This makes the eventual proportional change in all prices from a monetary shock slower than it would be.

FORBES: NGDP in the Long Run and Economic Plasticity

Taking the stress-strain analogy seriously these sudden rigidity changes should cause the economy to be less elastic under nominal shocks, which means that some parts of the economy will never completely recover from the monetary shock.

FORBES: NGDP in the Long Run and Economic Plasticity

That means structural reforms to raise productivity, fiscal reforms to boost growth and a strong monetary stimulus, all at once, to shock the economy back to life.

ECONOMIST: Japan's debt problem

The historical data used to predict recessions in the past are less useful if a new shock cannot be offset with fiscal and monetary policy.

ECONOMIST: The economy��s prospects

International Monetary Fund economist Dora Iakova has modeled what she terms the "immigration shock" and is convinced it boosted real economic growth in Britain by at least 0.2 of a percentage point per year after 2004, helping the country overcome an uptick in interest rates.

FORBES: New Britannia

And some form of shock or other force pushing prices higher or lower might inspire a monetary policy response.

FORBES: Inflation Fears and Facts

Having the central bank embrace inflation would shock economists and Fed watchers who view price stability as the foremost goal of monetary policy.

FORBES: Greg Mankiw Was Almost Federal Reserve Chairman Instead of Ben Bernanke