The reemergence of oil prices as an important macroeconomic consideration is a reminder that there is less of a stark division between old and new economies than is often loosely suggested. Even the oil industry, a presumed old-economy stalwart, is a surprisingly major player in the new.
As a consequence, policymakers will need to consider how changes in technologies and world markets may have altered the response of our economies to oil-price shocks and, thus, how best to respond to them.