The second factor, which to some extent had been anticipated, is the slowdown BIS Review 117/1997  -2-  in the growth of real disposable income of households -- nominal income less tax payments and income erosion due to inflation -- following the rise in the consumption tax rate and the discontinuation of the special tax reduction.
Compared with thirty years ago, an oil shock has less of an effect on the economies of the consumer countries today, not only thanks to greater energy efficiency and more flexible markets but also because of the credibility that monetary policies have acquired.