Buy custom Suppose the British economy is at long run equilibrium when it suffers an external shock due to a 15% increase in the price of oil, believed to be permanent.
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| Topic: |
Business
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| Number of pages / Number of words: |
6 / 1651 |
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A rise of the price of oil by 15 percent would stimulate a single shift in the AS curve, which is known as a supply shock ? whereby there is a temporary inflation taking place while the price rise is passed through the economy. A stabilisation of prices will then take place, and thus inflation will subside...
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A stabilisation of prices will then take place, and thus inflation will subside. A blanket increase in the price of oil is hence known as import-price-push inflation, where the ?import prices of a commodity increase independently of the level of aggregate demand'
In general however, good-price inflation has tended to be lower than service-price inflation...
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