U.S. Economy
Hutchins Center Fiscal Impact Measure
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 Mitchell E. Daniels Jr. School of Business at Purdue University, and the Harris School of Public Policy at the University of Chicago. The 2024 conference will be held primarily in person – there will be livestream options for remote viewers – on July 17 and 18 at Brookings Institution.
Registration is required to attend an event in person and guests at Brookings are required to attest to their state of health before attending. Visitors may not enter the building if they are feeling ill for any reason, have any symptoms commonly associated with COVID-19, have recently tested positive for COVID-19 and do not yet meet the criteria to resume normal activities based on current CDC guidance, or have been advised by their healthcare professional or otherwise to not enter any space where some persons may not be vaccinated.
*Please find a draft agenda below (subject to change). This event is free of charge.
Agenda
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July 17
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DAY 1: Wednesday, July 17
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Breakfast/registration opens
9:00 am - 9:30 am
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Welcome remarks
9:30 am - 9:35 am
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Paper session 1
9:35 am - 11:20 am
Digital Data Standards Support Greater Transparency and Opportunity in the Municipal Bond Markets
Authors: Christine Kuglin (University of Denver), Stephanie Leiser (University of Michigan Ford School of Public Policy), and Michelle Savage (XBRL US)
Discussant: Mike Olander (Bloomberg)
Mark-Up Disclosure Rule and Its Effects on Trading Costs in the Municipal Bond Market
Author: Yu He (University of Nebraska-Lincoln)
Discussant: Brad Wendt (Charles River Associates)
Do School Bond Issuances and Outcomes Depend on Ballot Disclosures?
Authors: Nicole Boyson (Northeastern University) and Weiling Liu (Northeastern University)
Discussant: Jess Cornaggia (Penn State University)
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Panel: Should state pension funds use ESG criteria in making investment decisions?
11:20 am - 12:20 pm
Panelists: Steven Johnson (Kansas State Treasurer) and others
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Breakout lunches
12:20 pm - 1:30 pm
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Paper session 2
1:30 pm - 2:40 pm
State Government Trifectas and Municipal Bond Pricing
Authors: Riddha Basu (George Washington University), Amanda Beck (Georgia State University), Angela Gore (George Washington University), and Kevin Rich (Marquette University)
Discussant: Tracy Gordon (Urban-Brookings Tax Policy Center)
Flow-Induced Trading: Evidence from the Daily Trading of Municipal Bond Mutual Funds
Authors: Sergey Chernenko (Purdue University) and Viet-Dung Doan (Hong Kong Baptist University)
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Paper session 3
2:40 pm - 4:25 pm
Procurement and Infrastructure Costs
Authors: Zachary Liscow (Yale University), Will Nober (Columbia University), and Cailin Slattery (University of California, Berkeley)
Discussant: Leah Brooks (George Washington University)
City Hall Has Been Hacked! The Financial Costs of Lax Cybersecurity
Authors: Filippo Curti (Federal Reserve Bank of Richmond), Ivan Ivanov (Federal Reserve Bank of Chicago), Marco Macchiavelli (University of Massachusetts Amherst), and Tom Zimmermann (University of Cologne)
Discussant: Anna Scherbina (Brandeis International Business School)
A Market-Based Measure of Climate Risk for Cities
Authors: Alex Butler (Rice University) and Cihan Uzmanoglu (Binghamton University-SUNY)
Discussant: Erika Smull (Breckinridge Capital Advisors)
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Break
4:25 pm - 4:35 pm
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Panel: The latest in public infrastructure spending and finance
4:35 pm - 5:35 pm
Panelists: Elaine Buckberg (Salata Institute for Climate and Sustainability, Harvard University), Jeremy Ebie (Phoenix Infrastructure Group), and others
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Cocktail reception
5:35 pm
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DAY 2: Thursday, July 18
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July 18
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Breakfast/registration opens
8:00 am - 8:30 am
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Opening remarks
8:30 am - 8:35 am
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Paper session 4
8:35 am - 9:45 am
Winning at the Starting Line: Underwriter Connections and Municipal Bond Fund Performance
Authors: Bingkuan Cao (University of Nebraska-Lincoln), Russ Wermers (University of Maryland at College Park), and Zihan Ye (University of Tennessee)
From Arm’s Length to Arm in Arm: Banks and Municipal Bond Financing
Authors: Gustavo Cortes (University of Florida), Igor Cunha (University of Kentucky), and Sharjil Haque (Federal Reserve Board)
Discussant: Khalen Dwyer (Columbia Capital Management)
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Paper session 5
9:45 am - 10:55 am
Markup or Markdown: National Underwriters’ Exit and the Changing Landscape of Municipal Finance
Authors: John Hund (University of Georgia), Christian Lundblad (University of North Carolina, Chapel Hill), Christos Makridis (Stanford University), and Giang Nguyen (Pennsylvania State University)
Discussant: Yaffa Rattner (HilltopSecuritie)
When the Thin Bench Gets Thinner: Investment Bank Consolidation and Municipal Finance
Author: Renping Li (Washington University in St. Louis)
Discussant: Peter Iliev (Penn State University)
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Break
10:55 am - 11:05 am
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Paper session 6
11:05 am - 12:15 pm
Federal Assistance and Municipal Borrowing: Unpacking the Effects of the CARES Act on Government Liquidity Management
Author: Luis Navarro (Indiana University, Bloomington)
Discussant: Lauren Larson (Brookings Institution)
Tax-Exempt Tenders — A Critical Examination
Authors: Andrew Kalotay (Kalotay Advisors, Inc.) and Martin Luby (University of Texas at Austin)
Discussant: Allen Garman (Maryland Transportation Authority)
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The view from city hall
12:15 pm - 1:15 pm
Conversation with Mayor Brett Smiley (Providence, RI) and others
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