Armon Rezai points to the beneficiaries of high inflation in Die Presse
Armon Rezai seeks to highlight the positive aspects of high inflation in his commentary in Die Presse. Arguing that, while the high inflation rates are ubiquitous in economic policy debates, their main effect, the redistribution from creditors to debtors, is completely ignored. The debts accrued during the Covid-19 crisis can now easily be paid off thanks to inflation. This year alone, Austria will be able write off debts amounting to up to five percent of gross domestic product (GDP), which in turn corresponds to a third of the cost of the pandemic.