This chapter begins with a bit of history, as what has been done in this book blends the old and the new. In particular, it sketches and contrasts the so-called “traditional” and “modern” approaches to yield curve modeling, to heighten our understanding of where and how DNS/AFNS fits. Against this background, several questions emerge, all of which are presently incompletely resolved but very much evident in the evolving literature, related to the role of no-arbitrage constraints, empirical tractability of various approaches to arbitrage-free modeling, and whether and why the DNS/AFNS model is “special.” These questions are: Is imposition of no-arbitrage helpful? Is AFNS the only tractable A0(3) model? Is AFNS special?
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