04175oam 22010814 450 991081231740332120200520144314.01-4623-4769-X1-4527-2484-91-282-84354-01-4518-7287-99786612843549(CKB)3170000000055297(EBL)1608355(SSID)ssj0000939883(PQKBManifestationID)11523023(PQKBTitleCode)TC0000939883(PQKBWorkID)10945925(PQKB)11519299(OCoLC)539117774(IMF)WPIEE2009140(MiAaPQ)EBC1608355(IMF)WPIEA2009140(EXLCZ)99317000000005529720020129d2009 uf 0engur|n|---|||||txtccrThe Effects of Economic News on Commodity Prices : Is Gold Just Another Commodity? /Shaun Roache, Marco Rossi1st ed.Washington, D.C. :International Monetary Fund,2009.1 online resource (30 p.)IMF Working Papers"July 2009".1-4519-1716-3 Includes bibliographic references.Table of contents; I. Introduction; II. Methodology; A. Literature Review; B. Data; C. Estimation Strategy; III. Results; A. Scheduled Macroeconomic Announcements; B. "Good News", "Bad News", and Volatility; IV. Conclusion; References; AppendixThe paper uses an event study methodology to investigate which and how macroeconomic announcements affect commodity prices. Results show that gold is unique among commodities, with prices reacting to specific scheduled announcements in the United States and the Euro area (such as indicators of activity or interest rate decisions) in a manner consistent with gold's traditional role as a safe-haven and store of value. Other commodity prices, where such news is significant, exhibit pro-cyclical sensitivities and these have risen somewhat as commodities have become increasingly financialized. These results are important for those trading in the commodity markets on a frequent basis and long-term market participants that take their decisions based on information on price fundamentals, which are reflected in the release of macroeconomic announcements.IMF Working Papers; Working Paper ;No. 2009/140GoldMacroeconomicsForeign exchange ratesCementimfCeramicsimfCommercial productsimfCommoditiesimfCommodity MarketsimfCommodity pricesimfDeflationimfGlassimfGold pricesimfGoldimfInflationimfInvestment & securitiesimfInvestments: CommoditiesimfInvestments: MetalsimfMacroeconomicsimfMetals and Metal ProductsimfPrice LevelimfPricesimfUnited StatesimfGold.Macroeconomics.Foreign exchange rates.CementCeramicsCommercial productsCommoditiesCommodity MarketsCommodity pricesDeflationGlassGold pricesGoldInflationInvestment & securitiesInvestments: CommoditiesInvestments: MetalsMacroeconomicsMetals and Metal ProductsPrice LevelPrices332.63Roache Shaun1614884Rossi Marco307761International Monetary Fund.Research Dept.DcWaIMFBOOK9910812317403321The Effects of Economic News on Commodity Prices4239712UNINA