Old people are likely to be impacted relatively more by inflation due to their lower debts, research by a group of Spanish economists finds.

The joint study, by economists at the Bank of Spain and BBVA, a commercial bank, identifies three channels through which an inflation shock impacts wealth.

The “Fisher channel”, named after economist Irving Fisher, redistributes wealth from creditors to debtors. The “income channel” lowers people’s nominal income, whether from wages or a pension. Lastly