This project will investigate the fiscal dynamics of state and local governments, combining an analysis of past performance in response to various positive and negative shocks as well as assessment of emerging structural challenges. It will include sixteen research studies on core dimensions of fiscal behavior. These studies will be presented and critiqued at two research conferences. In addition to facilitating dialogue and discussion among leading experts, these conferences will help to develop the talent pool of researchers who are analyzing key questions linked to the finances and performance of state and local governments.