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1-year inflation rate 5-year horizon Albert Ando announced inflation targets August 18 Bank of Canada Bank of England consistent minimum Conventional gilts credibility and credibility credibility in expectation curves with long ex post real expected inflation rate expected real 5-year expected real yields Figure 4a forward rate curve future 5-year inflation index-linked gilts inflation expectations inflation risk premium inflation target credibility Lars E.O. market for real market real interest maximum and minimum maximum real forward maximum real yields maximum target minimum and maximum minimum inflation rates minimum real 5-year minimum target inflation NBER Working Paper nominal bonds percent percentage points post real yields rate from August rates on real real 5-year yield real forward rates real interest rates show the target-consistent simplest test spot rate curve Sveriges Riksbank Sweden target inflation rates target range target-consistent minimum real target-consistent range test of inflation yield curve yields on nominal yields to maturity Zealand