00000nam 2200000zi 4500 9.956699 CaOODSP 20251024161608 m o d f cr |n||||||||| 251024t20252025oncd ob f|0| 0 eng d CaOODSP eng rda CaOODSP eng eng fre n-cn--- FB3-5/2025-24E-PDF L’Huillier, Jean-Paul, author. Short-run and long-run news : evidence from giant commodity discoveries / Jean-Paul L’Huillier, Kirill Shakhnov, Laure Simon. [Ottawa] : Bank of Canada = Banque du Canada, 2025. ©2025 1 online resource (ii, 58 pages) : charts. text txt rdacontent computer c rdamedia online resource cr rdacarrier Staff working paper = Document de travail du personnel, 1701-9397 ; 2025-24 "Last updated: September 5, 2025." Includes bibliographical references. "The bulk of the news shocks literature focuses on shocks materializing after four or five quarters, with limited evidence on news about longer-run events. We build a new dataset of discovery and production start dates for a wide range of giant commodity discoveries worldwide from 1960 to 2012. Standard open economy models match the empirical responses of short-run news but fail in the case of long-run news. Incorporating financial frictions in the form of collateral constraints is crucial for capturing the dynamics implied by long-run news. We also provide direct evidence on the role of these frictions"--Abstract, page ii. Includes abstract in French. Commodity exchanges. Bourses de marchandises. Bank of Canada, issuing body. Staff working paper (Bank of Canada) 2025-24. (CaOODSP)9.806221 PDF 1.92 MB https://publications.gc.ca/collections/collection_2025/banque-bank-canada/FB3-5-2025-24-eng.pdf