Taxable and tax-exempt interest rates. The link with inflation

Scott E. Hein, Jeffrey M. Mercer

Research output: Contribution to journalArticlepeer-review


A single-equation model utilizing taxable/tax-exempt yield spreads is developed to test restrictions required by the Darby-Feldstein inflation/tax hypothesis. Evidence indicates these restrictions generally can be rejected for post-Accord data and that there is important information in both yields linking them to inflation.

Original languageEnglish
Pages (from-to)327-332
Number of pages6
JournalEconomics Letters
Issue number3
StatePublished - Mar 1991


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