Event Registration


    5th annual Municipal Finance Conference

    When: Tuesday, July 12, 2016, 8:00 am - 4:00 pm

    Where: The Brookings Institution, Falk Auditorium, 1775 Massachusetts Ave, NW, Washington, DC

    What: 

    The fifth annual Municipal Finance Conference will bring together municipal bond market participants, academics, and public officials in an effort to stimulate high-quality research on state and local fiscal policies and improve public policy more broadly. The conference will advance a dialogue around the changing state of municipal capital markets as participants explore the ways practitioners and policymakers can adapt to the changing landscape. This year’s conference is a joint venture of The Hutchins Center on Fiscal and Monetary at Brookings, the Brandeis International Business School and the Olin Business School at Washington University in St. Louis.

    8:00 am - Breakfast and registration

    8:30 am - Session 1: The changing municipal capital market (plenary)
    Moderator: Timothy Coffin (Breckinridge Capital Advisors)

    • Changing Patterns in Household Ownership of Municipal Debt: Evidence from 1989-2013
      Daniel Bergstresser (Rosenberg Institute of Global Finance at Brandeis International Business School)
      Randolph Cohen (MIT)
      Discussant: Natalie Cohen (Wells Fargo)

    • Municipal Borrowing Costs and State Policies for Distressed Municipalities
      Pengjie Gao (Notre Dame)
      Dermot Murphy (University of Illinois-Chicago)
      Chang Lee (University of Illinois-Chicago)
      Discussant: Robert Doty (AGFS)

    • Municipal Finance Structure and Chapter 9 Creditor Priorities
      Juliet Moringiello (Widener University Law School)
      Discussant: Bart Hildreth (Georgia State University)

    10:45 am - Session 2 (breakout)

    Track 1: Issues in capital markets and credit
    Moderator: Dan Bergstresser (Brandeis International Business School)
    • Don’t Waste a Free Lunch: Managing the
      Advance Refunding Option
      Andrew Kalotay (Kalotay Associates)
      Lori Raineri (Government Financial Strategies, Inc.)
      Discussant: David Abel (William Blair & Company)

    • From NIC to TIC to RAY: Calculating True Lifetime Cost of Capital for Municipal Borrowers
      Peter Orr (Intuitive Analytics)
      Martin J. Luby (DePaul University)
      Discussant: Winthrop Smith (Win Analytics)

    • Credit Cluster and Contagion Risk Related to Distressed Municipalities
      Richard A. Ciccarone (Merritt Research Services)
      Discussant: Sharon Kioko (University of Washington)
    Track 2: Issues in state and local economics
    Moderator: Bradley Wendt (Charles River Associates)
    • Term Limits and Municipal Borrowing Costs
      Alex Abakah (Rutgers Business School)
      Simi Kedia (Rutgers Business School)
      Discussant: John Hallacy (Assured Guaranty)

    • Why Has Regional Income Convergence in the U.S. Declined?
      Peter Ganong (Harvard)
      Daniel Shoag (Harvard)
      Discussant: Chris Mier (Loop Capital)

    • Detecting Local Fiscal Distress: A 50-State Study of Fiscal Monitoring Systems
      Adrienne Lu (Pew Charitable Trusts)
      Matthew Cook (Pew Charitable Trusts)
      Stephen Fehr (Pew Charitable Trusts)
      Mary Murphy (Pew Charitable Trusts)
      Daniel Newman (Pew Charitable Trusts)
      Discussant: Gail Sussman (Moodys Investors Service)

    12:45 pm - Buffet lunch

    1:30 pm - Session 3: Public pensions (plenary)

    • Pensions & Other Post-Employment Benefits (OPEB)
      Alicia Munnell (Boston College)
      JP Aubry (Boston College)
      Discussant: Clint Zweifel (Missouri State Treasurer)

    2:10 pm - Keynote address

    Hon. Alejandro Garcia Padilla, Governor of the Commonwealth of Puerto Rico

    3:00 pm - Panel: The muni market in the post-Detroit and post-Puerto Rico era
    Moderator: David Wessel (Hutchins Center on Fiscal and Monetary Policy, Brookings)

    Natalie Cohen (Wells Fargo)
    Judge Gerald R. Rosen (United States District Court for the Eastern District of Michigan)
    James Spiotto (Chapman Strategic Advisors)
    Ben Watkins (Florida Division of Bond Finance)

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