The Dynamics of Monthly Changes in US Swap Yields: A Keynesian Perspective

Created
Wed, 28/09/2022 - 05:32
Updated
Wed, 28/09/2022 - 05:32
John Maynard Keynes (1930) asserted that the central bank sways the long-term interest rate through the influence of its policy rate on the short-term interest rate. Recent empirical research shows that Keynes's conjecture holds for long-term Treasury yields in the United States.