文章基本信息

标题：The impact of federal income tax rate cuts on the municipal bond market in the U.S.: A brief exploratory empirical note
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作者：C.Hanny Wijaya ; A.Fieki Rachmatillah ; Boy M.Bachtiar 等
期刊名称：Quantitative Finance and Economics
电子版ISSN：2573-0134
出版年度：2018
卷号：2
期号：2
页码：407-412
DOI：10.3934/QFE.2018.2.407
语种：English
出版社：AIMS Press
摘要：Using annualized data for the 1974–2015 period, this study adopts a loanable funds approach to investigate empirically the impact of U.S. federal government fiscal policy of income tax rate cuts on the ex ante real interest rate yield on high grade municipal bonds. Empirical appears to show that the ex ante real interest rate yield on high grade tax free municipal bonds is a decreasing function of the maximum marginal federal personal income tax. Based upon this very preliminary, exploratory study, it follows that reducing federal income tax rates may act to raise the cost of borrowing to cities, counties, and states across the U.S.
关键词：ex ante real yield on municipal bonds;maximum marginal federal personal tax rate