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News Shocks in Open Economies: Evidence from Giant Oil Discoveries
[report]
2015
unpublished
This paper explores the effect of news shocks on the current account and other macroeconomic variables using worldwide giant oil discoveries as a directly observable measure of news shocks about future output ̶ the delay between a discovery and production is on average 4 to 6 years. We first present a two-sector small open economy model in order to predict the responses of macroeconomic aggregates to news of an oil discovery. We then estimate the effects of giant oil discoveries on a large
doi:10.3386/w20857
fatcat:3ev34kgvuzesnf4l53u6b4qhsm