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Results come from bond-level regressions summarized across bonds.",167 "units_stated_in_notes": true,168 "standard_errors_description": "unclear"169 },170 "figures": {171 "uncertainty_shown": "no"172 },173 "conclusion": {174 "bounded_claims": true,175 "policy_implications": false,176 "open_questions": false,177 "restates_contribution": true178 },179 "hedging": {180 "level": "moderate",181 "typical_devices": [182 "'consistent with' theory",183 "'suggests'/'indicates'",184 "'associated with'",185 "'support the implications of'"186 ]187 },188 "claim_evidence": [189 {190 "claim": "Systematic inventory, search and bargaining frictions explain 23.4% of the variation in the common component of yield spread changes",191 "evidence_type": "table",192 "evidence_ref": "Table IX"193 },194 {195 "claim": "The CDGM model on transaction prices leaves a large common unexplained factor",196 "evidence_type": "table",197 "evidence_ref": "Tables II, III"198 },199 {200 "claim": "Higher interdealer network connectivity and longer intermediation chains are associated with narrower yield spreads",201 "evidence_type": "table",202 "evidence_ref": "Table VII"203 },204 {205 "claim": "Search frictions capture 6.3% of the common component",206 "evidence_type": "table",207 "evidence_ref": "Table VII"208 },209 {210 "claim": "Results hold when the crisis period is excluded",211 "evidence_type": "table",212 "evidence_ref": "Table X"213 }214 ],215 "structural_summary": "The paper opens with the puzzle of a large unexplained common factor in yield spread changes and introduces OTC friction theory as a candidate explanation. It then previews the friction proxies and results, theory by theory, and positions itself against the liquidity and market-making literatures. The body describes the TRACE data, replicates the CDGM benchmark, and constructs systematic friction measures. It then tests each friction group separately and jointly, followed by robustness checks. A brief conclusion restates the key magnitudes.",216 "writing_profile_keywords": [217 "puzzle-driven",218 "benchmark replication",219 "theory-guided proxies",220 "explained variance",221 "OTC frictions",222 "network measures"223 ],224 "confidence": 0.8,225 "notes": "Sections III and IV are labelled 'other' by the role rule; Section III is mainly measure construction, so it is coded as data. 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