投资学课后习题答案Chap015.pdfVIP

CHAPTER 15: THE TERM STRUCTURE OF INTEREST RATES CHAPTER 15: THE TERM STRUCTURE OF INTEREST RATES PROBLEM SETS. 1. In general, the for ard rate can be vie ed as the sum of the market’s expectation of the future short rate plus a potential risk (or ‘liquidity’) premium. According to the expectations theory of the term structure of interest rates, the liquidity premium is zero so that the for ard rate is equal to the market’s expectation of the future short rate. Therefore, the market’s expectation