How monetary policymakers treated the economic shocks caused by rising oil prices also may have played a role in the impact of the shocks on economic growth and the inflation rate. Specifically, some have argued policymakers tended to worry more about output than inflation during the oil shocks of 1970s and did not adequately take into account the inflationary aspect of the oil shocks when fashioning a policy response to them (see, for example, Clarida, Gali, and Gertler 2000).
