Chart 1 Real ten-year sovereign bond yields (percentages per annum)  Sources: IMF, FRED, Thomson Reuters, ECB staff calculations and Jordà, Ò., Knoll, K., Kuvshinov, D., Schularick, M. and Taylor, A. M. (2019), “The Rate of Return on Everything, 1870-2015”, The Quarterly Journal of Economics, Vol. 134, No 3, pp. 1225-1298.
Notes: Real sovereign bond yields are calculated as the difference between the nominal yield in year t and realised inflation in year t. The euro area series is based on GDP-weighted data for Germany, France, Italy and Spain. Data for Italy before 1991, for Spain before 1980 and for Germany, France and the United States before 1973 are based on Jordà et al.