Term structure transmission of monetary policy

Sharon Kozicki and Peter Tinsley

No RWP 05-06, Research Working Paper from Federal Reserve Bank of Kansas City

Abstract: The sensitivity of bond rates to macro variables appears to vary both over time and over forecast horizons. The latter may be due to differences in forward rate term premiums and in bond trader perceptions of anticipated policy responses at different forecast horizons. Determinacy of policy transmission through bond rates requires a lower bound on the average responsiveness of term premiums and anticipated policy responses to inflation.

Keywords: Monetary; policy (search for similar items in EconPapers)
Date: 2005
New Economics Papers: this item is included in nep-cba, nep-for, nep-mac and nep-mon
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Citations: View citations in EconPapers (3)

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Related works:
Journal Article: Term structure transmission of monetary policy (2008)
Working Paper: Term Structure Transmission of Monetary Policy (2007)
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