Are Tax Effects Important in the Long-Run Fisher Relation?: Evidence from the Municipal Bond Market
AbstractRecent studies of the Fisher relation have yielded contradictory conclusions on the importance of taxes in determining the long-run response of nominal interest rates to changes in expected inflation. This study uses data on taxable U.S. treasury and tax exempt municipal bond interest rates to shed light on the effects of inflation on nominal interest rates.
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Bibliographic InfoPaper provided by EconWPA in its series Finance with number 9702002.
Length: 13 pages
Date of creation: 17 Feb 1997
Date of revision: 25 Feb 1997
Note: Type of Document - PostScript; prepared on IBM PC ; to print on HP Laserjet; pages: 13; figures: included
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Fisher Effect; Taxes; Cointegration;
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- G - Financial Economics
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