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Journal Article
Fed exits noncash business
anonymous (2005-04-02)
Beginning Sept. 30, the Federal Reserve Banks will no longer accept deposits of municipal bonds and coupons and will completely withdraw from the noncash collection service by Dec. 30.
Financial Update , Volume 18 , Issue Q 2

Journal Article
Municipal bonds and the distribution of income
Fortune, Peter (1995-01)
Regional Review , Issue Win , Pages 25

Working Paper
An analysis of the determinants of the yields on individual municipal securities
Broaddus, Alfred; Cook, Timothy Q. (1988)
This working paper is the final version of an unpublished paper originally presented at the 1981 meeting of the Western Finance Association. The paper was referenced frequently in an article by one of the authors in the May/June 1982 issue of the Federal Reserve Bank of Richmond Economic Review entitled "Determinants of Individual Tax-Exempt Bond Yields: A Survey of Evidence." ; This study presents the results of a comprehensive regression analysis of the determinates of tax-exempt municipal bond yields. A substantial literature on the factors influencing municipal yields has developed over ...
Working Paper , Paper 88-08

Journal Article
Do municipal bond yields forecast tax policy?
Fortune, Peter (1996-09)
During the recent flat tax debate, interest rates on long-term municipal bonds rose relative to the rate on U.S. Treasury bonds. This was widely attributed to expectations of a reduction in future tax rates. While an axiom of finance states that current asset prices reflect expectations about future events, there is no consensus on how sensitive municipal bond yields are to expectations about future tax rates. This study assesses that question by examining the relationship between the implicit tax rate and actual future tax rates.> Efficient markets theory predicts that the implicit tax ...
New England Economic Review , Issue Sep , Pages 29-48

Journal Article
The bonds of debt
Wirtz, Ronald A. (2008-11)
The recent financial crisis blew a hole in the municipal bond market. But it has been shifting for more than a year.
Fedgazette , Volume 20 , Issue Nov , Pages 1-6

Working Paper
Flight to Liquidity or Safety? Recent Evidence from the Municipal Bond Market
Bi, Huixin; Marsh, W. Blake (2020-12-20)
We examine the effects of the COVID-19 pandemic and subsequent monetary and fiscal policy actions on municipal bond market pricing. Using high-frequency trading data, we estimate key policy events at the peak of the crisis by focusing on a sample of bonds within a narrow window before and after each policy event. We find that policy interventions, in particular those with explicit credit backstops, were effective in alleviating municipal bond market stress. Next, we exploit daily variation in traded municipal bonds and virus exposure across U.S. counties. We find a shift in how bond investors ...
Research Working Paper , Paper RWP 20-19

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

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

Working Paper
Pushing Bonds Over the Edge: Monetary Policy and Municipal Bond Liquidity
Bagley, John; Gissler, Stefan; Ivanov, Ivan T. (2023-01-19)
We examine the role of institutional investors in monetary policy transmission to asset markets by exploiting a discontinuous threshold in the tax treatment of municipal bonds. As bonds approach the threshold, mutual funds, the primary institutional traders in the market, dispose of the bonds at significant risk of falling below the threshold. This is driven by mutual funds anticipating future illiquidity. Once bonds cross the threshold, their liquidity declines and illiquidity-induced yield spreads increase substantially as retail investors become more important in price formation. ...
Working Paper Series , Paper WP 2023-05

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