[PDF] The Supply-Shock Explanation of the Great Stagflation Revisited





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The Supply-Shock Explanation of the Great Stagflation Revisited

GDP Naturally any demand shock will have short-run Keynesian effects (e g result in changes in real output) if the economy has Keynesian properties— which it does 2 Supply shocks are events that on impact move the price level and real output in opposite directions (e g an adverse shock causes prices to go up and output to go down)



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G-SHOCK¦§ÖH ?2020 xls Author: kido-y Created Date: 3/31/2023 12:42:57 PM

How many G can a shaker shock withstand?

  • Far Field SRS tests performed with electrodynamic shakers at most test labs rarely exceed 1,000 g due to Shaker and Power Amplifier limitations. This historically low ceiling for SRS shaker shock has been dramatically expanded by Experior Laboratories using its high performance T2000 Shakers.

What are supply shocks and demand shocks?

  • Supply shocks are events that, on impact, move the price level and real output in opposite directions (e.g., an adverse shock causes prices to go up and output to go down). Demand shocks are events that, on impact, move the price level and real output in the same direction (e.g., an expansionary demand shock pushes up both prices and output).

Does a supply shock reflect a wage-price spiral?

  • 17NNo doubt, some of the effect of a supply shock in our price-price Phillips curves reflects the wage-price spiral—indeed, the textbook way to derive a price-price equation is by substituting a wage-price Phillips curve into a markup equation. In the case of food price pass-through, this channel is probably the main one at work.

Does the supply-shock explanation hold up?

  • We find that the classic supply-shock explanation holds up very well; in particular, neither data revisions nor updated econometric estimates substantially change the evaluations of the 1972-1983 period that were made 25 years (or more) ago.
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