dc.contributor.author	Bichler, Shimshon
dc.contributor.author	Nitzan, Jonathan
dc.date.accessioned	2023-05-27T00:41:46Z
dc.date.available	2023-05-27T00:41:46Z
dc.date.issued	2023
dc.description.abstract	This paper is part of a dialogue with Blair Fix on how inflation redistributes income between creditors and workers and the way in which monetary policy affects this process. In his 2023 paper, ‘Inflation! The Battle Between Creditors and Workers’, Fix shows, first, that the impact of U.S. inflation on creditor-worker distribution has been historically contingent (favouring workers during some periods and creditors in others); and second, that since the 1970s, Fed policy to combat inflation with higher interest rates boosted the yield of creditors relative to the wage rate of workers. Our own research suggests that these conclusions might be too general. We point out that creditors are not a monolithic class and that different types of creditors are affected differently, and often inversely, by the rate of interest. We illustrate that, contrary to bank depositors, bondholders tend to lose from inflation. And we show that monetary policy, at least in the United States, appears to follow rather than determine market yields. More generally, since most capitalists nowadays are lenders as well as borrowers, and given that ‘dominant capital’ profits from the full spectrum of investment instruments, we wonder if ‘creditors’ is still a useful category for analysing redistribution in general and inflationary redistribution in particular.	en_US
dc.identifier.citation	Inflation as Redistribution. Creditors, Workers, Policymakers. Bichler, Shimshon and Nitzan, Jonathan. (2023). Working Papers on Capital as Power. No. 2023/01. April. pp. 1-22. (Article - Working Paper; English).	en_US
dc.identifier.uri	http://hdl.handle.net/10315/41161
dc.language.iso	en	en_US
dc.rights	Attribution-NonCommercial-NoDerivatives 4.0 International	*
dc.rights.article	https://capitalaspower.com/2023/04/bichler-nitzan-inflation-as-redistribution-creditors-workers-policymakers/	en_US
dc.rights.uri	http://creativecommons.org/licenses/by-nc-nd/4.0/	*
dc.subject	Blair Fix	en_US
dc.subject	bond yields	en_US
dc.subject	creditors	en_US
dc.subject	income distribution	en_US
dc.subject	interest rate	en_US
dc.subject	labour	en_US
dc.subject	monetary policy	en_US
dc.subject	total returns	en_US
dc.subject	wages	en_US
dc.title	Inflation as Redistribution. Creditors, Workers, Policymakers	en_US
dc.type	Article	en_US

Inflation as Redistribution. Creditors, Workers, Policymakers

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