The unanticipated inflation of the last several decades benefited largely
A. elderly people whose major source of income comes from private pension plans
B. lending institutions, especially savings and loans
C. homeowners with fixed mortgage rates
D. taxpayers
E. all of the above
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If inflation were always perfectly anticipated and contracts were written in real terms, then
A. there would only be a transfer of wealth from debtors to creditors
B. there would only be a transfer of wealth from creditors to debtors
C. there would only be a transfer of wealth from the poor to the rich
D. there would only be a transfer of wealth from households to firms
E. currency holders would have a negative rate of return
If wages and prices were fully indexed,
A. there would be less inflation following an adverse supply shock
B. inflation could always be perfectly anticipated
C. inflation arising from money expansion could be prevented
D. the economy would have difficulty adjusting to supply shocks since real wages could not adjust easily
E. politicians would be more likely to fight inflation vigorously
If this year's inflation rate was lower than expected, then
A. a transfer of wealth from the poor to the rich would occur
B. the government would gain tax revenues unless it had an indexed tax system
C. lenders would gain at the expense of borrowers
D. borrowers would gain at the expense of lenders
E. nominal wage rates would increase
A zero inflation target
A. eliminates the short-run unemployment-inflation tradeoff
B. is almost impossible to achieve since it would require an extremely high natural rate of unemployment
C. can only be achieved if wage indexation is implemented nationwide
D. will have much lower costs than an explicit target of achieving a 4% long-term inflation rate
E. may not be as good as a positive inflation target, because it makes it more difficult to achieve full employment
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