1. Who is Hurt and Who is Helped by Unanticipated Inflation
Lenders
Money they are paid back is worth less.
People on Fixed Incomes
Their income can buy less each year; their purchasing power declines.
Borrowers
Money they pay is worth less.
Workers with good COLA’s
If inflation goes up by 3% their pay will go up automatically by more than that.

2. Who is Hurt and Who is Helped by Unanticipated Inflation
Employees
Money they are paid is worth less
Producers
Costs of N, H, C, E ↑ which ↓ profits
Consumers
Pay more for goods and services
Employers
Money they pay is worth less.

3. Who is Hurt and Who is Helped by Unanticipated Inflation
In summary- If the amount of $ is fixed:
In summary- If the amount of $ is fixed:
People who have money coming in
Lenders, Employees, Producers, People on Fixed Incomes, Consumers
People who have money going out
Borrowers, Employers!

4. Who is Hurt and Who is Helped by Unanticipated Inflation
In summary- If the amount of $ is variable:
In summary- If the amount of $ is variable:
People who have money coming in
Lenders, Employees, Producers, Workers with good COLA’s
People who have money going out
Borrowers, Employers