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This thesis will analyze three theories that can explain the term structure of interest rates: The Unbiased Expectations Theory, the Duration Premium Theory, and Market Segmentation Theory. The paper will analyze what factors and expectations drive these theories, and how the Federal Reserve has shaped monetary policy within the context of these theories, from Paul A. Volcker to Jerome H. Powell. The paper will also analyze what narratives set out by the Federal Reserve, and their explanations of the yield curve/interest rate behavior through speeches delivered by the Federal Reserve Chairman and other Federal Reserve Governors.
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O'Donnell, Michael Richard, "Yield Curve Theories and Their Applications Over Time" (2020). Senior Projects Spring 2020. 115.
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