Using annualized data for the 1974–2015 period, this study adopts a loanable funds approach to investigate empirically the impact of U.S. federal government fiscal policy of income tax rate cuts on the ex ante real interest rate yield on high grade municipal bonds. Empirical appears to show that the ex ante real interest rate yield on high grade tax free municipal bonds is a decreasing function of the maximum marginal federal personal income tax. Based upon this very preliminary, exploratory study, it follows that reducing federal income tax rates may act to raise the cost of borrowing to cities, counties, and states across the U.S.

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联邦所得税税率下调对美国市政债券市场的影响：简短的探索性经验说明

本研究使用1974-2015年期间的年度数据，采用可贷资金方法，以实证方式研究美国联邦政府削减所得税的财政政策对高级市政债券的事前实际利率收益率的影响。经验似乎表明，高等级免税市政债券的事前实际利率收益率是最大边际联邦个人所得税的递减函数。根据这项非常初步的探索性研究，可以得出结论，降低联邦所得税税率可能会增加向美国各城市，县和州的借贷成本