The two-factor Vasicek model can generate at most seven term structure shapes in the scale-separated regime and up to nine in the scale-proximal negatively correlated regime, with the paper giving the full list for each regime.
Specification analysis of affine term structure models
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The classification of term structure shapes in the two-factor Vasicek model -- a total positivity approach
The two-factor Vasicek model can generate at most seven term structure shapes in the scale-separated regime and up to nine in the scale-proximal negatively correlated regime, with the paper giving the full list for each regime.