I do, however, want to shed some light on the issue of which operational options will be available to the Eurosystem when the Governing Council decides that the time to exit has come.
12  With regard to oil prices, Bodenstein, Erceg, and Guerrieri (2008) discuss the effects on the price of oil and the U.S. economy from shocks to various factors in a theoretical model; Kilian (2007) provides an empirical analysis. More generally, this area remains a fertile field for future research. 13  See Bernanke (2008).