The difference between money and a zero real console or tip-C

If the console pays out an inflation adjustment Obvious Conjecture If theres zero conversion cost At any time between tip-c and money This system is stable discounting money at the market weighted expected instantaneous inflation rate

CB buys all new debt then sells it .....

In our zero real safe rate regime Can safe rates on secondary markets go where ever they want ? Consider our fed console the tip-C Hold to maturity you get inflation protection If fed zero real manages Nominal secondary market safe rates If not then Treasury must issue Various term length Notes and bonds That insure inflation protection At maturity by periodic payouts of inflation compensation Zero real tips