On November 3, 2014, the Federal Reserve Bank of Chicago held a conference to examine recent research on measuring the economic value of infrastructure investments and to explore new funding models for infrastructure in a time when many state and local governments face fiscal challenges.

Detroit’s bankruptcy filing has highlighted fiscal pressures being experienced by communities across the nation, including Chicago. Problems such as flat or declining property tax revenues, underfunded public pensions, and reduced state support are straining local government operations. To...

In works such as Glaeser (2011) and Porter (1995), prominent economists have suggested that metropolitan areas are the key to economic growth. In this article, we examine the economic development strategies and performance of the largest metropolitan areas in the five states of the Seventh...

On November 30, 2012, the Federal Reserve Bank of Chicago, Metropolis Strategies, and the Civic Federation held a workshop to explore the role of property tax incentives in supporting business growth, as well as the tax treatment of properties owned by nonprofits.

On April 4, 2013, the Federal Reserve Bank of Chicago and the Civic Federation held a conference to examine the impact of state and local tax adjustments, as well as fiscal policy uncertainties, on economic development. Also, conference participants explored state and local governments’ recent...

State governments have been noticeably absent in contributing to U.S. economic growth since the recession of 2008–09. Despite some recovery in tax revenues, many states are still reporting budget shortfalls and spending pressures for pensions and health care.

The state of Illinois has been facing a precarious fiscal situation for the past several years. According to the Civic Committee of the Commercial Club, Illinois has accumulated over $120 billion in total indebtedness. This works out to nearly $25,000 per household. Even in the short run,...

In response to recessions beginning in 1973, 2001, and 2007, the federal government provided financial aid to states with the dual goals of stabilizing state finances and stimulating the economy. The timing of fund provision and the ultimate allocation of funds were often less than optimal. The...

Like the economy in general, individual state economies are struggling in this recession. State governments face significant constraints in raising additional revenues. Most states are required to balance their budgets regardless of the economic environment. This article considers the role of...