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portada Finance and Economics Discussion Series: Liquidity, Default, Taxes and Yields on Municipal Bonds
Type
Physical Book
Author
Publisher
Language
English
Pages
56
Format
Paperback
Dimensions
24.6 x 18.9 x 0.3 cm
Weight
0.12 kg.
ISBN13
9781288711635
Categories

Finance and Economics Discussion Series: Liquidity, Default, Taxes and Yields on Municipal Bonds

United States Federal Reserve Board (Author) · Junbo Wang (Author) · Bibliogov · Paperback

Finance and Economics Discussion Series: Liquidity, Default, Taxes and Yields on Municipal Bonds - Wang, Junbo ; United States Federal Reserve Board ; Et Al

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Synopsis "Finance and Economics Discussion Series: Liquidity, Default, Taxes and Yields on Municipal Bonds"

We examine the relative yields of Treasuries and municipals using a generalized model that includes liquidity as a state factor. Using a unique transaction dataset, we are able to estimate the liquidity risk of municipals and its effect on bond yields. We find that a substantial portion of the maturity spread between long- and short-maturity municipal bonds is attributable to the liquidity premium. Controlling for the effects of default and liquidity risk, we obtain implicit tax rates very close to the statutory tax rates of high-income individuals and corporations, and these tax rate estimates are remarkably stable over maturities.

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