11 As a result, the degree to  confirmed by Mark Hooker (2002) in his work documenting a break in the link between oil prices and inflation in recent decades.
The first paper finds that, while in the United States the difference between long-term forward rates on nominal and inflation-indexed bonds reacts significantly to macroeconomic announcements and new data releases – something which should not happen if inflation expectations were perfectly stabilised – in the United Kingdom there has been no such reaction since May 1997, when the Bank of England became independent.