ECB: Inflation-linked bonds benefit central banks
In a recent occasional working paper the European Central Bank argues that "the issuance of inflation-linked bonds has explicit benefits for central banks."
Outstanding inflation-linked government bonds stood at over $1 trillion at the end of 2006, according to the paper.
This development is "somewhat paradoxical," argue the authors of the paper, because the rapid growth of government-issued bonds has occurred "against the background of relatively low and stable inflation not only in the euro
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