Resolvent analysis is used to study the low-frequency behaviour of the laminar oblique shock wave/boundary layer interaction (SWBLI). It is shown that the computed optimal gain, which can be seen as a transfer function of the system, follows a first-order low-pass filter equation, recovering the results of Touber & Sandham (J. Fluid Mech., vol. 671, 2011, pp. 417–465). This behaviour is understood as proceeding from the excitation of a single stable, steady global mode whose damping rate sets the time scale of the filter. Different Mach and Reynolds numbers are studied, covering different recirculation lengths $L$. This damping rate is found to scale as $1/L$, leading to a constant Strouhal number $St_{L}$ as observed in the literature. It is associated with a breathing motion of the recirculation bubble. This analysis furthermore supports the idea that the low-frequency dynamics of the SWBLI is a forced dynamics, in which background perturbations continuously excite the flow. The investigation is then carried out for three-dimensional perturbations for which two regimes are identified. At low wavenumbers of the order of $L$, a modal mechanism similar to that of two-dimensional perturbations is found and exhibits larger values of the optimal gain. At larger wavenumbers, of the order of the boundary layer thickness, the growth of streaks, which results from a non-modal mechanism, is detected. No interaction with the recirculation region is observed. Based on these results, the potential prevalence of three-dimensional effects in the low-frequency dynamics of the SWBLI is discussed.