Limits of Disclosure Regulation in the Municipal Bond Market

The views stated herein are those of the authors and are not necessarily the views of the Federal Reserve Board or the Federal Reserve System. Sam Dreith, Andrew Elsner, Lina Haas, Christian Meyer, and Ali Tintera provided excellent research assistance. The authors thank seminar participants at the Congressional Research Service, the Federal Reserve Board, the Federal Reserve Bank of Richmond, the 10th annual Municipal Finance Conference at Brookings, the Mannheim Taxation Conference, University of Bonn, University of Cologne, U.S. Securities & Exchange Commission, the 2022 Virtual Municipal Finance Workshop, Ahmed Abonamah, John Bagley, Dan Bergstresser, Emily Swenson Brock, Bob Chirinko, Nancy Fitzgerald, Dan Garrett, Giulio Girardi, Grey Gordon, Kent Hiteshew, David Hodapp, Victoria Ivashina (the editor) Steve Karolyi, Abby Kim, Ernesto Lanza, Xuelin Li, John McNally, Dermot Murphy, Borghan Narajabad, Rebecca Olsen, Marc Painter, Marcelo Vieira, Adam Wendell, Simon Wu, an anonymous associate editor, and two anonymous referees for helpful comments.