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Federal Reserve Communication and the COVID-19 Pandemic
Jonathan Benchimol, Sophia Kazinnik, Yossi Saadon
https://arxiv.org/abs/2508.04830 https://arxiv.or…

Federal Reserve Communication and the COVID-19 Pandemic
In this study, we examine the Federal Reserve's communication strategies during the COVID-19 pandemic, comparing them with communication during previous periods of economic stress. Using specialized dictionaries tailored to COVID-19, unconventional monetary policy (UMP), and financial stability, combined with sentiment analysis and topic modeling techniques, we identify a distinct focus in Fed communication during the pandemic on financial stability, market volatility, social welfare, and UMP, …

Performative Market Making
Charalampos Kleitsikas, Stefanos Leonardos, Carmine Ventre
https://arxiv.org/abs/2508.04344 https://arxiv.org/pdf/2508.04344

Performative Market Making
Financial models do not merely analyse markets, but actively shape them. This effect, known as performativity, describes how financial theories and the subsequent actions based on them influence market processes, by creating self-fulfilling prophecies. Although discussed in the literature on economic sociology, this deeply rooted phenomenon lacks mathematical formulation in financial markets. Our paper closes this gap by breaking down the canonical separation of diffusion processes between the …