Municipal Bond Pricing and the New York City Fiscal Crisis
发现纽约市财政危机本身并未导致投资者风险认知的根本变化，从而推高市政债券利率；时间序列预测误差较小且不显著，纽约市违约对整体利率的影响最多是短暂且微小的。
ABSTRACT This paper's findings suggests that the New York City fiscal crisis by itself did not lead to a fundamental change in risk perceptions of investors, resulting in higher interest rates in the municipal bond market. The monthly prediction errors generated by time series tests were relatively small and none were statistically significant. Only the signs on the prediction errors for June, July, and August were consistent with a New York City effect. Thus, if the New York City default had an impact on aggregate interest rates, it was at most small and of short duration.