3. Body movement . Body language in its larger motor dimensions is also a language that babies share with older humans. In response to pain, babies jerk, pull back, try to escape, swing their arms, use their hands to push away, and frantically scrape one leg against the other to dislodge an offending stimulus in that area. They strike out with their upper extremities and kick with the lower. Fitzgerald and Millard 25 made close observations of babies receiving routine heel lancing, a deep wound made in the heel to obtain blood samples. Using calibrated hairs, they gently stroked the corresponding areas in the injured and non-injured heel. Even premature infants showed the same well-defined hypersensitivity to tissue injury that is found in adults.
We find that Operation Twist lowered long-term Treasury yields by about percentage point (15 basis points), an amount that was highly statistically significant, but moderate. This effect is consistent with the extensive time-series analysis of Operation Twist in Modigliani and Sutch (1966) and with the lower end of the range of estimates of Treasury supply effects in the literature (., Gagnon et al. 2011, D’Amico and King 2010, and Hamilton and Wu 2011). A drop in long-term interest rates of this magnitude could be important. For example, percentage point (15 basis points) is the typical response of the 10-year Treasury yield to an unanticipated 1 percentage point (100 basis point) cut in the federal funds rate target (Gurkaynak et al., 2005).