摘要：Inflation-indexed bonds are fixed-income securities whose nominal cash flows are adjusted
to an inflation index. In countries where these securities exist, inflation expectations are
sometimes estimated as the spread between the nominal yield on a conventional bond and
the real yield on an indexed bond with a similar maturity and issued in the same currency
and by the same issuer. However, this indicator, known as the break-even rate, may
estimate inflation expectations with some biases. In this paper, we discuss, and quantify
where possible, the size of such biases. Then, focusing on the 10-year French indexed
bond, we compute an alternative indicator, called the inflation compensation measure,
which corrects some of these biases and find very few differences between both indicators
in our sample period. Finally, the comparison with other indicators of long-term inflation
expectations shows that measures based on indexed-bond prices are more time-varying
than non-financial indicators, but less variable than other financial indicators
