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1、Expectations,BondPrices,andtheTermStructureofInterestRatesAuthor(s):BurtonG.MalkielSource:TheQuarterlyJournalofEconomics,Vol.76,No.2(May,1962),pp.197-218Publishedby:TheMITPressStableURL:http://www.jstor.org/stable/1880816Accessed:30/03/201011:35YouruseoftheJSTORarchiveindicatesyo
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5、formsofscholarship.FormoreinformationaboutJSTOR,pleasecontactsupport@jstor.org.TheMITPressiscollaboratingwithJSTORtodigitize,preserveandextendaccesstoTheQuarterlyJournalofEconomics.http://www.jstor.orgEXPECTATIONS,BONDPRICES,ANDTHETERMSTRUCTUREOFINTERESTRATES*BURTONG.MALKIELIntro
6、duction,197.-Themathematicsofbondprices,199.-Expectationsandthetermstructureofrates,206.-Alteringsomeoftheassumptions,214.Concludingremarks,218.INTRODUCTIONTherelationofshort-termtolong-termyieldshasoftenintriguedbotheconomictheoristsandinvestmentanalysts.Thisrelationship,usually
7、referredtoasthestructureofinterestrates,hasbeencharac-terizedbysignificantlydivergentpatterns.Despitetheconsiderableattentiondevotedtothequestion,rate-structuretheoryremainsinanuncomfortablestateofconfusion.Inaddition,anunfortunatelacunastillexistsbetweenthewritingsofeconomictheo
8、ristsandthepracticesofbondtradersandinst
