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The Information Content of the Term Structure of Interest
This paper presents the results of an alternative test of the rational expectations theory of the term structure of interest rates. The validity of the expectations hypothesis of term structure has also been examined by other researchers. While there is more often rejection of the expectations hypothesis, no other theory (data-consistent with the entire yield curve) provides empiricailly adequate expleination of this phenomenon. The study considers postwar U.S. pure discount (zero coupon) bonddoi:10.4225/03/593797de1cc04 fatcat:3tay45wty5gutetw3lpevqnmky