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a . When actual inflation exceeds expected inflation, debtors gain at the expense of creditors because they repay their loans with depreciated currency. b .
a When actual inflation exceeds expected inflation, debtors gain at the expense of creditors because they repay their loans with depreciated currency. b When expected inflation exceeds actual inflation, debtors gain at the expense of creditors because they repay their loans with depreciated currency. c When actual inflation exceeds expected inflation, creditors gain at the expense of debtors because they repay their loans with devalued currency. d When actual inflation exceeds expected inflation, debtors and creditors both lose because they repay their loans with depreciated currency.
a When actual inflation exceeds expected inflation, debtors gain at the expense of creditors because they repay their loans with depreciated currency.
b When expected inflation exceeds actual inflation, debtors gain at the expense of creditors because they repay their loans with depreciated currency.
c When actual inflation exceeds expected inflation, creditors gain at the expense of debtors because they repay their loans with devalued currency.
d When actual inflation exceeds expected inflation, debtors and creditors both lose because they repay their loans with depreciated currency.
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