The figure below shows the three-month bond yield (solid line) and the inflation rate (dashed). Discuss what has happened to the real three-month bond yield over the period shown, 2003-2015. Are there any "unusual" occurrences over this period?Figure 8.3: Nominal Three-Month Yield and Inflation 
Definitions:
Counteroffer
An offer made by an offeree to the offeror that relates to the same matter as the original offer but proposes a substituted bargain that differs from the one proposed in the original offer.
Statute Of Frauds
A legal doctrine requiring certain types of contracts to be written and signed in order to be enforceable.
Partial Performance
An exception to the statute of frauds in which the performance of portions of an unwritten agreement by one or both parties can constitute proof that an oral contract exists between the parties.
Counteroffer
A counteroffer is an offer made in response to another, rejecting the initial offer and proposing new terms for an agreement.
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