# How to calculate discounted inflation and growth?

Given the nominal bond yield and the inflation index bond yield (earning yield), how would one calculate the discounted inflation rate (discounted earning growth rates)?

These two factor seems to explain a lot of the return of asset classes which I like to explore more.

Edit:

From an article that I couldn't find anymore, here is a a simple chart that shows the discounted growth rate index. A small quote I saved "...by comparing nominal Treasury bond yields with inflation indexed bond yields, we can see the discounted inflation rates...by comparing nominal bond yield to earnings yield, we can calculate the discounted earnings growth rate; by looking at credit spreads, we can calculate the discounted rate of credit problem"

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