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A REVIEW OF THE STANDARD ANALYSIS
INFLATION REAL YIELDS AND EFFECTIVE
THE NOMINAL SUBSIDY PROVIDED BY
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Aaa-rated average subsidy rate basis points billion bonds of average capital gains casualty insurance chapter commercial banks contractionary monetary policy costs of municipal effective tax rate elimination equity assets exemption expected inflation rate expected rate fire and casualty fiscal benefit fiscal inefficiency holders of municipal holders of tax-exempt implicit subsidy rate implicit tax rate increase institutional holdings interest income interest rates investors long-term bonds long-term corporate bonds long-term municipal bonds marginal tax rate municipal bonds held municipal borrowing municipal debt municipal governments nicipal nominal subsidy rate nominal tax rate nominal yield paid by holders rate of inflation rate on municipal real borrowing costs real effective tax real implicit tax reduce standard estimate tax equity tax incidence tax inequity resulting tax revenue tax-exempt municipal bonds taxable bond option taxable corporate bonds taxable municipal bonds term to maturity windfall gain yield on corporate yield on long-term yield on municipal yield on taxable