The 1973 oil shock hit an international economy already facing monetary and price pressures. An oil shock hit an economy that was already under strain.
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Higher energy costs affected production, transportation and household budgets, with responses differing by country. Energy prices reach into nearly every corner of daily life.
Oil isn't an all-purpose explanation for what happened in every country. Oil prices were an important shock, but they do not explain every country's subsequent inflation path by themselves.
Government price policies, monetary choices and labor-market institutions influenced how long pressures persisted. Policy choices influenced whether the shock became persistent inflation.
Where does a supply shock end and a policy-driven inflation process begin?