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Empirical evidence shows that the implied forward rates derived from a spot rate curve based on the pure expectations theory are a. upward-biased predictors of

Empirical evidence shows that the implied forward rates derived from a spot rate curve based on the pure expectations theory are

a. upward-biased predictors of future spot rates

b. downward biased predictors of future spot rates

c. unbiased predictors of future spot rates

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