How long does it take for shocks to propagate through the price system / market? Has anyone calculated or theorized about how long it takes prices to come to some kind of equilibrium after a market shock has happened? How has this changed over time?

An example might be a spike in the price of oil. If oil independently spikes from 50 dollars/barrel to 100 dollars/barrel in a day, how long will it take prices (food prices, car prices, wages, etc) to find equilibrium again?
This is likely only part of the story, but I found an interesting lecture by Milton Friedman that shows a graph of the quantity of money per unit of output (likely GDP) graphed alongside a normalized consumer price index (normalized so that the index intersects with the other line in 1970).

The graphs all clearly shows changes in the consumer price index lagging about 1-3 years after discontinuities in the money supply.

https://www.youtube.com/watch?v=THAaIZmxfNA&amp;t=11m2s

In this other graph, you can see the lag is even longer than that, at anywhere from 4 years between 2008 and 2001 to 6 years from 1985 to 1992:



3-4 years is probably a reasonable average estimate for how long it takes for money created by the Fed to "trickle down" to the average consumer in the form of inflation.