I'm reading a macro text book, the authors stated that in the 2000's we witnessed the greatest increase in oil prices ever, even when compared to the 70's oil shocks. To most of us, this fact went a bit unnoticed, at least when compared to the 70's. Usually in this shocks, we have a trade and supply shock. If the CB only considers the trade shock component, then the economy will face the usual stagflation. Some of the reasons the authors give for the lack of stagflation are increased lending from financial institutions, which prevented a marked decrease in consumption and eventually in output, and that workers were 'less inclined or able to get compensation through their wages' making the Equilibrium rate of Unemployment(ERU) curves to shift less than expected.
I would like to assess the truth of such claim. I've been trying to get some data, but I'm really bad at it. So, my question is: Are the authors right? From, the two pictures below (the last is US GDP growth rate if I'm not mistaken), I would say that it might have gone unnoticed, but I wasn't able to check if real wages decreased, and by how much...
Any help would be appreciated.
P.S.: In your answers, could you please name your data sources, and give some indication as to how we could replicate the graphs? I'm interested in learning how to do it. Many thanks.