11th annual Municipal Finance Conference

The annual Municipal Finance Conference brings together academics, practitioners, issuers, and regulators to discuss recent research on municipal capital markets and state and local fiscal issues. The conference is a joint venture of the Hutchins Center on Fiscal and Monetary Policy at Brookings, the Rosenberg Institute of Global Finance at the Brandeis International Business School, the Olin Business School at Washington University in St. Louis, and the Harris School of Public Policy at the University of Chicago.  

The 2022 conference was held virtually across three days. Videos, papers, and slides are available below: 

• • Monday, July 18: COVID’s impact on the state and local sector; the G (governance) in ESG
  • Tuesday, July 19: Recent developments in the muni bond market
    
  • Wednesday, July 20: The S (social) and E (environmental) in ESG

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Day 1: Monday, July 18

11:00 am ET  – Opening Remarks
David Wessel (Brookings Hutchins Center)

COVID’s Impact on the State and Local Sector

Session Moderator:
David Wessel (Brookings Hutchins Center)

11:05 am ET – Was Pandemic Fiscal Relief Effective Fiscal Stimulus? Evidence from Aid to State and Local Governments

Authors: 
Jeffrey Clemens (University of California, San Diego)
Philip Hoxie (University of California, San Diego)
Stan Veuger (American Enterprise Institute)
Final Paper»  Slides»

11:20 am ET – The State and Local Sector During the Pandemic

Author: 
Louise Sheiner (Brookings Hutchins Center)
Final Paper»  Slides»

11:35 am ET – Panel: Impact of COVID-19 on State and Local Government
Panelists:
Tracy Gordon (Urban Institute)
Sharon Kioko (University of Washington)
Kate Nass (State of Oregon Department of Administrative Services)
Nicholas Samuels (Moody’s)
Louise Sheiner (Brookings Hutchins Center)
Stan Veuger (American Enterprise Institute)

12:20 pm ET – Break 

The G (Governance) in ESG

Session Moderator:
Tim Coffin (Breckinridge Capital Advisors)

12:30 pm ET – Gas, Guns, and Governments: Financial Costs of Anti-ESG Policies
Authors:
Ivan Ivanov (Federal Reserve Board)
Daniel Garrett (University of Pennsylvania Wharton School)
Final Paper»  Slides»

Discussant:
Zach Conine (Nevada State Treasurer’s Office)

1:05 pm ET – The Information Content of Municipal Financial Statements

Authors:
Christine Cuny (New York University)
Ken Li (McMaster University)
Anya Nakhmurina (Yale School of Management)
Edward M. Watts (Yale School of Management)
Final Paper»  Slides»

Discussant:
Ivan Ivanov (Federal Reserve Board)
Slides»

1:40 pm ET – Break (Main program ends)

1:45 pm ET – Breakout Sessions (Zoom links will be provided)

What’s going on in the state and local sector?

Breakout Moderator:
Dan Bergstresser (Brandeis International Business School)

Click here to join the breakout session. 

Continue the conversation with an informal group discussion on state and local finances, touching on the following topics: 

• What’s been holding back employment by state and local governments, and when is it likely to recover? 
• How are state and local governments spending all the money they took in during the pandemic and the bipartisan infrastructure bill?
• What lasting lessons, if any, did we learn from the pandemic? 

What’s happening in the muni market?

Breakout Moderator:
Stephen Winterstein (Alphaledger)

Click here to join the breakout session.

This breakout session will continue the conversation with an informal group discussion of topics related to recent developments in municipal debt markets, touching on the following topics: 

• Policy, practice, and research related to taxable municipal bonds;
• Advance refundings and more recent advance-refunding alternatives;
• ESG and the muni bond market.

2:45 pm ET – Adjourn

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Day 2: Tuesday, July 19

11:00 am ET – Opening Remarks
Rich Ryffel (Washington University in St. Louis)

Recent Developments in the Muni Bond Market

Session Moderator:
Pepe Finn (Stern Brothers)

11:05 am ET – Mutual Fund Flows and Capital Supply in Municipal Financing
Authors: 
Manuel Adelino (Duke University)
Sophia Chiyoung Cheong (City University of Hong Kong)
Jaewon Choi (University of Illinois)
Ji Yeol Jimmy Oh (Hanyang University)
Final Paper»  Slides»

Discussant: 
Peter Block (Ramirez & Co.)
Slides»

11:40 am ET – The Cross-Section of Municipal Bond Returns

Author: 
Samuel Wang (Dimensional Fund Advisors)
Final Paper»  Slides»

Discussant: 
Stephen Winterstein (Alphaledger) 

12:15 pm ET – Break 

12:30 pm ET – Local Government Debt Valuation
Authors:
Oliver Giesecke (Columbia University)
Haaris Mateen (Columbia University)
Marcelo Sena (Stanford University)
Final Paper»  Slides»

Discussant:
Richard Ciccarone (Merritt Research Services)
Slides»

1:05 pm ET – Taxable Advance Refundings: A Critical Examination

Author:
Andrew Kalotay (Kalotay Advisors)
Final Paper»   Slides»

Discussant:
Win Smith (Wells Fargo)

1:40 pm ET – Break  

1:50 pm ET – Panel

Puerto Rico’s Bankruptcy: Lessons Learned for the Island and for the Muni Market

Panel Moderator:
Michelle Kaske (Bloomberg)

Panelists:
John Ceffalio (CreditSights)
Natalie Jaresko (Financial Oversight and Management Board for Puerto Rico)
Sergio Marxuach (Center for a New Economy)
David Skeel (University of Pennsylvania Carey Law School)

2:45 pm ET – Adjourn

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Day 3: Wednesday, July 20

11:00 am ET – Opening Remarks
Justin Marlowe (University of Chicago)

The S (Social) in ESG

Session Moderator:
Carol O’Cleireacain (Columbia University)

11:05 am ET – Black Tax: Evidence of Racial Discrimination in Municipal Borrowing Costs
Authors:
Ashleigh Eldemire (University of Tennessee)
Kimberly Luchtenberg (American University)
Matthew Wynter (Stony Brook University)
Final Paper»   Slides»

Discussant:
Casey Dougal (Florida State University)
Slides»

11:40 am ET – Native American Governments’ Borrowing Costs: Evidence from Municipal Bond Markets

Authors:
Serena Loftus (Kent State University)
Sarah McCoy (University of New Mexico)
R.Z. Zhang (Kent State University)
Final Paper»   Slides»

Discussant:
Lacey Horn (Native Advisory)
Slides»

12:15 pm ET – Break

The E (Environmental) in ESG

Session Moderator:
Randy Layman (S&P Global)

12:30 pm ET – Measuring Cities’ Climate Adaptation
Authors:
Shirley Lu (Harvard Business School)
Anya Nakhmurina (Yale School of Management)

Discussant:
Alexa Gordon (Goldman Sachs)

1:05 pm ET – Climate, Race, and the Cost of Capital in the Municipal Bond Market
Authors:
Michael Bonanno (Breckinridge Capital Advisors)
Martin Doyle (Duke University)
Evan Kodra (ICE Data Services & Northeastern University)
Erika Smull (Breckinridge Capital Advisors)
Adam Stern (Breckinridge Capital Advisors)
Andrew Teras (Breckinridge Capital Advisors)
Final Paper»  Slides»

Discussant:
Tom Doe (Municipal Market Analytics)

1:40 pm ET – Break

1:50 pm ET – Panel

Outlook for State and Local Infrastructure Spending 

Panel Moderator:
David Wessel (Brookings Hutchins Center)

Panelists:
Ryan Berni (The White House)
DJ Gribbin (Madrus)
Shoshana Lew (Colorado Department of Transportation)
Eden Perry (S&P Global)

2:30 pm ET – Closing Remarks
David Wessel (Brookings Hutchins Center)