The article by Robert Gordon (1998) represents a good example and is relevant when considering the notion of supply shocks generally. Stock and Watson (1999) present a broad interpretation of the empirical Phillips curve in which a large number of macroeconomic indicators are used to forecast inflation.
5  These factors are not the only two that have contributed to a lower effect of oil prices on inflation. For example, the energy intensity of the economy has fallen over time. Research like that in Hooker (2002) and subsequent work has discussed various possibilities in more detail.