9 Nevertheless, while robust global economic conditions and the rapid industrialisation of China and other emerging markets, together with a weak supply response, might largely explain the run up in oil prices, for oil importing countries like New Zealand, the current oil spike still represents a cost shock to the economy.
8 See Board of Governors of the Federal Reserve System (2019), “Panel 1: What Does Full Employment Look  Like for Your Community or Constituency?” at the Conference on Monetary Policy Strategy, Tools, and Communications Practices, Federal Reserve Bank of Chicago, June 5; and Board of Governors of the Federal Reserve System (2019), “Panel 2: Transmission of Monetary Policy to the Economy: Beyond the Headlines,” at the Conference on Monetary Policy Strategy, Tools, and Communications Practices, Federal Reserve Bank of Chicago, June 5.