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Past Event

7th annual Municipal Finance Conference

MFC

The Municipal Finance Conference aims to bring together academics, practitioners, issuers, and regulators to discuss recent research on municipal capital markets and state and local fiscal issues. This year’s conference was a joint venture of The Hutchins Center on Fiscal and Monetary 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 2018 conference took place on July 16-17, 2018. Brookings hosted the bulk of the program, but the cocktail hour and dinner keynote on the evening of July 16 took place at the nearby Capital Hilton.

PAST CONFERENCES:

2012 | 2013 | 2014 | 2015 | 2016 | 2017

Agenda

DAY ONE
Monday, July 16

From this Session

Audio - Day 1, Part 1

Plenary I

The evolving municipal advisor market in the post Dodd-Frank era
Authors: Daniel Bergstresser (Brandeis International Business School), Martin Luby (LBJ School of Public Affairs, University of Texas at Austin)
Discussant: Marianne Edmonds (Public Resources Advisory Group)

 

The impact of Dodd-Frank on credit ratings and bond yields: The municipal securities’ case
Authors: Yulianti Abbas (Universitas Indonesia), Craig Johnson, Chantalle LaFontant (Indiana University)
Discussant: Ashton Goodfield (Deutsche Asset Management)


Sessions moderated by: David Wessel (Hutchins Center on Fiscal & Monetary Policy, Brookings Institution)

From this Session

Plenary I

Breakout session I

Track 1

Investor attention and municipal bond returns
Authors: Kimberly Cornaggia (Smeal College of Business, Penn State University), John Hund (Terry College of Business, University of Georgia), Giang Nguyen (Smeal College of Business, Penn State University)
Discussant: Brad Wendt (U.S. Department of Treasury)

Organizational form and liquidity: Evidence from closed-end and open-end municipal bond funds
Authors: John Chalmers, Zhi (Jay) Wang, Jingyun Yang (Lundquist College of Business, University of Oregon)
Discussant: Steve Winterstein (Wilmington Trust)

Life without advance refunding
Author: Andrew Kalotay (Andrew Kalotay Associates)
Discussant: Adam Looney (Brookings Institution)

 

Sessions moderated by: Rich Ryffel (Olin School of Business, Washington University in St. Louis)

From this Session

Investor attention and municipal bond returns

Investor attention and municipal bond returns
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Investor attention and municipal bond returns

Organizational form and liquidity: Evidence from closed-end and open-end municipal bond funds
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Organizational form and liquidity: Evidence from closed-end and open-end municipal bond funds

Track 2

Budget processes and the Great Recession: How state fiscal institutions shape tax and spending decisions
Authors: Kim Rueben, Megan Randall, Aravind Boddupalli (Urban-Brookings Tax Policy Center, Urban Institute)
Discussant: Ben Watkins (State Board of Administration, Florida)

The retail sales tax in a new economy (Read blog post here »)
Authors: Sharon Kioko (Evans School of Public Policy and Governance, University of Washington), John Mikesell (School of Public and Environmental Affairs, Indiana University)
Discussant: Tracy Gordon (Urban Institute)

Tax advantages and imperfect competition in auctions for municipal bonds
Authors: Daniel Garrett, Andrey Ordin, James Roberts, Juan Carlos Suárez Serrato (Duke University)
Discussant: Linda Matkowski (Stern Brothers)

 

Sessions moderated by: Louise Sheiner (Hutchins Center on Fiscal & Monetary Policy, Brookings Institution)

From this Session

Budget processes and the Great Recession: How state fiscal institutions shape tax and spending decisions

Budget processes and the Great Recession: How state fiscal institutions shape tax and spending decisions
Play Video
Now Playing

Budget processes and the Great Recession: How state fiscal institutions shape tax and spending decisions

The retail sales tax in a new economy
Play Video
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The retail sales tax in a new economy

Tax advantages and imperfect competition in auctions for municipal bonds
Play Video
Now Playing

Tax advantages and imperfect competition in auctions for municipal bonds

Dinner and keynote

at the Capital Hilton

From this Session

Keynote by Mayor Luke Bronin

DAY TWO
Tuesday, July 17

From this Session

Audio - Day 2, Part 1

Breakout session II

Track 1

The “privatization” of municipal debt
Authors: Ivan Ivanov (Federal Reserve Board), Tom Zimmermann (University of Cologne)
Discussant: Colin MacNaught (BondLink)

Financing the response to climate change: The pricing and ownership of U.S. green bonds (Read blog post here »)
Authors: Malcolm Baker (Harvard Business School), Daniel Bergstresser (Brandeis International Business School), George Serafeim (Harvard Business School), Jeffrey Wurgler (NYU Stern School of Business)
Discussant: Tim Coffin (Breckinridge Capital Advisors)

Financing dies in darkness? The impact of newspaper closures on public finance (Read blog post here »)
Authors: Pengjie Gao (Mendoza College of Business, University of Notre Dame), Chang Lee, Dermot Murphy (College of Business, University of Illinois at Chicago)
Discussant: Leslie McGranahan (Federal Reserve Bank of Chicago)

 

Sessions moderated by: Peter Orr (Intuitive Analytics)

From this Session

The “privatization” of municipal debt

The “privatization” of municipal debt
Play Video
Now Playing

The “privatization” of municipal debt

Financing the response to climate change: The pricing and ownership of U.S. green bonds
Play Video
Now Playing

Financing the response to climate change: The pricing and ownership of U.S. green bonds

Financing dies in darkness? The impact of newspaper closures on public finance
Play Video
Now Playing

Financing dies in darkness? The impact of newspaper closures on public finance

Track 2

Public pensions, political economy and state government borrowing costs (Read blog post here »)
Author: Chuck Boyer (Booth School of Business, University of Chicago)
Discussant: Natalie Cohen (Wells Fargo Securities)

When needed public pension reforms fail or appear to be legally impossible, what then? Are unbalanced budgets, deficits, and government collapse the only answer? (Read blog post here »)
Author: James Spiotto (Chapman Strategic Advisors, LLC)
Discussant: Carol O’Cleireacain (Former Deputy Mayor of Economic Policy and Planning, Detroit)

Analyzing the interplay between public-pension finances and government finances: Lessons from linking an economic model to a pension fund model
Authors: Don Boyd (University at Albany, SUNY), Yimeng Yin (Rockefeller Institute of Government)
Discussant: Laura Quinby (Center for Retirement Research, Boston College)

 

Sessions moderated by: Michael Belsky (Harris School of Public Policy, University of Chicago)

From this Session

Public pensions, political economy and state government borrowing costs

Public pensions, political economy and state government borrowing costs
Play Video
Now Playing

Public pensions, political economy and state government borrowing costs

When needed public pension reforms fail or appear to be legally impossible, what then? Are unbalanced budgets, deficits, and government collapse the only answer?
Play Video
Now Playing

When needed public pension reforms fail or appear to be legally impossible, what then? Are unbalanced budgets, deficits, and government collapse the only answer?

Analyzing the interplay between public-pension finances and government finances: Lessons from linking an economic model to a pension fund model
Play Video
Now Playing

Analyzing the interplay between public-pension finances and government finances: Lessons from linking an economic model to a pension fund model

Plenary II

What went wrong?: The Puerto Rican debt crisis and the “Treasury Put” (Read blog post here »)
Authors: Bob Chirinko, Ryan Chiu, Shaina Henderson (University of Illinois at Chicago)
Discussant: Brad Setser (Council on Foreign Relations)

State tax cuts and debt market outcomes: An empirical analysis of the Kansas tax reform (Read blog post here »)
Authors: Komla Dzigbede (Binghamton University, SUNY), Rahul Pathak (Baruch College, CUNY)
Discussant: Laura Porter (Fitch Ratings)

 

Sessions moderated by: Daniel Bergstresser (Brandeis International Business School)

From this Session

Plenary II: What went wrong?: The Puerto Rican debt crisis and the "Treasury Put"

Health spending and the states: Challenges and opportunities

Aviva Aron-Dine, Vice President for Health Policy, Center on Budget and Policy Priorities
Eric Kim, Director, U.S. Public Finance, Fitch Ratings
Kate McEvoy, Director, Division of Health Services, Connecticut Department of Social Services
Moderated by: Louise Sheiner, Senior Fellow and Policy Director, Hutchins Center on Fiscal & Monetary Policy, Brookings Institution

From this Session

Health spending and the states: Challenges and opportunities

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