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With several (not joint) guarantees, each guaranteeing Member State would be liable for its share of liabilities under the Stability Bond according to a specific contribution key12 . Provided that Member States would continue to obtain specific ratings, a downgrade of a large Member State would be very likely to result in a corresponding downgrade of the Stability Bond, although this would not necessarily have an impact on the rating of the other Member States. In present circumstances with only six AAA euro-area Member States, a Stability Bond with this guarantee structure would most likely not be assigned an. | Bank of Canada Banque du Canada Working Paper 2004-43 Document de travail 2004-43 Real Return Bonds Inflation Expectations and the Break-Even Inflation Rate r by Ian Christensen Frédéric Dion and Christopher Reid ISSN 1192-5434 Printed in Canada on recycled paper Bank of Canada Working Paper 2004-43 November 2004 Real Return Bonds Inflation Expectations and the Break-Even Inflation Rate by Ian Christensen 1 Frédéric Dion 2 and Christopher Reid2 1Monetary and Financial Analysis Department financial Markets Department Bank of Canada Ottawa Ontario Canada K1A 0G9 ichristensen@bankofcanada.ca fdion@bankofcanada.ca chrisreid@bankofcanada.ca The views expressed in this paper are those of the authors. No responsibility for them should be attributed to the Bank of .
