Dall W. Forsythe

Distinguished Visiting Scholar

Dall Forsythe

Dall W. Forsythe is a Distinguished Visiting Scholar at the NYU Wagner Graduate School of Public Service. His specialization is in Finance and his current research interests center on the use of cost benefit analysis in budgeting, on securities regulation, and on the finances of New York City and New York State. Forsythe is also a member of the Municipal Securities Rulemaking Board.

Forsythe has extensive management experience in the governmental, private and not-for-profit sectors. In government, he served as budget director for the State of New York and for the New York City Board of Education. In the private sector, he worked as a managing director in Lehman Brother's public finance department. In the nonprofit sector, Forsythe served as chief administrative officer of the Episcopal Diocese of New York for four years.

Before joining NYU Wagner, Forsythe held faculty positions at Columbia University; the Kennedy School at Harvard; the School of Public Affairs at Baruch College (CUNY); and SUNY's University of Albany. He also spent three years as a senior fellow at the Rockefeller Institute of Government in Albany.

Forsythe received his B.A. and Ph.D. from Columbia University. He is author of two books, including, Memos to the Governor: An Introduction to State Budgeting (Georgetown University Press, 2004), as well as several papers and articles. He also edited Quicker, Better, Cheaper? Performance Management in American Government (Rockefeller Institute Press, 2001). In 1998, he received the S. Kenneth Howard Award, a career achievement award from the Association for Budgeting and Financial Management (ABFM). In 2015, he received Public Administration Review's inaugural Chester Newland Award for Best Commentary.  


This Course will focus on the issuance and management of debt by state and local governments, not-for-profit institutions and local authorities. The course will address the history and evolution of the capital markets through which municipal issuers borrow funds, primarily on a tax-exempt basis. The course will focus primarily on the issuance of long-term debt to support capital investment, but will also examine short-term borrowings as well.

Students will understand the role of the various participants in the capital markets, including but not limited to the issuer, underwriter, financial advisor, legal counsel, rating agency, insurer and investor. Specific case studies and assignments will explore important events in the municipal market that have resulted in significant change in participant behaviors and market volatility.

Students will become familiar with standard market calculations and analysis including bond sizing and structuring, net present value analysis and credit/risk analysis.

Students are assumed to have a good working knowledge of spreadsheet applications and basic quantitative proficiencies.

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