Oil Price Has Less Of a Ripple Effect.

Focuses on the effect of oil prices on inflation in the United States. Details of a paper by macroeconomist Mark Hooker, which concludes that since 1980, changes in oil prices affect inflation only in proportion to oil's share of the inflation indexes; Suggestion that the US Federal Reserve's monetary policy is less accommodating to oil price shocks than it was before 1980; The notion that a nation can still grow without inflation amid high oil prices.