Changes in measured inflation compensation drawn from this market may thus sometimes reflect changes in liquidity or risk premiums as well as changes in market expectations of inflation. BIS Review 2/2004  5  fundamentals, but only on the assumption that the medium-term inflation expectations held by market participants are time-varying. All the cited findings apply to recent data, as well to earlier observations.
It is likely that this changed behaviour has been a significant factor in the housing developments we have seen over the past 10–15 years. In contrast, the typical first-home owner cohort – those under 35 years of age – has experienced a noticeable decline in home ownership over the past 10–15 years (Graph 9).