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THE TERM STRUCTURE OF INTEREST RATES: EVIDENCE AND THEORY
Article first published online: 27 OCT 2006
DOI: 10.1111/j.1467-6419.1988.tb00051.x
1467-6419/asset/cover.gif?v=1&s=120ad2e4dd31f0cabd1cd9f8c5852f5d7cbaf750 "Journal of Economic Surveys")
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How to Cite
Melino, A. (1988), THE TERM STRUCTURE OF INTEREST RATES: EVIDENCE AND THEORY. Journal of Economic Surveys, 2: 335–366. doi: 10.1111/j.1467-6419.1988.tb00051.x
Publication History
- Issue published online: 27 OCT 2006
- Article first published online: 27 OCT 2006
- Abstract
- References
- Cited By
Keywords:
- Term structure of interest rates;
- asset pricing;
- rational expectations
Abstract. The term structure of interest rates is an old topic. Over the years, both the hypotheses debated and the research techniques used have changed considerably. Two fairly recent developments which distinguish current research are the widespread adoption of rational expectations and the integration of the term structure with the general theory of asset pricing. This survey reviews previous work from this perspective. The main objective is to catalogue available evidence about term premia and to interpret this evidence in light of alternative models of term premia determination.