This paper provides estimates of the extent to which corporate and personal income taxes are capitalized in bond prices. The methodology yields estimates of the degree of tax capitalization, rather than an implied tax rate. This makes it straightforward to identify the marginal investor and test...

This chapter addresses the impact of the composition of expenditures and the design of programs on the effectiveness of government expenditures. No clear empirical relationship has been found between growth and public expenditures. This may be due to differences in the efficacy of expenditure...

This paper provides estimates of the extent to which corporate and personal income taxes are capitalized in bond prices. The methodology yields estimates of the degree of tax capitalization, rather than an implied tax rate. This makes it straightforward to identify the marginal investor and test...