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010   $a9786612843549
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035   $a(IMF)WPIEE2009140
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100   $a20020129d2009      uf             0
101 0 $aeng
135   $aur|n|---|||||
181   $ctxt
182   $cc
183   $acr
200 14$aThe Effects of Economic News on Commodity Prices : $eIs Gold Just Another Commodity? /$fShaun Roache, Marco Rossi
210  1$aWashington, D.C. :$cInternational Monetary Fund,$d2009.
215   $a1 online resource (30 p.)
225 1 $aIMF Working Papers
300   $a"July 2009".
311   $a1-4519-1716-3 
320   $aIncludes bibliographic references.
327   $aTable 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; Appendix
330 3 $aThe paper uses an event study methodology to investigate which and how macroeconomic announcements affect commodity prices. Results show that gold is unique among commodities, with prices reacting to specific scheduled announcements in the United States and the Euro area (such as indicators of activity or interest rate decisions) in a manner consistent with gold's traditional role as a safe-haven and store of value. Other commodity prices, where such news is significant, exhibit pro-cyclical sensitivities and these have risen somewhat as commodities have become increasingly financialized. These results are important for those trading in the commodity markets on a frequent basis and long-term market participants that take their decisions based on information on price fundamentals, which are reflected in the release of macroeconomic announcements.
410  0$aIMF Working Papers; Working Paper ;$vNo. 2009/140
606   $aGold
606   $aMacroeconomics
606   $aForeign exchange rates
606   $aInvestments: Commodities$2imf
606   $aInvestments: Metals$2imf
606   $aInflation$2imf
606   $aMacroeconomics$2imf
606   $aCommodity Markets$2imf
606   $aMetals and Metal Products$2imf
606   $aCement$2imf
606   $aGlass$2imf
606   $aCeramics$2imf
606   $aPrice Level$2imf
606   $aDeflation$2imf
606   $aInvestment & securities$2imf
606   $aCommodity prices$2imf
606   $aGold$2imf
606   $aGold prices$2imf
606   $aCommodities$2imf
606   $aPrices$2imf
606   $aCommercial products$2imf
607   $aUnited States$2imf
615  0$aGold.
615  0$aMacroeconomics.
615  0$aForeign exchange rates.
615  7$aInvestments: Commodities
615  7$aInvestments: Metals
615  7$aInflation
615  7$aMacroeconomics
615  7$aCommodity Markets
615  7$aMetals and Metal Products
615  7$aCement
615  7$aGlass
615  7$aCeramics
615  7$aPrice Level
615  7$aDeflation
615  7$aInvestment & securities
615  7$aCommodity prices
615  7$aGold
615  7$aGold prices
615  7$aCommodities
615  7$aPrices
615  7$aCommercial products
700   $aRoache$b Shaun$01462118
701   $aRossi$b Marco$0307761
712 02$aInternational Monetary Fund.$bResearch Dept.
801  0$bDcWaIMF
906   $aBOOK
912   $a9910788332003321
996   $aThe Effects of Economic News on Commodity Prices$93685525
997   $aUNINA