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If actual inflation turns out to be greater than people had expected, then wealth was redistributed to borrowers from lenders. no redistribution occurred. wealth was

If actual inflation turns out to be greater than people had expected, then

  1. wealth was redistributed to borrowers from lenders.
  2. no redistribution occurred.
  3. wealth was redistributed to lenders from borrowers.
  4. the real interest rate is unaffected.

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