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 will be held virtually across three days and will be open to the public free of charge:
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- 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
During the live event, viewers may submit questions at sli.do using the code #MuniFinance or on Twitter using the hashtag #MuniFinance.
Day 1: Monday, July 19
11:00 am ET – Opening Remarks
David Wessel (Brookings Hutchins Center)
11:05 am ET – Was Pandemic Fiscal Relief Effective Fiscal Stimulus?
Authors:
Jeffrey Clemens (University of California, San Diego)
Philip Hoxie (University of California, San Diego)
Stan Veuger (American Enterprise Institute)
11:20 am ET – The State and Local Sector During the Pandemic
Author:
Louise Sheiner (Brookings Hutchins Center)
11:35 am ET – Panel on impact of COVID-19 on state and local government
Panelists:
Tracy Gordon (Urban Institute)
Leonard Jones (Moody’s)
Sharon Kioko (University of Washington)
Louise Sheiner (Brookings Hutchins Center)
Stan Veuger (American Enterprise Institute)
12:20 pm ET – Break
12:30 pm ET – Guns, Oil, and Municipal Borrowing Costs: Impacts of Barring Banks from Public Finance
Authors:
Ivan Ivanov (Federal Reserve Board)
Daniel Garrett (University of Pennsylvania Wharton School)
Discussant:
Zach Conine (Nevada State Treasurer’s Office)
1:05 pm ET – The Role of Disclosure in the Municipal Bond Market
Authors:
Christine Cuny (New York University)
Ken Li (McMaster University)
Anya Nakhmurina (Yale School of Management)
Edward M. Watts (Yale School of Management)
Discussant:
Ivan Ivanov (Federal Reserve Board)
1:40 pm ET – 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 session moderated by Dan Bergstresser (Brandeis International Business School)
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 session moderated by Steve Winterstein (MarketAxess)
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 – Breakout sessions end
Day 2: Tuesday, July 19
11:00 am ET – Opening Remarks
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 & Yonsei University)
Ji Yeol Jimmy Oh (Hanyang University)
Discussant:
Peter Block (Ramirez & Co.)
11:40 am ET – The Cross-Section of Municipal Bond Returns
Author:
Samuel Wang (Dimensional Fund Advisors)
Discussant:
Steve Winterstein (MarketAxess)
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)
Discussant:
Richard Ciccarone (Merritt Research)
1:05 pm ET – Taxable Advance Refundings: A Critical Examination
Author:
Andrew Kalotay (Kalotay Advisors)
Discussant:
Win Smith (Wells Fargo)
1:40 pm ET – Break
1:50 pm ET – Puerto Rico’s bankruptcy: Lessons learned for the island and for the muni market
Panel Moderator:
Michelle Kaske (Bloomberg)
Panelists:
John Ceffalio (CreditSights)
David Skeel (University of Pennsylvania Law School)
Natalie Jaresko (Financial Oversight & Management Board for Puerto Rico)
2:45 pm ET – Closing Remarks
Day 3: Wednesday, July 20
11:00 am ET – Opening Remarks
David Wessel (Brookings Hutchins Center)
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)
Discussant:
Casey Dougal (Florida State University)
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)
Discussant:
Lacey Horn (Native Advisory)
12:15 pm ET – Break
12:30 pm ET – Measuring Cities’ Climate Risk Exposure and Preparedness
Authors:
Shirley Lu (Harvard Business School)
Anya Nakhmurina (Yale School of Management)
Discussant:
TBC
1:05 pm ET – The Intersection of Climate and Demography for Water and Sewer Revenue Bonds in the Municipal Market
Authors:
Michael Bonanno (Breckinridge Capital Advisors)
Martin Doyle (Duke University)
Lauren Patterson (Duke University)
Erika Smull (Duke University & Breckinridge Capital Advisors)
Adam Stern (Breckinridge Capital Advisors)
Andrew Teras (Breckinridge Capital Advisors)
Discussant:
Tom Doe (Municipal Market Analytics)
1:40 pm ET – Break
1:50 pm ET – Keynote
Speaker:
TBC
2:30 ET pm – Closing Remarks
