Upcoming Event
November
17
2026
Federal Fiscal & Tax Policy
Strengthening the resilience and liquidity of the US Treasury market
MFC Day 1
MFC Day 2
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 the Brookings Institution, the Rosenberg Institute of Global Finance at Brandeis International Business School, the Mitch Daniels School of Business at Purdue University, the Harris School of Public Policy at University of Chicago, and the LBJ School of Public Affairs at University of Texas at Austin. The 2025 conference will primarily be held in person, with livestream options for remote viewers, on July 22 and 23 at 1777 F St. NW.
*Agenda can be found below. Registration for in-person participation is now closed. Drop-ins will NOT be allowed. This event is free of charge.
Agenda
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July 22
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DAY 1: Tuesday, July 22
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Breakfast/Registration opens
8:45 am - 9:15 am
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Welcome remarks
9:15 am - 9:20 am
Richard Ryffel Professor of Practice & Executive Director of Business Leadership - Mitch Daniels School of Business, Purdue University -
Paper session 1
9:20 am - 10:30 am
Authors: Huaizhi Chen (University of Texas at Dallas) and Lauren Cohen (Harvard Business School) Slides>
Discussant: Natee Amornsiripanitch (Federal Reserve Bank of Philadelphia) Slides>
“Do State and Local Governments Offer Competitive Compensation?”
Authors: Byron Lutz (Federal Reserve Board), David Ratner (Federal Reserve Board), and Louise Sheiner (The Brookings Institution) Slides>
Discussant: Michael Nadol (Clay Street Perspectives) Slides>
Moderator
Lauren Larson Nonresident Fellow - The Hutchins Center on Fiscal and Monetary Policy -
Break
10:30 am - 10:45 am
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Paper session 2
10:45 am - 11:55 am
“A Comparison of Transaction Costs for Municipal Securities and Other Fixed-Income Securities”
Authors: Simon Wu and Nicholas Ostroy (Municipal Securities Rulemaking Board) Slides>
Discussant: Brad Wendt (Charles River Associates)
“Can Machine Learning Algorithms Better Help Predict Fiscal Stress in Local Governments?”
Authors: Can Chen (Georgia State University), Chaowang Ren (Georgia State University), Yilun Zha (Georgia Institute of Technology), and Yuxiang Zhao (Georgia Institute of Technology) Slides>
Discussant: Win Smith (Wells Fargo)
Moderator
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Lunch break
11:55 am - 12:45 pm
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Panel 1: Has congestion pricing's time finally arrived?
12:45 pm - 1:45 pm
Panelists: Kirsten Chalke (Jefferies), Baye Larsen (Moody’s Investors Service), Gabrielle Facquet (Morgan Stanley), and Ben Zou (Purdue University)
Moderator
Richard Ryffel Professor of Practice & Executive Director of Business Leadership - Mitch Daniels School of Business, Purdue University -
Paper session 3
1:45 pm - 2:55 pm
“Pricing Climate Risks: Evidence from Wildfires and Municipal Bonds”
Authors: Woongchan Jeon, Lint Barrage, and Kieran James Walsh (ETH Zurich) Slides>
Discussant: Erika Smull (Breckinridge Capital Advisors)
“Up in Smoke: The Impact of Wildfire Pollution on Healthcare Municipal Finance”
Authors: Luis Lopez (University of Illinois at Chicago), Dermot Murphy (University of Illinois at Chicago), Nitzan Tzur Ilan (Federal Reserve Bank of Dallas), and Sean Wilkoff (University of Nevada, Reno) Slides>
Discussant: Brian McCartan (Ceres) Slides>
Moderator
Martin Luby Director - Center on Municipal Capital Markets, University of Texas at Austin -
Break
2:55 pm - 3:10 pm
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Paper session 4
3:10 pm - 4:20 pm
Authors: Wei Guo (RFF-CMCC European Institute on Economics and the Environment, Italy), Qing Miao (Rochester Institute of Technology), Yusun Kim (Seoul National University), and Yilin Hou (Syracuse University) Slides>
Discussant: Francesco Ruggieri (University of Chicago) Slides>
Authors: Marcelo Ochoa and Andreas Rapp (Federal Reserve Board) Slides>
Discussant: Melissa Winkler (Crosswalk Labs) Slides>
Moderator
Timothy Coffin Director of Relationship Management - Breckinridge Capital Advisors -
Panel 2: The view from City Hall
4:20 pm - 5:20 pm
Panelists: Steve Adler (Former Mayor of Austin, TX), Cavalier Johnson (Mayor of Milwaukee, WI), and Christina Muryn (Mayor of Findlay, OH)
Moderator
David Wessel Director - The Hutchins Center on Fiscal and Monetary Policy, Senior Fellow - Economic Studies @davidmwessel -
Cocktail reception
5:20 pm - 6:30 pm
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DAY 2: Wednesday, July 23
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July 23
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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
David Wessel Director - The Hutchins Center on Fiscal and Monetary Policy, Senior Fellow - Economic Studies @davidmwessel -
Paper session 5
8:35 am - 9:45 am
“Dealer Quid Pro Quo in the Municipal Bond Market”
Authors: Casey Dougal (Florida State University), Daniel Rettl (University of Georgia), and Vas Yakimenko (University of Georgia) Slides>
Discussant: Ivan Ivanov (Federal Reserve Bank of Chicago) Slides>
Authors: Daniel Garrett (University of Pennsylvania Wharton School), Brian Gibbons (Oregon State University), and Mahdi Shahrabi (University of Pennsylvania) Slides>
Discussant: Michael Paparian (Climate Bonds Initiative)
Moderator
Daniel Bergstresser Associate Professor of Finance - Rosenberg Institute of Global Finance, Brandeis School of Business and Economics -
Break
9:45 am - 10:00 am
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Paper session 6
10:00 am - 11:10 am
“Unauthorized Immigration and Local Government Finances”
Authors: Kimberly Cornaggia (Pennsylvania State University), Jess Cornaggia (Pennsylvania State University), and Ryan Israelsen (Michigan State University) Slides>
Discussant: Wendy Edelberg (The Brookings Institution) Slides>
“Municipal Finance and Labor Mobility”
Authors: Pengjie Gao (University of Notre Dame) and Xiaodan Gao (Renmin University of China) Slides>
Discussant: Ron Giammarino (University of British Columbia) Slides>
Moderator
Christine Cuny Associate Professor of Accounting - New York University Stern School of Business -
Panel 3: Impact of Trump presidency on state and local governments
11:10 am - 12:10 pm
Panelists: Mark Becker (Formerly of Association of Public and Land-grant Universities), Tracy Gordon (Urban Institute), Dan Hartman (PFM), and Christen Linke Young (The Brookings Institution)
Moderator
Louise Sheiner The Robert S. Kerr Senior Fellow - Economic Studies, Policy Director - The Hutchins Center on Fiscal and Monetary Policy -
Closing thoughts
12:10 pm - 12:15 pm
Daniel Bergstresser Associate Professor of Finance - Rosenberg Institute of Global Finance, Brandeis School of Business and Economics
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