Expected Inflation and the Real Rates of Interest on Taxable and Tax-Exempt Bonds
分析通胀对应税公司债券和免税市政债券收益率的影响，考虑差别税制及投资者资产转换，发现通胀会提高应税债券税前实际利率，但降低免税债券实际利率。
This paper analyzes the impact of inflation on rates of return on taxable corporate bonds and tax-exempt municipal bonds. The paper considers a differential tax system, where the tax rate depen ds on both the identity of the investor and the source of income. It also consid ers the possibility that inflation may induce investors to switch from holding one asset to holding another. It is demonstrated that while inflation should increase the (pre-personal tax) real rate of interest on taxable bonds, it should reduce the real rate of interest on tax-exempt bonds. Copyright 1987 by Ohio State University Press.