Seeking a shock haven: Hedging extreme upward oil price changes
系统评估多种资产能否作为对冲原油价格大幅上涨的冲击避风港，发现贵金属、软性大宗商品及部分货币具有此功能，其中黄金、白银、铂金、玉米和小麦表现稳定。
Crude oil is prone to large upward price shocks, creating challenges for personal and corporate budgeting and the economy more broadly. In this paper, we systematically assess a range of possible assets which might function as shock havens against large oil price shocks. Empirical tests uncover a rich set of assets which act both as hedges and shock havens, including precious metals, soft commodities and, with less consistency, currencies. The range of possible hedges is extensive, marked by a positive correlation with oil returns on average. Gold, silver, platinum, corn, and wheat are shown to provide consistent shock haven properties across various specifications, including those surrounding the large oil price changes observed during the COVID-19 Pandemic and following the invasion of Ukraine.