14  And recent research, indeed, shows that the backward-looking Phillips curve component disappears under stable monetary regimes, i.e. under regimes in which inflation is strongly mean-reverting around the quantitative definition of price stability entertained by the central bank. 15 Further, once controlling for fluctuations in trend inflation, the Phillips curve appears indeed to be purely forward-looking.
With securities now being issued in a dematerialised, book-entry format, it is envisioned that secondary market activity will be executed more timely and efficiently, compared to what was feasible with physical certificates.