Working Papers

This working paper is the final version of an unpublished paper originally presented at the 1981 meeting of the Western Finance Association.  The paper was referenced frequently in an article by one of the authors in the May/June 1982 issue of the Federal Reserve Bank of Richmond Economic Review entitled "Determinants of Individual Tax-Exempt Bond Yields: A Survey of Evidence."

This study presents the results of a comprehensive regression analysis of the determinates of tax-exempt municipal bond yields. A substantial literature on the factors influencing municipal yields has developed over the last decade.