Tax Advantages and Imperfect Competition in Auctions for Municipal Bonds
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We study the interaction between tax advantages for municipal bonds and the market structure of auctions for these bonds. We show that this interaction can limit a bidders ability to extract information rents and is a crucial determinant of state and local governments borrowing costs. Reduced-form
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美国国家经济研究局创建时间：
2017-06-01
