Transcripts of the monetary policymaking body of the Federal Reserve from 2002–2008.

I was astonished when I saw the note—I think it was in the Wall Street Journal a couple of weeks ago—that oil consumption actually fell worldwide in ’06 relative to ’05, which really surprised me. I don’t know quite how to explain that because the economies around the world are pretty strong. I’m assuming that the longer-run price elasticities are taking hold and that a lot of the traders probably believe the elasticity is zero and they pushed prices up pretty high. Does that make sense?

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