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Is it higher than the growth rate of the economy and, if so, by how much?

There is no consensus in the empirical literature on the direction in which U. The latter set of results is driven by the lending to emerging markets, which is consistent with the international bank-lending channel and flight-to-quality behavior by internationally-active banks.

Analysis of the term structure of interest rates almost always takes a two-step approach.

First, actual bond prices are summarized by interpolated synthetic zero-coupon yields, and second, a small set of these yields are used as the source data for further empirical examination.

In contrast, we consider the advantages of a one-step approach that directly analyzes the universe of bond prices.

To illustrate the feasibility and desirability of the onestep approach, we compare arbitrage-free dynamic term structure models estimated using both approaches.