22 A similar situation occurred during the 1990s, when a significant shift in health insurance enrollment away from fee-for-service and toward HMO (that is, Health Maintenance Organization) plans reduced cost pressures and held  21  For example, Andreasen and Christensen (2016) show that once TIPS liquidity premiums are taken into account, the model-implied one-year inflation expectation becomes more stable and shows a smaller decline since 2013.
In addition, quotes on inflation derivatives suggest that most of the decline in inflation compensation over this period is associated with investor perceptions of reduced risks of above-target inflation outcomes rather than increased risks of below-target inflation outcomes.