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PCA is sometimes used to estimate components in the rates term structure.

Are there any other standard method discussed in the literature or used in practice, what are their advantages and disadvantages ?

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Nelson Siegel seems to be pretty standard too

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Can you give some more details? Like what are the pros and cons vs PCA? – chrisaycock Sep 14 '13 at 21:28
There are more recent variants of this, all cast in a Kalman framework. The purported benefit is theoretical consistency (at least the later derivatives of the model). – user2763361 Oct 18 '13 at 10:39
@user2763361 can you provide a paper/reference or more details? – vanguard2k Nov 19 '13 at 13:25

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