Fig. 3From: A survey-based estimation of the Swiss franc forward term premiumDecomposition of excess returns (12-month maturity). The figure shows the development of excess returns with an end of month maturity in 12 months (black dashed line) and its decomposition. The term premium is depicted in black bars, and forecast errors are depicted in gray bars. The dataset contains monthly observations for LIBOR futures and interest rate surveys from March 1991 through August 2016Back to article page