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This paper examines 100 inflation shock episodes in 56 countries since the 1970s, including those linked to the 1973-79 oil crises. Only 60% of episodes were resolved within 5 years, and even in successful cases, it took an average of over 3 years. Terms-of-trade shocks during the oil crises had lower success rates and longer resolution times. Most unresolved episodes involved premature celebrations of inflation resolution. The paper identifies seven stylized facts about inflation shocks, including their persistence, asymmetric effects on output and employment, and the role of monetary policy in resolving them. The authors suggest that understanding these facts is crucial for designing effective policies to mitigate the negative effects of inflation shocks.
