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This empirical study investigates the potential impact of federal budget deficits in the United States on the ex post real interest rate on tax-free municipal bonds. It is found, using AR/2SLS, that federal budget deficits do indeed elevate these real interest rate yields.
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This page is a summary of: An exploratory analysis of the impact of budget deficits and other factors on theex postreal interest rate yield on tax-free municipal bonds in the United States, Applied Financial Economics, June 2014, Taylor & Francis,
DOI: 10.1080/09603107.2014.925057.
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