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Journal Article
A question of credit
Wirtz, Ronald A. (2008-11)
The credit enhancement market is in flux, which leads to some navel gazing over municipal bond offerings
Fedgazette , Volume 20 , Issue Nov , Pages 9-10

Journal Article
Default for Washington Power?
Levy, Yvonne (1983)
FRBSF Economic Letter

Working Paper
Prioritization in private-activity-bond volume cap allocation
Whitaker, Stephan (2011)
This paper proposes and tests a structural model reflecting the process of authorizing private-activity municipal bond issuance. Private-activity municipal bonds offer tax-exempt financing for programs including industrial development, utilities, low-income housing, and student loans. The Federal tax code sets annual caps on the total tax-exempt issuance within each state, so authorization becomes a scarce resource distributed via a political process. Interviews with program administrators in several states suggested the authorization process involves prioritizing categories of use, ...
Working Papers (Old Series) , Paper 1110

Journal Article
The growth of the financial guarantee market
Hirtle, Beverly (1987-04)
Quarterly Review , Volume 12 , Issue Spr , Pages 10-28

Journal Article
The municipal bond market, part II: problems and policies
Fortune, Peter (1992-05)
Why does Congress allow municipal interest payments to be exempted from federal income taxes in the face of a very large chronic deficit in the federal budget, even though no constitutional provision requires that this tax policy continue? The rhetoric of tax exemption is philosophical, appealing to notions of appropriate intergovernmental relations and, in particular, to the doctrine of reciprocal immunity: no level of government should use its taxing authority to impose harm on another level. ; But the true force behind tax exemption is that it provides states and local governments with a ...
New England Economic Review , Issue May , Pages 47-64

Working Paper
Tax-exempt bonds really do subsidize municipal capital!
Fortune, Peter (1996)
The traditional view of municipal finance holds that the federal tax-exemption of interest payments by state and local (municipal) governments provides a capital cost subsidy to municipal investment equal to the difference between interest rates on taxable and tax-exempt bonds. Recently, a new view has emerged which argues that tax-exemption plays a minor role, if any, in shaping municipal investment decisions. According to this new view, communities will use tax finance at the margin except in the unusual case where only debt finance is used. Thus, tax-exemption is an intramarginal (lump ...
Working Papers , Paper 96-9

Journal Article
Municipal bond behavior
Pozdena, Randall (1985)
FRBSF Economic Letter

Discussion Paper
The Untold Story of Municipal Bond Defaults
Appleson, Jason; Haughwout, Andrew F.; Parsons, Eric (2012-08-15)
In our recent post on the state and local sector, we argued that structural problems in state and local budgets were exacerbated by the recession and would likely restrain the sector?s growth for years to come. The last couple of years have witnessed threatened or actual defaults in a diversity of places, ranging from Jefferson County, Alabama, to Harrisburg, Pennsylvania, to Stockton, California. But do these events point to a wave of future defaults by municipal borrowers? History?at least the history that most of us know?would seem to say no. But the municipal bond market is complex and ...
Liberty Street Economics , Paper 20120815

Working Paper
Dealer Networks
Li, Dan; Schurhoff, Norman (2014-11-10)
Dealers in over-the-counter securities form networks to mitigate search frictions. The audit trail for municipal bonds shows the dealer network has a core-periphery structure. Central dealers are more efficient at matching buyers and sellers than peripheral dealers, which shortens intermediation chains and speeds up trading. Investors face a tradeoff between execution speed and cost. Central dealers provide immediacy by pre-arranging fewer trades and holding larger inventory. However, trading costs increase strongly with dealer centrality. Investors with strong liquidity need trade with ...
Finance and Economics Discussion Series , Paper 2014-95

Journal Article
The municipal bond market, Part I: politics, taxes, and yields
Fortune, Peter (1991-09)
This article assesses recent changes in the structure of the municipal bond market. It reviews the tax legislation, judicial interpretations, and other factors that affect the yield on municipal bonds. These factors are then employed in a statistical analysis of the determinants of municipal bond yields. ; The results of the analysis show that the ratio of yield to maturity on municipal bonds to yields on U.S. Treasury bonds (the interest rate ratio) has varied greatly in the past two decades and is greater for longer maturities. They also show that debate during 1986 about tax reform ...
New England Economic Review , Issue Sep , Pages 13-36

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