Supply and Demand and the Term Structure of Interest Rates
综述了强调供给和需求力量如何塑造利率期限结构的文献，以Vayanos和Vila模型为起点，讨论无违约债券收益率曲线的离散和连续时间形式，并扩展至其他资产类别。
We survey the growing literature emphasizing the role that supply and demand forces play in shaping the term structure of interest rates. Our starting point is the Vayanos and Vila model of the term structure of default-free bond yields, which we present in both discrete and continuous time. The key friction in the model is that the bond market is partially segmented from other financial markets: The prices of short-rate and bond supply risks are set by specialized bond arbitrageurs who must absorb shocks to the supply and demand for bonds from other preferred-habitat agents. We discuss extensions of this model in the context of default-free bonds and other asset classes.