an important part of the effect of oil price shocks on the economy results not from the change in oil prices, per se, but from the resulting tightening of monetary policy
Clearly evidence of the delusional effects of entanglement. a moral hazard of the worst kind. But Ben, in his environment, is only surrounded by the idea that money makes the world. If he thought otherwise, he would cause hysteria around Wall Street.
http://www.google.com/search?hl=en&source=hp&q=an+important+part+of+the+effect+of+oil+price+shocks+on+the+economy+results+not+from+the+change+in+oil+prices%2C+per+se%2C+but+from+the+resulting+tightening+of+monetary+policy&btnG=Google+Search&aq=f&aqi=&aql=&oq=
So far google has a half million hits on this combination of words.
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