Unemployment triggered by contractionary monetary policy has been found to lead to disproportionate layoffs among blacks in the United States relative to whites, and differentially affects women in some developing countries as well as in the United States (Rodgers 2008, Braunstein and Heintz 2008, Seguino and Heintz 2012). Rather, the question is what the appropriate target should be. A common argument from inflation targeting adherents is that in order to prevent the harmful effects of inflation on long-rung growth, inflation should be in the low single digits. Research on the relationship between inflation and growth shows, however, that much higher levels of inflation are consistent with growth. A subsequent paper co-authored by Bruno and Easterly (1998) yielded empirical evidence that growth rates only declined when inflation exceeded 40 per cent.