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IMPLICATIONS OF THE EXPECTATIONS MECHANISMS
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4EEE Accept or reject anism assumption behavior Bierwag and Grove coefficient of determination coefficients current n-year rate current rate current short rate cyclical mechanism Degrees of freedom DeLeeuw determined Economics Equation 3.2 error-learning mechanism expectational formation expected change expected interest rates expected n-year rates expected rates expected short rates expected to prevail extrapolative mechanism forecasting the current freedom Accept G. L. S. Shackle independent variables interest rate expectations investor long rate Malkiel mech Meiselman Michigan State University Modigliani and Sutch moving average nine-year forward rate normal cycle normal level normal rate null hypothesis one-year past rates pected rate expectations mechanisms recent rate changes regression analysis regressive mechanism revisions in expected risk aversion securities series of expected specification error tests Structure of Interest t+i-i t+ifn t+iTn term structure expected tion unanticipated changes unanticipated revisions yield curve yield to maturity