This article describes the relation between tax rates and tax collections for three different types of taxes: unit excises, ad valorem excises, and general income taxes. The tax rate-tax collections relationship is currently the subject of widespread discussion, but the determinants of the shape...

This note presents empirical evidence indicating that the time-varying risk premia in municipal bond yields can in part be explained by the ARCH-M procedure. The ARCH-M model was recently developed by Engle, Lilien, and Robins to analyze the risk premia in the term structure of interest rates....

This article reviews the theory of individual preferences between tax and bond finance of municipal expenditures and tests the hypotheres that cities' borrowing will vary in relation to the cities' capital expenditures, median income, bond rating, and the population level, growth, mobility, and...