 at 10:19 PM
arxivecongnbot.bsky.social
arXiv📈🤖
Targeting Information in Ad Auction Mechanisms
By Tunuguntla, Mela, Pratt
Digital advertising platforms and publishers sell ad inventory that conveys targeting information, such as demographic, contextual, or behavioral audience segments, to advertisers. While revealing this information improves ad relevance, it can reduce competition and lower auction revenues. To resolve this trade-off, this paper develops a general auction mechanism -- the Information-Bundling Position Auction (IBPA) mechanism -- that leverages the targeting information to maximize publisher revenue across both search and display advertising environments. The proposed mechanism treats the ad inventory type as the publisher's private information and allocates impressions by comparing advertisers' marginal revenues. We show that IBPA resolves the trade-off between targeting precision and market thickness: publisher revenue is increasing in information granularity and decreasing in disclosure granularity. Moreover, IBPA dominates the generalized second-price (GSP) auction for any distribution of advertiser valuations and under any information or disclosure regime. We also characterize computationally efficient approximations that preserve these guarantees. Using auction-level data from a large retail media platform, we estimate advertiser valuation distributions and simulate counterfactual outcomes. Relative to GSP, IBPA increases publisher revenue by 68%, allocation rate by 19pp, advertiser welfare by 29%, and total welfare by 54%.
January 15, 2026 at 10:15 PM
arxivecongnbot.bsky.social
arXiv📈🤖
Credible Nash Bargaining Solution for Bilateral Trading Networks
By Rong, Tang
We study surplus division in network constrained bilateral matching markets with transferable utility. We introduce a new solution concept, the credible bargaining solution, which refines stability by requiring that, for each matched pair of buyer and seller, surplus be divided according to the Nash bargaining solution with respect to credible outside options, defined as their payoffs in some stable outcome of the submarket obtained by removing their link. We establish general properties of the credible bargaining solution, prove existence, and provide a complete characterization in the unit-surplus case based on the notion of essential links.
January 15, 2026 at 10:10 PM
arxivecongnbot.bsky.social
arXiv📈🤖
The Connection Between Monetary Policy and Housing Prices: Public Perception and Expert Communication
By Poyntner, Waltl
We study how the general public perceives the link between monetary policy and housing markets. Using a large-scale, cross-country survey experiment in Austria, Germany, Italy, Sweden, and the United Kingdom, we examine households' understanding of monetary policy, their beliefs about its impact on house prices, and how these beliefs respond to expert information. We find that while most respondents grasp the basic mechanisms of conventional monetary policy and recognize the connection between interest rates and house prices, literacy regarding unconventional monetary policy is very low. Beliefs about the monetary policy-housing nexus are malleable and respond to information, particularly when it is provided by academic economists rather than central bankers. Monetary policy literacy is strongly related to education, gender, age, and experience in housing and mortgage markets. Our results highlight the central role of housing in how households interpret monetary policy and point to the importance of credible and inclusive communication strategies for effective policy transmission.
January 15, 2026 at 10:06 PM
arxivecongnbot.bsky.social
arXiv📈🤖
On click-fraud under pro-rata revenue sharing rule
By Yu
Click-fraud is commonly seen as a key vulnerability of pro-rata revenue sharing on music streaming platforms, whereas user-centric is largely immune. This paper develops a tractable non-cooperative model in which artists can purchase fraud activity that generates undetectable fake streams up to a technological limit. We show that pro-rata can be fraud-robust: when fraud technology is weak, honesty is a strict dominant strategy, and an efficient fraud-free equilibrium obtains. When fraud technology is strong, a unique fraud equilibrium arises, yet aggregate fake streams remain bounded. Although fraud is inefficient, the resulting redistribution may improve fairness in some cases. To mitigate fraud without abandoning pro-rata, we introduce a parametric weighted rule that interpolates between pro-rata and user-centric, and characterize parameter ranges that restore a fraud-free equilibrium under technology constraint. We also discuss implications of Spotify's modernized royalty system for fraud incentives.
January 15, 2026 at 7:24 PM
arxivecongnbot.bsky.social
arXiv📈🤖
Institutions, Education, and Religious Change: Evidence from Colombia
By Galindo-Silva, Herrera-Idarraga
How do religious identities change? We study the effects of civic education reforms on religious identification using Colombia's 1991 Constitution, which dismantled the country's confessional regime and mandated constitutional instruction in high schools. Exploiting cohort-based variation in exposure to the reform and nationally representative survey data, we implement a difference-in-differences design. We find that exposure to the constitutional curriculum reduced Catholic self-identification by about three percentage points. This decline reflects a reallocation of religious identities rather than a generalized decline in religiosity. In regions where Catholic institutional presence was historically weaker, Catholic losses translate into switching toward non-Catholic Christian denominations and higher religious attendance. In contrast, in regions where Catholic dominance was stronger, the decline is associated with increased secular identification and lower attendance. These patterns hold across ethnic and non-ethnic groups and are shaped primarily by regional religious supply rather than ethnicity per se. Overall, the results show that civic education can reconfigure religious identities by reshaping the relative legitimacy of competing affiliations.
January 15, 2026 at 7:21 PM
arxivecongnbot.bsky.social
arXiv📈🤖
Targeting Information in Ad Auction Mechanisms
By Tunuguntla, Mela, Pratt
Digital advertising platforms and publishers sell ad inventory that conveys targeting information, such as demographic, contextual, or behavioral audience segments, to advertisers. While revealing this information improves ad relevance, it can reduce competition and lower auction revenues. To resolve this trade-off, this paper develops a general auction mechanism -- the Information-Bundling Position Auction (IBPA) mechanism -- that leverages the targeting information to maximize publisher revenue across both search and display advertising environments. The proposed mechanism treats the ad inventory type as the publisher's private information and allocates impressions by comparing advertisers' marginal revenues. We show that IBPA resolves the trade-off between targeting precision and market thickness: publisher revenue is increasing in information granularity and decreasing in disclosure granularity. Moreover, IBPA dominates the generalized second-price (GSP) auction for any distribution of advertiser valuations and under any information or disclosure regime. We also characterize computationally efficient approximations that preserve these guarantees. Using auction-level data from a large retail media platform, we estimate advertiser valuation distributions and simulate counterfactual outcomes. Relative to GSP, IBPA increases publisher revenue by 68%, allocation rate by 19pp, advertiser welfare by 29%, and total welfare by 54%.
January 15, 2026 at 7:17 PM
arxivecongnbot.bsky.social
arXiv📈🤖
Credible Nash Bargaining Solution for Bilateral Trading Networks
By Rong, Tang
We study surplus division in network constrained bilateral matching markets with transferable utility. We introduce a new solution concept, the credible bargaining solution, which refines stability by requiring that, for each matched pair of buyer and seller, surplus be divided according to the Nash bargaining solution with respect to credible outside options, defined as their payoffs in some stable outcome of the submarket obtained by removing their link. We establish general properties of the credible bargaining solution, prove existence, and provide a complete characterization in the unit-surplus case based on the notion of essential links.
January 15, 2026 at 7:15 PM
arxivecongnbot.bsky.social
arXiv📈🤖
The Connection Between Monetary Policy and Housing Prices: Public Perception and Expert Communication
By Poyntner, Waltl
We study how the general public perceives the link between monetary policy and housing markets. Using a large-scale, cross-country survey experiment in Austria, Germany, Italy, Sweden, and the United Kingdom, we examine households' understanding of monetary policy, their beliefs about its impact on house prices, and how these beliefs respond to expert information. We find that while most respondents grasp the basic mechanisms of conventional monetary policy and recognize the connection between interest rates and house prices, literacy regarding unconventional monetary policy is very low. Beliefs about the monetary policy-housing nexus are malleable and respond to information, particularly when it is provided by academic economists rather than central bankers. Monetary policy literacy is strongly related to education, gender, age, and experience in housing and mortgage markets. Our results highlight the central role of housing in how households interpret monetary policy and point to the importance of credible and inclusive communication strategies for effective policy transmission.
January 15, 2026 at 7:10 PM
arxivecongnbot.bsky.social
arXiv📈🤖
On click-fraud under pro-rata revenue sharing rule
By Yu
Click-fraud is commonly seen as a key vulnerability of pro-rata revenue sharing on music streaming platforms, whereas user-centric is largely immune. This paper develops a tractable non-cooperative model in which artists can purchase fraud activity that generates undetectable fake streams up to a technological limit. We show that pro-rata can be fraud-robust: when fraud technology is weak, honesty is a strict dominant strategy, and an efficient fraud-free equilibrium obtains. When fraud technology is strong, a unique fraud equilibrium arises, yet aggregate fake streams remain bounded. Although fraud is inefficient, the resulting redistribution may improve fairness in some cases. To mitigate fraud without abandoning pro-rata, we introduce a parametric weighted rule that interpolates between pro-rata and user-centric, and characterize parameter ranges that restore a fraud-free equilibrium under technology constraint. We also discuss implications of Spotify's modernized royalty system for fraud incentives.
January 15, 2026 at 4:29 PM
arxivecongnbot.bsky.social
arXiv📈🤖
Institutions, Education, and Religious Change: Evidence from Colombia
By Galindo-Silva, Herrera-Idarraga
How do religious identities change? We study the effects of civic education reforms on religious identification using Colombia's 1991 Constitution, which dismantled the country's confessional regime and mandated constitutional instruction in high schools. Exploiting cohort-based variation in exposure to the reform and nationally representative survey data, we implement a difference-in-differences design. We find that exposure to the constitutional curriculum reduced Catholic self-identification by about three percentage points. This decline reflects a reallocation of religious identities rather than a generalized decline in religiosity. In regions where Catholic institutional presence was historically weaker, Catholic losses translate into switching toward non-Catholic Christian denominations and higher religious attendance. In contrast, in regions where Catholic dominance was stronger, the decline is associated with increased secular identification and lower attendance. These patterns hold across ethnic and non-ethnic groups and are shaped primarily by regional religious supply rather than ethnicity per se. Overall, the results show that civic education can reconfigure religious identities by reshaping the relative legitimacy of competing affiliations.
January 15, 2026 at 4:26 PM
arxivecongnbot.bsky.social
arXiv📈🤖
Targeting Information in Ad Auction Mechanisms
By Tunuguntla, Mela, Pratt
Digital advertising platforms and publishers sell ad inventory that conveys targeting information, such as demographic, contextual, or behavioral audience segments, to advertisers. While revealing this information improves ad relevance, it can reduce competition and lower auction revenues. To resolve this trade-off, this paper develops a general auction mechanism -- the Information-Bundling Position Auction (IBPA) mechanism -- that leverages the targeting information to maximize publisher revenue across both search and display advertising environments. The proposed mechanism treats the ad inventory type as the publisher's private information and allocates impressions by comparing advertisers' marginal revenues. We show that IBPA resolves the trade-off between targeting precision and market thickness: publisher revenue is increasing in information granularity and decreasing in disclosure granularity. Moreover, IBPA dominates the generalized second-price (GSP) auction for any distribution of advertiser valuations and under any information or disclosure regime. We also characterize computationally efficient approximations that preserve these guarantees. Using auction-level data from a large retail media platform, we estimate advertiser valuation distributions and simulate counterfactual outcomes. Relative to GSP, IBPA increases publisher revenue by 68%, allocation rate by 19pp, advertiser welfare by 29%, and total welfare by 54%.
January 15, 2026 at 4:21 PM
arxivecongnbot.bsky.social
arXiv📈🤖
Credible Nash Bargaining Solution for Bilateral Trading Networks
By Rong, Tang
We study surplus division in network constrained bilateral matching markets with transferable utility. We introduce a new solution concept, the credible bargaining solution, which refines stability by requiring that, for each matched pair of buyer and seller, surplus be divided according to the Nash bargaining solution with respect to credible outside options, defined as their payoffs in some stable outcome of the submarket obtained by removing their link. We establish general properties of the credible bargaining solution, prove existence, and provide a complete characterization in the unit-surplus case based on the notion of essential links.
January 15, 2026 at 4:17 PM
arxivecongnbot.bsky.social
arXiv📈🤖
The Connection Between Monetary Policy and Housing Prices: Public Perception and Expert Communication
By Poyntner, Waltl
We study how the general public perceives the link between monetary policy and housing markets. Using a large-scale, cross-country survey experiment in Austria, Germany, Italy, Sweden, and the United Kingdom, we examine households' understanding of monetary policy, their beliefs about its impact on house prices, and how these beliefs respond to expert information. We find that while most respondents grasp the basic mechanisms of conventional monetary policy and recognize the connection between interest rates and house prices, literacy regarding unconventional monetary policy is very low. Beliefs about the monetary policy-housing nexus are malleable and respond to information, particularly when it is provided by academic economists rather than central bankers. Monetary policy literacy is strongly related to education, gender, age, and experience in housing and mortgage markets. Our results highlight the central role of housing in how households interpret monetary policy and point to the importance of credible and inclusive communication strategies for effective policy transmission.
January 15, 2026 at 4:12 PM