Kyle's Lambda
Non-monotone price impact: depth improves then deteriorates as mesh share phi rises.
Impact Score
Score Reasoning
- Importance
- Non-monotone price impact as mesh share rises is important for the monetary policy degradation story but narrower than the core framework.
- Novelty
- V-shaped Kyle's lambda in mesh adoption is a new prediction connecting market microstructure to the CES framework.
- Quality
- Shorter article (3722 chars). Zero inbound links but good connections to monetary-degradation and settlement-feedback.