October 18, 2011
Economists publish article in the Journal of Money, Credit and Banking
Lance Bachmeier, associate professor of economics, and Inkyung Cha, visiting assistant professor of economics, published "Why Don't Oil Shocks Cause Inflation? Evidence From Disaggregate Inflation Data" in the September 2011 issue of the Journal of Money, Credit and Banking.
The article shows that the price of oil no longer influences the price of most goods in the economy. The authors demonstrate that this is primarily due to changes in technology that allow firms to use less energy in production.