In recent years, the number of countries issuing government bonds linked to the national price level has increased significantly. The indexing is intended to protect both investors and issuers from loss of purchasing power. While this may sound innovative, the concept is by no means new. In the early 20th century, the indexing of bonds was already advocated by renowned economists such as Irving Fisher. However, it was not until after World War II that this concept was implemented on a large scale in connection with bonds. In the following years, essentially countries suffering from high inflation rates and often heavily indebted began to issue inflation-protected bonds. In the last decade, leading industrial nations like Germany have introduced real interest rate bonds, a country that has been characterized by a relatively low inflation rate compared to international standards for over 30 years.