NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Tax Advantages and Imperfect Competition in Auctions for Municipal Bonds

Daniel Garrett, Andrey Ordin, James W. Roberts, Juan Carlos Suárez Serrato

NBER Working Paper No. 23473
Issued in June 2017, Revised in November 2017

---- Acknowledgements ----

We are very grateful for comments from Manuel Adelino, Pat Bayer, Vivek Bhattacharya, Javier Donna, Josh Gottlieb, Ali Hortaçsu, Kei Kawai, Lorenz Kueng, Tong Li, Matt Panhans, Jim Poterba, Mar Reguant, Stephen Ryan, Xun Tang, Owen Zidar and numerous seminar participants. Suárez Serrato is grateful for funding from the Kauffman Foundation. All errors remain our own. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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