Have Rising Oil Prices Become a Greater Threat to Price Stability
研究了近50年油价对通胀影响的变化，发现近期油价对通胀的作用再次增强，可能源于宽松货币政策和美国经济结构变化。
The effect of oil prices on inflation has varied greatly in the last 50 years. Rising oil prices in the 1970s and early 1980s were associated with high and rising inflation. In the late 1980s and 1990s, however, the inflationary effect moderated. Although the experience of the energy crisis in the 1970s and its excessive and persistent inflation is unlikely to be repeated, mainly because of a better functioning monetary policy framework, Fukac finds recent evidence suggesting that oil prices again are playing a more significant role in inflation. He argues that temporarily accommodative monetary policy and structural changes in the U.S. economy?such as increased consumer spending on petroleum?possibly doubled the effect of oil price changes on inflation relative to the early 2000s.