Fig. 8
Trend decline in bond yields and real interest rate (quarterly data). The solid lines in the left panel shows a quarterly measure of 10-year government bond yields. The dashed lines show the estimated permanent component of CPI inflation (mean, 5th percentile, 95th percentile). The right panel shows the implied ex-post real interest rate. The data stem from the OECD and were seasonally adjusted using TRAMO-SEATS via www.seasonal.website
