# 論文代寫：远期利率研究

The puzzle has a closer relationship to the forward rate bias phenomenon. This puzzle is such a finding that wrong direction is pointed out by the forward premium for the movement of ex post in the rate of exchange (spot) (Wang et al., 2009). According to uncovered parity of interest, when interest parity cover is held, then the discounting in forward direction as well as the differential of interest needs to be before change unbiased predictors within the rate of spot. Rational expectations are assumed here.

The puzzle for forward rate biasness is provided through the perspective that this rate does not allow in obtaining future spot rate based unbiased forecast (Sercu et al., 2006). In order to identify the forward premium puzzle, it has to be assumed that the term of error is distribution with normal log.Here, within the null based hypothesis, Beta1 is equivalent to 1 and Beta 0 is permitted to be equivalent with certain consistent impounds with some Inequality terms of Jensens. It is possible to subtract the present rate of log spot from this equations left and right side as under the Beta1 null is equivalent to 1 (Sarno et al., 2006).