A general proof of the Dybvig-Ingersoll-Ross-Theorem: Long forward rates can never fall

2026-07-072026-07-07http://salesiana.dossiersoluciones.com/handle/123456789/62946A general proof of the Dybvig-Ingersoll-Ross Theorem on the monotonicity of long forward rates is presented. Some inconsistencies in the original proof of this theorem are discussed.Probability91B24, 90A12A general proof of the Dybvig-Ingersoll-Ross-Theorem: Long forward rates can never falltext