Text
Market Segmentation and the Term Structure of Municipal Yields
investigates the persistent phenomenon of an upward-sloping municipal bond yield curve in the United States, which is notably steeper than the U.S. Treasury yield curve. The authors contend that this pattern is best explained by maturity-based market segmentation. Using both macroeconomic time-series data and microeconomic data from individual bond issues from 1966-1975, the authors find empirical support for their hypothesis. Their results show that changes in commercial bank demand and the relative supply of short-term securities significantly impact yield ratios and spreads between municipal and Treasury securities, confirming that segmentation is a key driver of the municipal term structure.
Ketersediaan
| Call Number | Location | Available |
|---|---|---|
| JMCB1501 | PSB lt.dasar - Pascasarjana | 1 |
| Penerbit | Ohio: Ohio State University Press 1983 |
|---|---|
| Edisi | Vol. 15, No. 1, Feb., 1983 |
| Subjek | Market segmentation Yield curve Term structure of interest rates Municipal Bond Yields Commercial Bank Demand |
| ISBN/ISSN | 00222879 |
| Klasifikasi | NONE |
| Deskripsi Fisik | - |
| Info Detail Spesifik | Journal of Money, Credit and Banking |
| Other Version/Related | Tidak tersedia versi lain |
| Lampiran Berkas |