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The Price Effect of Municipal Bond Federal Tax Exemption

November 13, 2015
David Gobberdiel

Municipal bonds comprise one of the largest capital markets in the world: tens of thousands of issuers, billions of dollars of issuance per week, and trillions of dollars of outstanding debt. In addition to credit, various maturity, call, and coupon structures increase the complexity of the municipal bond arena. Here, we will focus on one unifying characteristic of many municipal bonds: federal tax exemption. How does federal tax exemption change the analysis of municipal bonds? Specifically, how does it affect duration and the price movement of municipal bonds versus taxable assets?

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