Before becoming Fed head, Ben Bernankewrote papers about "excess" savings worldwide: People aren't spending and investing enough, and that's why global financial systems are awash in cash.
Mr Bernankewrote another paper with Mr Gertler arguing that central banks would do better not to try to stabilise asset prices but instead to concentrate on a target for consumer-price inflation.
"In the case of oil, speculative activity tends to ensure that a portion of the oil that is currently produced is put aside to guard against the possibility of disruptions or shortages in the future, " Bernankewrote.