債権の利率計算

債権の基本の説明に戻って以前に読んで印象を書いた記事と比較しています。A forward rate for a bond is an given in slides I read (from a course at the University of Waterloo) to be the rate beginning at a future time period which is implied by the rate of return for long-term bonds. For example, if the rate for a bond maturing in two years is r2 today, and the rate for a bond maturing in one year is r1, then the return on an amount F in two year is F(1+r2)**2 for the two-year bond. The same return can be obtained by F(1+r1)(1+f), where f is the forward rate implied by r2.
Revisiting the definition of forward rate in Vasicek, I found that it is:
F(t,s) = d/ds[(s-t)R(t,s-t)], or the marginal rate of return from holding a bond an additional instant. This is the continuous analog of the definition above, it seems. In the discrete case (1-year intervals) above, the forward rate is the return gained from holding the bond an additional year. Another formula in Vasicek reads:
R(t,T) = (1/T)Integral(t,t+T)(F(t,tau)d(tau)). In other words, the term rate seems to be the average of all forward rates known at that time for all possible term lengths between 0 and T. I am not sure that any information in the discussion of discrete forward rates provides an analog to this.