The name is absent



Figure 1
Factor Loadings


Notes to Figure 1: We plot the factor loadings in the three-factor model,

y( (τ) = β1t + β2t


tτ

1 e '
λtτ


3t


lτ

1 -e t

e

t


-∙ktτ


JT            1        λtr

lτ


1ee t 1 1ee t
where the three factors are β11, β21, and β31, the associated loadings are 1, --------, and---------e

and τ denotes maturity. We fix λt = 0.0609.                              τ          ^tτ



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