| Article ID: | iaor201522874 |
| Volume: | 10 |
| Issue: | 1 |
| Start Page Number: | 17 |
| End Page Number: | 24 |
| Publication Date: | Mar 1987 |
| Journal: | Journal of Financial Research |
| Authors: | Livingston Miles |
| Keywords: | investment, forecasting: applications |
Putting no restrictions on forward interest rates, earlier research has shown that yield curves for coupon‐bearing bonds will become flat for long maturities. This paper shows that weak restrictions on forward rates imply flattening of bond yield curves for maturities of 10 to 15 years.