Impact of the Primary Budget Deficit on the Nominal Long Term Interest Rate Yield on Tax Free Municipal Bonds
This study empirically investigates the impact of the federal budget deficit on the nominal
interest rate yield on high grade long term tax free municipal bonds. Within a system that
includes income tax rates, international capital flows, and the primary budget deficit, which
excludes net interest payments by the Treasury, co-integration and error-correction model
estimation leads to the conclusion that the primary budget deficit acted to raise this interest
rate yield over the 1973-1996 study period but that the causality was not bi-directional.
interest rate yield on high grade long term tax free municipal bonds. Within a system that
includes income tax rates, international capital flows, and the primary budget deficit, which
excludes net interest payments by the Treasury, co-integration and error-correction model
estimation leads to the conclusion that the primary budget deficit acted to raise this interest
rate yield over the 1973-1996 study period but that the causality was not bi-directional.
This study empirically investigates the impact of the federal budget deficit on the nominal interest rate yield on high grade long term tax free municipal bonds. Within a system that includes income tax rates, international capital flows, and the primary budget deficit, which excludes net interest payments by the Treasury, co-integration and error-correction model estimation leads to the conclusion that the primary budget deficit acted to raise this interest rate yield over the 1973-1996 study period but that the causality was not bi-directional.
mpra.ub.uni-muenchen.de
以上显示的是最相近的搜索结果。 查看全部搜索结果