Search Results
Journal Article
Fed exits noncash business
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.
Journal Article
Municipal bonds and the distribution of income
Working Paper
An analysis of the determinants of the yields on individual municipal securities
This working paper is the final version of an unpublished paper originally presented at the 1981 meeting of the Western Finance Association.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 ...
Journal Article
Do municipal bond yields forecast tax policy?
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 ...
Journal Article
The bonds of debt
The recent financial crisis blew a hole in the municipal bond market. But it has been shifting for more than a year.
Journal Article
A question of credit
The credit enhancement market is in flux, which leads to some navel gazing over municipal bond offerings
Working Paper
Prioritization in private-activity-bond volume cap allocation
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, ...
Journal Article
The growth of the financial guarantee market
Journal Article
Tax-free bonds
Journal Article
Municipal bond behavior