Vliv ropných šoků na ekonomiky USA a Venezuely od 70. let do současnosti

This paper attempts to define the impact of the oil price shocks on the economy. In the theory paper examines the general impact of the changes in the oil prices on the economy and the possibility of the central bank to respond to these changes, which proves to be quite difficult due to the time lag in the effectiveness of monetary policy. The practical part includes, inter alia, the development of the oil shocks of the 70s, with a focus on the latest crisis of 2014 the economy of the United States and Venezuela. In the US case is detected dual impact. Despite the negative impact on the individual segments of the economy, however, it can be argued that the low price of oil for the US is positive stimulus. On the contrary, the Venezuelan economy is experiencing within the low prices as export economy clearly negative shock, which uncovered nonfunctional economic system.