Inflation-Caused Wealth-Transfer: A Case of the Insurance Industry
检验了保险业中通胀引起的财富转移假说，发现财产责任险公司（净债权人）在意外通胀期间表现更好，而寿险公司（净债务人）未受显著影响，证据与假说相悖。
This paper examines the insurance industry for evidence of the inflation-caused wealth-transfer hypothesis originally formulated by Irving Fisher and John Keynes. Contrary to the prediction of this hypothesis, net creditors (mostly property-liability insurers) showed better performance during periods of positive unexpected inflation while net debtors (mostly life insurers) showed no significant effects from either positive or negative unexpected inflation. In summary, the statistical evidence for a wealth transfer due to unexpected inflation is absent for most insurers and, where it exists, it is contrary to that predicted by the Fisher-Keynes hypothesis.