Mankiw on Oil Shocks

Mankiw asks:
Oil prices are near record highs, which raises a fascinating question. In recent years, the U.S. and world economies have typically shrugged off oil price increases. By contrast, oil price increases are a major part of the conventional story of the economic turmoil of the 1970s. Why the difference?

Read Mankiw’s view at Where have all the oil shocks gone?.
See also my previous post on the topic.

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