Cebula, Richard; Nair-Reichert, Usha - In: Journal of Financial Economic Policy 10 (2018) 3, pp. 342-350
Purpose: This study investigates the impact of federal income tax rates and budget deficits on the nominal interest rate yield on high-grade municipal tax-free bonds (municipals) in the US. The 58-year study period covers the years 1959 through 2016 and thus is very recent....