Jeffrey R. Brown

Positions

Professor of Finance, University of Illinois, 2007 - present
William G. Karnes Professor of Finance, University of Illinois, 2007 - present
Director of Center for Business & Public Policy, University of Illinois, 2007 - present
Founding Member, Institutional Retirement Income Research Council, 2008 - present
Research Associate, Public Economics Program, National Bureau of Economic Research, 2005 - present
Research Associate, Economics of Aging Program, National Bureau of Economic Research, 2005 - present
Associate Director, NBER Retirement Research Center, 2003 - present
Research Fellow, Netspar (Network for Studies on Pensions, Aging and Retirement), Netherlands, 2008 - present
Editor, Tax Policy and the Economy, National Bureau of Economic Research, 2008 - present
Consultant, Prudential Financial, 2008 - present
Fellow, TIAA CREF Research Institute, 2007 - present
Sandell Grant Selection Committee, Retirement Research Consortium, 2009
Professor of Economics (Courtesy Appointment), University of Illinois Department of Economics, 2008 - present
Faculty Affiliate, University of Illinois Institute for Government and Policy Affairs (IGPA), 2007 - present
Fellow, China Center for Social Security and Insurance Research (Beijing Univ.), 2005 - present
Member of Advisory Committee, Academy on Capitalism and Limited Government, 2007 - present
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
Member of Annual Meeting Program Committee, American Risk and Insurance Association (ARIA), 2001 - 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, includingannuities, 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

"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, May: 2009

"The Effect of Inheritance Receipt on Retirement Decisions." J. Brown, C. Coile, S. Weisbenner, Review of Economics and Statistics, 2009

"Is Social Sercurity 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, 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

"Private Markets and Public Insurance Programs (tentative title)." J. Brown, American Enterprise Institute Press: Washington, DC, 2010

"Social Security Policy in a Changing Environment." J. Brown, (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

Chapters in Books

"Reforming the Pension Benefit Guaranty Corporation." J. Brown, A. Biggs, In Private Markets and Public Insurance Programs, (Eds: Jeffrey R. Brown), American Enterprise Institute Press: Washington, DC, 2010

"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

"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

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