@article{Transmission:1429,
      recid = {1429},
      author = {Kozicki, Sharon and Tinsley, P. A.},
      title = {Term Structure Transmission of Monetary Policy},
      publisher = {Bank of Canada},
      address = {2007},
      pages = {1 online resource (iii, 31 pages)},
      abstract = {Under bond-rate transmission of monetary policy, the  authors show that a generalized Taylor Principle applies,  in which the average anticipated path of policy responses  to inflation is subject to a lower bound of unity. This  result helps explain how bond rates may exhibit stable  responses to inflation, even in periods of passive policy.  Another possible explanation is time-varying term premiums  with risk pricing that depends on inflation. The authors  present a no-arbitrage model of the term structure with  horizon-dependent policy perceptions and time-varying term  premiums to illustrate the mechanics and provide empirical  results that support these transmission channels.},
      url = {http://www.oar-rao.bank-banque-canada.ca/record/1429},
      doi = {https://doi.org/10.34989/swp-2007-30},
}