It is concerned about the impact of the oil-price shock on the supply side of the economy.
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And while current oil prices are three times greater than in the 1970s oil price shock, even 2008 expenditures lagged those percentages.
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Concerns over the surging cost of Brent crude are growing as analysts warn that Europe could be at the center of an oil-price shock.
The boom has all the standard features of an oil-price shock, except that, compared with the more familiar cases of 1973-74 and 1979-80, and the not-so-noticed case of 1990-91, this one happened in reverse.
It seems that Russia has become less vulnerable to financial and currency shocks and that it is still highly exposed in the event of an adverse oil price shock, writes Tatiana Orlova, a Russian strategist at Nomura in London.
Buyers are suffering from gas-price sticker shock and are sitting on liquid assets until they get a better fix on where the economy is actually going.
It's hard to disentangle the initial shock of price liberalisation from ongoing inflationary pressure.
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A. Davidson's Mr. Kraft, in his research note, wrote that Visa's price increase "represents a shock" for Coinstar Inc.
Dirty habits die hard and the only way to encourage auto makers to adopt clean technology is a short sharp shock in the fuel price.
But it is certain, as opposed to merely likely, that the recent oil-price hike is a substantial negative supply shock.
Price told me that their collars would register a shock if the dogs crossed a buried wire.
He says newcomers can get a shock on arrival due to the high price of property and the lack of qualified staff.
Having the central bank embrace inflation would shock economists and Fed watchers who view price stability as the foremost goal of monetary policy.
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The accusation was itself reckless, though it was perhaps the price Tynan paid for a style whose intention was to shock.
Lawrence Summers, America's treasury secretary, attracted attention recently when he likened the new-technology boom to a positive supply-side shock, the converse of the oil-price shocks of the 1970s.
It wants to ease the shock that would result and gradually phase in the price increase over several years.
"Sticker shock" at the 6% or 7% price tag shouldn't spook governments into promising fancy schemes at summits that they can't actually deliver (for more on this line of argument, see Friday's blog on Chancellor Merkel).
The wage-price spiral of the 1970s has been avoided, but the income shock is painful.
In fact, we could be just one supply shock away from a full-blown food crisis that would make the price spikes of 2008 look like a happy memory.
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