Do municipal bond yields forecast tax policy?

New England Economic Review

Volumn , Issue 5, 1996, Pages 28-48

  Fortune, Peter ^a  

^a NONE

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EID: 0040517715     PISSN: 00284726     EISSN: None     Source Type: Journal    
DOI: None     Document Type: Article

References (14)

1. Chalmers, John. 1995. "The Relative Yields of Tax-Exempt and Taxable Bonds: Evidence from Municipal Bonds That Are Secured by Treasury Obligations." Ph.D. Dissertation, William E. Simon Graduate School of Business Administration, University of Rochester, Rochester, NY.
2. Cook, Timothy. 1982. "Determinants of Individual Tax-Exempt Bond Yields: A Survey of the Evidence." Federal Reserve Bank of Richmond Economic Review, May/June, pp. 14-38.
3. Cooley, Thomas and Edward Prescott. 1976. "Estimation in the Presence of Stochastic Parameter Variation." Econometrica, vol. 44, no. 1 (January), pp. 167-84.
4. Fama, Eugene. 1977. "A Pricing Model for the Municipal Bond Market." Unpublished Working Paper, University of Chicago, March.
5. Fortune, Peter. 1988. "Municipal Bond Yields: Whose Tax Rates Matter?" National Tax Journal, vol. 41, no. 2 (June), pp. 219-34.
6. _. 1991. "The Municipal Bond Market, Part I: Politics, Taxes and Yields." New England Economic Review, September/October, pp. 13-36.
7. Harvey, Andrew. 1989. Forecasting, Structural Time Series Models and the Kalman Filter. New York: Cambridge University Press.
8. Kochin, Levis and Richard Parks. 1988. "Was the Tax-Exempt Bond Market Inefficient or Were Future Expected Tax Rates Negative?" Journal of Finance, vol. 43, no. 4 (September), pp. 913-31.
9. Miller, Merton. 1977. "Debt and Taxes." Journal of Finance, vol. 32 (May), pp. 261-75.
10. Park, Sangkyun. 1995. "The Relationship Between Government Financial Condition and Expected Tax Rates Reflected in Municipal Bonds." Federal Reserve Bank of New York Staff Reports, November.
11. Poterba, James M. 1986. "Explaining the Yield Spread between Taxable and Tax-Exempt Bonds: The Role of Expected Tax Policy." In Harvey S. Rosen, ed., Studies in State and Local Public Finance, pp. 5-49. Chicago, IL: University of Chicago Press.
12. _. 1989. "Tax Reform and the Market for Tax-Exempt Debt." Regional Science and Urban Economics, vol. 19, no. 3 (August), pp. 537-62.
13. Shiller, Robert. 1981. "Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?" The American Economic Review, vol. 71 (June), pp. 421-36.
14. Trzcinka, Charles. 1982. "The Pricing of Tax-Exempt Bonds and the Miller Hypothesis." Journal of Finance, vol. 37, no. 4 (September), pp. 907-23.