Fisher Black, an economist who designed a famous options pricing model, argued that because of developments in financial markets, central banks would soon have no ability to control the economy with...

Fisher Black, an economist who designed a famous options pricing model, argued that because of developments in financial markets, central banks would soon have no ability to control the economy with monetary policy, and that the price level would be indeterminant rather than determined by the money supply. What do you think his argument was?