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Thesis. 1977. M.C.P.--Massachusetts Institute of Technology. Dept. of Urban Studies and Planning. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND ROTCH. / Bibliography : leaves 170-172. / by George W. Leung. / M.C.P.

Thesis. 1977. M.C.P.--Massachusetts Institute of Technology. Dept. of Urban Studies and Planning. / MICROFICHE COPY AVAILABLE IN ARCHIVES AND ROTCH. / Bibliography : leaves 333-337. / M.C.P.

The major purpose of this dissertation is to explore the determinants of interest cost for state bonds. Various kinds of variables pertaining to issue characteristics, market characteristics, economic conditions, and political variables were statistically tested to assess their impact on the interest cost of state bonds. This research examines the variables found to be significant for local bonds, as well as some factors unique to state bonds, e.g., the types state agencies issuing debt and the effect of different state income tax policies.

Sargent and Wallace have argued that the natural rate hypothesis combined with rational expectations eradicates the standard effects of monetary policy, unless the central monetary authority holds an information advantage over the general public. In defining rational expectations, John Muth wrote that "public predictions" or announcements do not affect markets since no new information is provided. This paper examines the question of whether money supply announcements provide new information to the bond market, suggesting a possible information advantage on the part of the Federal Reserve Board. Methodology originally used in connection with "causality" testing is utilized after comparing two different forms of the test. Evidence suggesting that money announcements do provide new information leads to questions concerning the time structure of the advantage, which are then tested. / Master of Arts