At the height of the recession in the early 1980Õs, a multitude of state and locally sponsored housing finance agency programs were legislatively introduced in response to populist pressure. Many of these controversial programs utilized lower cost municipal bonds to subsidize private sector...

At the height of the recession in the early 1980s, a multitude of state and locally sponsored housing finance agency programs were legislatively introduced in response to populist pressure. Many of these controversial programs utilized lower cost municipal bonds to subsidize private sector...

According to independently developed hypotheses by Michael Darby (1975) and Martin Feldstein (1976) nominal interest rates will increase during an inflationary period by an amount which is greater than the expected rate of inflation. This occurs in order to compensate lenders for the expected...

William Gissy (1987) is absolutely correct when he asserts that the existence of a complete inverted Fisher Effect renders our test for the Darby Effect a simple measure of tax arbitrage. His mathematical development of this is well done and completely valid. Our statement on page 59 of our...