Easterly, William; Cunha, Paulo Viera da; DEC - Economics Research, World Bank Group - 1994
enterprises largely avoided the inflation tax, households did not. Enterprises benefited most from the loose fiscal and monetary … beneficiaries of the inflation tax (which nearly offset their own inflation tax payments). The main losers from high inflation were … households. As many have noted, inflation in Russia correlates well with past money growth. Real money and the real exchange rate …