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dc.contributor.authorMakin, Tonyen_US
dc.contributor.editorIan MacDonald, Mark Wooden, Ross Williamsen_US
dc.date.accessioned2017-04-24T09:17:36Z
dc.date.available2017-04-24T09:17:36Z
dc.date.issued2003en_US
dc.date.modified2009-09-29T23:13:33Z
dc.identifier.issn00049018en_US
dc.identifier.doi10.1111/1467-8462.00287en_AU
dc.identifier.urihttp://hdl.handle.net/10072/25868
dc.description.abstractUnexpected inflation, disinflation or deflation causes arbitrary income transfers between an economy's borrowers and lenders. This redistribution results from distorted real interest rates that are too high when price level changes are over-predicted and too low when under-predicted. This paper shows that in Australia's case, inflation expectations were mostly biased upwards throughout the 1990's, according to the Melbourne Institute series and to a new derived series based on bond yields, implying that real interest rates were too high over this time. In turn, this caused substantial arbitrary income transfers between debtors to creditors, estimated to have averaged up to three percent of GDP over the period.en_US
dc.description.peerreviewedYesen_US
dc.description.publicationstatusYesen_AU
dc.languageEnglishen_US
dc.language.isoen_AU
dc.publisherBlackwell Publishingen_US
dc.publisher.placeAustraliaen_US
dc.relation.ispartofpagefrom283en_US
dc.relation.ispartofpageto290en_US
dc.relation.ispartofissue3en_US
dc.relation.ispartofjournalAustralian Economic Reviewen_US
dc.relation.ispartofvolume36en_US
dc.subject.fieldofresearchcode340208en_US
dc.titleInflation Expectations, Interest Rates and Arbitrary Income Transfersen_US
dc.typeJournal articleen_US
dc.type.descriptionC1 - Peer Reviewed (HERDC)en_US
dc.type.codeC - Journal Articlesen_US
gro.date.issued2003
gro.hasfulltextNo Full Text


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