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Published March 1971 | public
Journal Article

Investment Diversification and Bond Maturity

Roll, Richard

Abstract

What determines the shape of the term structure of interest rates? What causes its shape to change over time? Answers to these questions are needed by monetary policy makers, by corporate treasurers, by speculators, and by economists studying multi-period consumption-investment choices.

Additional Information

© 1971 the American Finance Association. Alan Meltzer and Norman C. Miller provided many useful comments and suggestions. I also benefited from discussions with Marshall Blume, Paul Cootner, Merton Miller, Franco Modigliani, Thomas J. Sargent, Myron Scholes, and John Wood. None of these individuals would agree to share responsibility for the remaining errors.

Additional details

Created:
August 19, 2023
Modified:
October 20, 2023