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Jeffrey R. Brown

Professor of Finance and William G. Karnes Professor of Finance and Director of Center for Business & Public Policy

Education

Ph.D. Economics, Massachusetts Institute of Technology, 1999.
M.P.P. Public Policy, Harvard University, 1995.
B.A. Economics and Political Science, Miami University, 1990.

Positions

Founding Member, Institutional Retirement Income Research Council, 2008 - 2009
Consultant, Prudential Financial, 2008 - 2009
Fellow, China Center for Social Security and Insurance Research (Beijing Univ.), 2005 - 2009
Member of Advisory Committee, Academy on Capitalism and Limited Government, 2007 - 2009
Member, Social Security Advisory Board; Recess Appointment by President Bush, October, 2006. Confirmed by U.S. Senate, December 2006., 2006 - 2008
Dissertation Fellowship Committee Member, Retirement Research Consortium, 2006 - 2008
Public Trustee Nominee, U.S. Social Security and Medicare Trust Funds, Nominated by President Bush, February 2008, Nomination Expired Unconfirmed December 2008, 2008
Associate Professor, University of Illinois, 2005 - 2007
Julian Simon Faculty Fellow, University of Illinois, 2005 - 2007
Consultant, Federal Reserve Bank, 2007
Consultant, Genworth Financial, 2006 - 2007
Member of Search Committee for new Editor of the Journal of Risk and Insurance, American Risk and Insurance Association (ARIA), 2006
Assistant Professor of Finance, University of Illinois, 2002 - 2005
Faculty Research Fellow, Public Economics Program, National Bureau of Economic Research, 1999 - 2005
Faculty Research Fellow, Economics of Aging Program, National Bureau of Economic Research, 1999 - 2005
Member of Selecction Committee for Kulp-Wright Book Award, American Risk and Insurance Association (ARIA), 2004
Consultant, U.S. Department of Treasury, 2002 - 2003
Research Associate, BC Center for Retirement Research, 2000 - 2003
Economist, President's Commission to Strengthen Social Security, 2001 - 2002
Senior Economist, White House Council of Economic Advisers, 2001 - 2002
Assistant Professor of Public Policy, Harvard University, John F. Kennedy School of Government, 1999 - 2002
Faculty Research Fellow, Harvard Center for Business and Government, 2001 - 2002
Member of Officer Nominating Committee, American Risk and Insurance Association (ARIA), 2001
Consultant, The World Bank, 1999 - 2000
Brand Manager, Health Care Division, The Procter & Gamble Company, 1993

Research Interests

Primary research focus is on the interaction of public and private insurance markets with a specific emphasis on retirement security, including annuities, life insurance, long-term care insurance, pensions and Social Security. Additional research interests include stock market participation, dividend taxation, and the effect of inheritances on labor supply.

Research

Journal Articles

"How University Endowments Respond to Financial Market Shocks: Evidence and Implications." J. Brown, S. Dimmock, J. Kang, S. Weisbenner, American Economic Review, (104) March: 3 931-962 2014


"Defined Contribution Plans as a Foundation for Retirement Security." Journal of Retirement, 2014


"“Income as the Outcome: How to Broaden the Narrow Framing of U.S. Retirement Policy”." J. Brown, Risk Management and Insurance Review, (17) Spring: 7-16 2014


"The Distributional Effects of the Social Security Windfall Elimination Provision." J. Brown, S. Weisbenner, Journal of Pension Economics and Finance, (12) October: 4 415-434 2013


"Why Do Individuals Choose Defined Contribution Plans? Evidence from Participants in a Large Public Plan." J. Brown, S. Weisbenner, Journal of Public Economics, 2013


"Framing Lifetime Income." Journal of Retirement, (1) Summer: 1 27-37 2013


"Long-Term Care Insurance Demand Limited by Beliefs about Needs, Concerns about Insurers, and Care Available from Family.." Health Affairs, (31) June: 6 1294-1302 2012


"Framing and Claiming: How Information-Framing Affects Expected Social Security Claiming Behavior.." J. Brown, A. Kapteyn, O. Mitchell, Journal of Risk and Insurance, 2012


"Insuring Long-Term Care in the U.S.." J. Brown, A. Finkelstein, Journal of Economic Perspectives, (25) Fall: 4 119-142 2011


"The Economics of State and Local Pensions." J. Brown, R. Clark, J. Rauh, Journal of Pension Economics and Finance, (10) April: 2 161-172 2011


"The Effect of Inheritance Receipt on Retirement Decisions." J. Brown, C. Coile, S. Weisbenner, Review of Economics and Statistics, (92) August: 2 425-434 2010


"The Private Market for Long-Term Care Insurance in the United States: A Review of the Evidence." J. Brown, A. Finkelstein, Journal of Risk and Insurance, (76) March: 1 5-29 2009


"Discounting State and Local Pension Liabilities." J. Brown, D. Wilcox, The American Economic Review, (99) May: 2 538-542 2009


"Is Social Security Part of the Social Safety Net?." J. Brown, J. Coronado, Tax Policy and the Economy, 23 2009


"Neighbors Matter: Causal Community Effects and Stock Market Participation." J. Brown, Z. Ivkovich, P. Smith, S. Weisbenner, Journal of Finance, (63) June: 3 1509-1531 2008


"Guaranteed Trouble: The Economic Effects of the Pension Benefit Guarantee Corporation." J. Brown, Journal of Economic Perspectives, (22) Winter: 1 177-198 2008


"The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market." J. Brown, A. Finkelstein, The American Economic Review, (98) June: 3 1083-1102 2008


"Why Don't People Insure Late Life Consumption? A Framing Explanation of the Under-Annuitization Puzzle.." J. Brown, J. Kling, S. Mullainathan, M. Wrobel, The American Economic Review, (98) May: 2 304-309 2008


"The Future of Social Security, Medicare and Medicaid: Is U.S. Entitlement Spending Sustainable?." K. Baicker, J. Brown, D. Holtz-Eakin, P. Orszag, Risk Management and Insurance Review, (11) 1 1-21 2008


"Why is the Market for Long-Term Care Insurance so Small?." J. Brown, A. Finkelstein, Journal of Public Economics, (91) November: 10 1967-1991 2007


"Individual Account Investment Options and Portfolio Choice: Behaviorial Lessons from 401 (k) Plans." J. Brown, N. Liang, S. Weisbenner, Journal of Public Economics, (91) November: 10 1992-2013 2007


"Executive Financial Incentives and Payout Policy: Evidence from the 2003 Dividend Tax Cut." J. Brown, N. Liang, S. Weisbenner, Journal of Finance, (62) August: 4 1935-1965 2007


"401(k) Matching Contributions in Company Stock: Costs and Benefits for Firms and Workers." J. Brown, N. Liang, S. Weisbenner, Journal of Public Economics, (90) August: 1315-1346 2006


"The Political Economy of Government-Issued Survivor Bonds." J. Brown, Journal of Risk and Insurance, December: 2006


"Comment on David Wilcox, "Reforming the Defined-Benefit Pension System"." J. Brown, Brookings Papers on Economic Activity, 2006


"Annuities and Individual Welfare." T. Davidoff, J. Brown, P. Diamond, The American Economic Review, (95) December: 5 1573-1590 2005


"Alternative Methods of Price Indexing Social Security: Implications for Benefits and System Financing." J. Brown, A. Biggs, G. Springstead, The National Tax Journal, September: 2005


"An Empirical Analysis of the Economic Impact of Federal Terrorism Reinsurance." J. Brown, D. Cummins, C. Lewis, R. Wei, Journal of Monetary Economics, (51) July: 861-898 2004


"Redistribution and Insurance: Mandatory Annuitization with Mortality Heterogeneity." J. Brown, Journal of Risk and Insurance, (70) February: 1 17-41 2003


"Review of Daniel Shaviro "Making Sense of Social Security Reform"." J. Brown, Journal of Economic Literature, (41) March: 1 230-231 2003


"Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry." J. Brown, A. Goolsbee, Journal of Political Economy, (110) June: 3 481-507 2002


"Federal Terrorism Risk Insurance." J. Brown, R. Kroszner, B. Jenn, The National Tax Journal, September: 3 647-657 2002


"Private Pensions, Mortality Risk, and the Decision to Annuitize." J. Brown, Journal of Public Economics, (82) October: 1 29-62 2001


"Joint Life Annuities and the Demand for Annuities by Married Couples." J. Brown, J. Poterba, Journal of Risk and Insurance, (67) December: 4 527-553 2000


"Discussion of Moshe Milevsky and Chris Robinson "Self-Annuitization and Ruin in Retirement"." J. Brown, North American Actuarial Journal, October: 2000


"Taxing Retirement Income: Non-Qualified Annuities and Distributions from Qualified Accounts." J. Brown, O. Mitchell, J. Poterba, M. Warshawsky, The National Tax Journal, September: 3 563-591 1999


"New Evidence on the Money's Worth of Individual Annuities." O. Mitchell, J. Poterba, M. Warshawsky, J. Brown, The American Economic Review, (89) December: 5 1299-1318 1999

Books

"Public Markets and Private Insurance." J. Brown, American Enterprise Institute Press: Washington, DC, 2010


"Social Security Policy in a Changing Environment." J. Brown, J. Liebman, D. Wise, (Eds: Jeffrey R. Brown, Jeffrey Liebman and David Wise), University of Chicago Press: Chicago, IL, 2009


"The Role of Annuities in Financing Retirement.." J. Brown, O. Mitchell, J. Poterba, M. Warshawsky, MIT Press, 2001


"How the Great Recession Affected Higher Education." J. Brown, (Eds: with Caroline Hoxby), University of Chicago Press: Chicago, IL,

Monographs

"Automatic Lifetime Income as a Path to Retirement Security." J. Brown, 2009

Chapters in Books

"Options to Improve the Decumulation of Pension Wealth in the Netherlands." J. Brown, T. Nijman, In The Future of Multi-Pillar Pensions, Netspar, 2012


"The Supply and Demand for Charitable Donations to Higher Education.." J. Brown, S. Dimmock, S. Weisbenner, In How the Great Recession Affected Higher Education, 2012


"Reforming the Pension Benefit Guaranty Corporation." 54-85 In Public Insurance and Private Markets, (Eds: Jeffrey Brown), American Enterprise Institute Press: Washington, DC, 2010


"Who Chooses Defined Contribution Plans?." J. Brown, S. Weisbenner, 131-161 In Social Security Policy in a Changing Environment, (Eds: Jeffrey R. Brown, Jeffrey Liebman, and David Wise), University of Chicago Press: Chicago, IL, 2009


"Understanding the Role of Annuities in Retirement Planning." J. Brown, 178-206 In Overcoming the Saving Slump, (Eds: Annamaria Lusardi), University of Chicago Press: Chicago, IL, 2009


"Comment on John Beshears, James Choi, David Laibson and Brigitte Madrian, "The Importance of Default Options for Retirement Savings Outcomes: Evidence from the United States"." J. Brown, In The Future of LifeCycle Saving and Investing, (Eds: Zvi Bodie, Dennis McLeavey and Laurence Siegel), CFA Institute, 2008


"Medicaid Crowd-Out of Private Long Term Care Insurance Demand: Evidence from the Health and Retirement Survey." J. Brown, A. Finkelstein, N. Coe, In Tax Policy and the Economy, 2007, (Eds: James M. Poterba), 2007


"Comment on Mihir Desai, Dhammika Dharmapala and W. Fung, "Taxation and the Evolution of Aggregate Corporate Ownership Concentration"." J. Brown, In Taxing Corporate Income in the 21st Century, (Eds: Alan Auerbach, James Hines and Joel Slemrod), Cambridge University Press: Cambridge, England, 2007


"Intergenerational Transfers and Savings Behavior." J. Brown, S. Weisbenner, 181-201 In Perspectives on the Economics of Aging, (Eds: David A. Wise), University of Chicago Press: Chicago, IL, 2004


"Estimating Life Tablets that Reflect Socioeconomic Differences in Mortality." J. Brown, J. Liebman, J. Pollet, 447-457 In The Distributional Effects of Social Security Reform, (Eds: M. Feldstein and J. Liebman), University of Chicago Press: Chicago, IL, 2002


"Retirement Security." J. Brown, B. Jenn, In Economic Report of the President 2002, 2002


"The Role of Real Annuities and Indexed Bonds in an Individual Accounts Retirement Program." J. Brown, O. Mitchell, J. Poterba, 321-360 In Risk Aspects of Investment-Based Social Security Reform, (Eds: J. Campbell and M. Feldstein), University of Chicago Press: Chicago, IL, 2001

Honors and Awards


Graduate Fellow, National Science Foundation , 1995-1999


Health and Aging Fellow, NBER & National Institute on Aging , 1997-1998


Jacob K. Javits Graduate Fellow, U.S. Department of Education , 1993-1995


Phi Beta Kappa, Miami University , 1989


Summa Cum Laude, Miami University , 1990


University Honors, Miami University , 1990


Lumina Award for Pioneering Research in Insurance and E-Commerce , 2001


Elected to the National Academy of Social Insurance , 2002


Robert Wood Johnson Foundation Scholar in Health Policy , 2003-2006


List of Teachers Rated as Excellent, University of Illinois , 2003-2008


National Graduate Fellow, Alpha Lambda Delta , 1993-1994


Graduate Fellowship, MIT Department of Economics , 1995-1996


National Graduate Fellow, Mortar Board Foundation , 1993-1994


National Graduate Fellow, Phi Kappa Phi , 1993-1994


Snider Prize in Economics, Miami University , 1990


Julian Simon Faculty Fellow, University of Illinois College of Business , 2005


Kulp-Wright Book Award, Honorable Mention , 2003


Early Career Scholarly Achievement Award, American Risk and Insurance Association , 2008


TIAA CREF Paul A. Samuelson Award for Outstanding Scholarly Writing on Lifelong Financial Security, TIAA CREF Institute , 2009


College of Business Alumni Association Award for Excellence in Undergraduate Teaching, University of Illinois College of Business Alumni Association , 2007


CESifo Prize in Public Economics awarded for paper "The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market" by Jeffrey R. Brown and Amy Finkelstein, CESifo , 2006


University Scholar, University of Illinois , 2011-2013


BlackRock Prize, 25th Australasian Finance and Banking Conference , 2012


Robert Mehr Award for paper published in the Journal of Risk and Insurance that has “best stood the test of time", American Risk and Insurance Association , 2013

 

Contact Information
4034 BIF
515 East Gregory Drive
MC- 520
Champaign IL 61820

(217) 333-3322
brownjr@illinois.edu

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