The 1970s oil-shock playbook needs an update: The inflation costs remain, but the employment risks appear far smaller than they did 50 years ago. Why it matters: As the Iran war continues, there are early signs of renewed strength in the labor market. If energy disruptions pose less of a risk to jobs, the challenge for central banks shifts from managing stagflation risks to guarding against renewed price pressures. That's the takeaway from new Federal Reserve Bank of Boston research that finds