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Are Tax Effects Important in the Long-Run Fisher Relation?: Evidence from the Municipal Bond Market

Author

Listed:
  • William J. Crowder

    (University of Texas at Arlington)

  • Mark E. Wohar

    (University of Nebraska at Omaha)

Abstract

Recent 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.

Suggested Citation

  • William J. Crowder & Mark E. Wohar, 1997. "Are Tax Effects Important in the Long-Run Fisher Relation?: Evidence from the Municipal Bond Market," Finance 9702002, EconWPA, revised 25 Feb 1997.
  • Handle: RePEc:wpa:wuwpfi:9702002
    Note: Type of Document - PostScript; prepared on IBM PC ; to print on HP Laserjet; pages: 13; figures: included
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    More about this item

    Keywords

    Fisher Effect; Taxes; Cointegration;

    JEL classification:

    • G - Financial Economics

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