News Shocks in Open Economies: Evidence from Giant Oil Discoveries

We are grateful to Mike Horn and the Global Energy Systems research group at Uppsala University for sharing their datasets on giant oil discoveries. We thank Robert Barro, Ritwik Banerjee, Olivier Blanchard, Raouf Bouccekine, Yi Chen, Giancarlo Corsetti, Domenico Fanizza, Thorvaldur Gylfason, Kirk Hamilton, Thomas Helbling, Nir Jaimovich, Ayhan Kose, Jean-Pierre Laffargue, Prakash Loungani, Akito Matsumoto, Gian Maria Milesi-Ferretti, Jonathan Ostry, Rick van der Ploeg, Richard Rogerson, Tony Venables, Henrik Wachtmeister, Philippe Wingender, Hongyan Zhao, and referees for detailed comments and discussions. We also thank seminar participants at the Aix Marseille School of Economics, CERDI, the International Monetary Fund, The Hong Kong University of Science & Technology, Norges Bank, Peking University, Rice University, Tsinghua University, the Martyfest Conference, Cambridge University, UCL, University of Oxford, University of Siegen, University of Virginia, University of Warwick, CESIfo, and the ECB for helpful comments. We thank Hites Ahir and Daniel Greenwood for excellent research assistance. Liugang thanks for the financial support from Research Grants Council of Hong Kong. The views expressed in this paper are those of the authors and do not necessarily reflect those of the International Monetary Fund, its Board of Directors, the countries they represent, or the views of the National Bureau of Economic Research. All remaining errors are ours.

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