In this event, the supply shock will result in general price levels going up, generating inflation. Depending on the extent of this, policy makers at some point have to make a choice to either accommodate these pressures or seek to counter them.
“The Expected Real Interest Rate in the Long Run: Time Series Evidence with the Effective Lower Bound,” FEDS Notes. Washington: Board of Governors of the Federal Reserve System, February 9. BIS central bankers’ speeches  7  Kiley, Michael T. (2015a). “What Can the Data Tell Us about the Equilibrium Real Interest Rate? (PDF)“ Finance and Economics Discussion Series 2015-077.