caa a22 4500 386309027 CHVBK 20180307111538.0 cr unu---uuuuu 161130e198803 xx s 000 0 eng 10.2307/2331027 doi S0022109000012953 pii (NATIONALLICENCE)cambridge-10.2307/2331027 Long-Term Behavior of Yield Curves [Elektronische Daten] The flattening of yield curves at long-term maturities is proven to be approximately proportional to the reciprocal of the time to maturity under general conditions. This is a consequence of the persistence of earlier forward rates in the averaging process, which produces yields from forward rates. This relationship suggests the use of a "reciprocal maturity yield curve,” which significantly facilitates the interpretation of the behavior of long-term yields by linearizing them for display over a shorter interval. This is illustrated using a yield curve for U.S. Treasury bills. Copyright © School of Business Administration, University of Washington 1988 Siegel Andrew F. Nelson Charles R. Journal of Financial and Quantitative Analysis Cambridge University Press 23/1(1988-03), 105-110 0022-1090 23:1<105 1988 23 JFQ https://doi.org/10.2307/2331027 text/html Onlinezugriff via DOI 1 research-article jats NATIONALLICENCE 856 40 https://doi.org/10.2307/2331027 text/html Onlinezugriff via DOI NATIONALLICENCE 700 1- Siegel Andrew F. NATIONALLICENCE 700 1- Nelson Charles R. NATIONALLICENCE 773 0- Journal of Financial and Quantitative Analysis Cambridge University Press 23/1(1988-03), 105-110 0022-1090 23:1<105 1988 23 JFQ CC0 http://creativecommons.org/publicdomain/zero/1.0 nationallicence BK010053 XK010053 XK010000 NATIONALLICENCE NATIONALLICENCE NL-cambridge