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Figure 4

Actual (Data-Based) and Fitted (Model-Based) Average Yield Curve

Notes to Figure 4: We show the actual average yield curve and the fitted average yield curve obtained by
ʌ ʌ ʌ __

evaluating the Nelson-Siegel function at the mean values of β₁₁, β₂₁ and β₃₁ from Table 3.

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