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Interest Rate Expectations Versus Forward Rates: Evidence From An Expectations Survey
FOLLOWING HICKS [91 AND LUTZ , economists have developed a substantial literature relating the forward interest rates implied by currently prevailing rates on debts of differing maturity to market participants' expectations of interest rates in the future. Hicks suggested that implied forward rates might differ from the corresponding expected future rates by a liquidity premium, or term premium, and more recently Stiglitz  and others have formalized how market participants' riskdoi:10.3386/w0295 fatcat:glp7v5rvlje6rbrupyskr4vysa