Joshua D. Rauh

Co-Director

Joshua is the Ormond Family Professor of Finance at Stanford’s Graduate School of Business and a senior fellow at the Hoover Institution.

He formerly served at the White House where he was Principal Chief Economist on the President’s Council of Economic Advisers (2019‐ 20), and taught at the University of Chicago’s Booth School of Business (2004–9) and the Kellogg School of Management (2009–12). At the Hoover Institution he has served as Director of Research (2018‐19).

  • Ormond Family Professor of Finance
    Stanford Graduate School of Business
  • Senior Fellow, Hoover Institution
    Senior Fellow, Stanford Institute for Economic Policy Research (SIEPR)
    Stanford, United States

More About Josh

Joshua D. Rauh is the Ormond Family Professor of Finance at Stanford’s Graduate School of Business and a senior fellow at the Hoover Institution. He formerly served at the White House where he was Principal Chief Economist on the President’s Council of Economic Advisers (2019-2020). He is currently a member of the Congressional Budget Office’s Panel of Economic Advisers (2022-present). Rauh formerly taught financial economics at the University of Chicago’s Booth School of Business (2004–9) and the Kellogg School of Management (2009–12). At the Hoover Institution he has served as Director of Research (2018-19).

Dr. Rauh writes and speaks about the distortionary effects of taxation and big government, the costs of government pension liabilities, and the importance of shareholder capitalism. He has published numerous op-eds on these topics in outlets including the Wall Street Journal, The Hill, and The National Review online, and he has testified before House, Joint, and Joint Select Committees of the United States Congress. His PragerU video “Public Pensions: An Economic Time Bomb” has been viewed over five million times.

He has published numerous journal articles and has received various awards recognizing his scholarship including both the Brattle Prize and the Smith Breeden Prize of the American Finance Association. His academic and policy writings have received media coverage in major outlets including the Wall Street Journal, the New York Times, the Financial Times, and The Economist. His scholarly papers have appeared in journals such as the Journal of Political Economy, the Quarterly Journal of Economics, the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Public Economics. Prior to his academic career, he was an Associate Economist at Goldman Sachs in London.

He received a BA degree in economics, magna cum laude with distinction, from Yale University and a PhD in economics from the Massachusetts Institute of Technology.

Selected Commentary

Authors Respond to “The Silent Revolution (Part 2)” on Online Anonymity
Liberty Lens – 8 December 2023

The Silent Revolution: Free Speech, Censorship, and the Campus Dilemma in America (Part 2)
Liberty Lens – 1 December 2023

The Progressive Movement’s Revealing Response to Hamas
Liberty Lens – 13 November 2023

The Silent Revolution: Free Speech, Censorship, and the Campus Dilemma in America
Liberty Lens – 2 November 2023

United Auto Workers strike: Is the union idling in the past?
Boston Globe – 27 September 2023

The Biden Administration Wants Taxation without Representation
National Review – 14 August 2023

How Big is Government in the United States?
Liberty Lens – 9 August 2023

The Economists Who’d Rather Be Influencers
The Wall Street Journal – 17 July 2023

A Wealth Tax Is a Poor Idea
Hoover Digest – 14 July 2023

Inequality (Part 2) – The Pathological Focus on Income and Wealth Gaps
Liberty Lens – 11 July 2023

The Shifting Finance of Electricity Generation
Stanford University Graduate School of Business Research Paper – 6 July 2023

Alabama Senator Introduces Tourism Bill Inspired by Hoover’s Recommendations to State’s Innovation Commission
Hoover Daily Report – 8 June 2023

Taking the Political Spin Out of Inequality (Part 1)
Liberty Lens – 31 May 2023

Hoover Institution’s State and Local Governance Initiative Applauds Alabama’s Transparency in Incentives Act
Hoover Institution Press – 24 April 2023

Taxed Out
City Journal – 18 April 2023

Why Did SVB Fail? We’ve Been Teaching About It for Years.
Stanford Graduate School of Business – 14 April 2023

The California State Budget And Revenue Volatility: Fiscal Health In A Deficit Context
Hoover Institution Press – 29 March 2023

Senior Fellow Josh Rauh Hosts Policy Lab Summit
Hoover Daily Report – 15 March 2023

California’s Wealth Tax Proposal: A Reality Check
California on Your Mind – 9 February 2023

How Much Do Public Employees Value Defined Benefit Versus Defined Contribution Retirement Benefits?
Stanford University Graduate School of Business Research Paper – 28 December 2022

Newsom’s homelessness plan: money for nothing
The Orange County Register – 12 December 2022

Trends In State And Local Pension Funds
Stanford University Graduate School of Business Research Paper – 31 October 2022

Q&A: Josh Rauh On Solving The Homelessness Crisis In California
Questions and Answers – 12 September 2022

Want to Fix Homelessness? Students Followed the Data — When They Could Find It
Stanford Graduate School of Business – 5 August 2022

The Price Isn’t Right
Hoover Digest – 15 July 2022

Homelessness in California: Practical Solutions for a Complex Problem
Hoover Institution Press – 17 June 2022

Gavin Newsom’s Re-Election Windfall
WSJ Live – 23 May 2022

Behavioral Responses To State Income Taxation Of High Earners: Evidence From California
AEJ Economic Policy – 5 May 2022

Let Markets Clear the Air
Hoover Digest – 4 May 2022

The Safe Investment That Will Soon Yield Almost 10%
The Wall Street Journal – 13 April 2022

Institutional Investors and Infrastructure Investing
The Review of Financial Studies – 28 March 2022

Taxes and Net Migration in California
SSRN – 28 March 2022

Examining The Impact Of Shareholder Primacy: What It Means To Put Stock Prices First
U.S. Congress Joint Economic Committee – 16 March 2022

Why We Should Preserve Shareholder Capitalism
Testimony before the Joint Economic Committee of the United States Congress (Video) – 16 March 2022

‘Net Zero’ Will Make Wall Street Richer At Main Street’s Expense
The Wall Street Journal – 11 November 2021

The Biden Administration’s Global Tax Imperialism
National Review – 28 June 2021

Private Investigations: Can Institutional Investors Fill the Infrastructure Gap?
SIEPR Policy Brief – October 2021

Municipal bond investors have to share the burden in state bailouts
The Hill – 17 September 2020

California’s Tax the Rich Folly
Orange County Register – 1 August 2020

Muni bond investors could lose out as pension crisis cripples many U.S. cities
Marketwatch – 8 June 2020

How to pay for stimulus checks
The Hill – 27 April 2020

Don’t use coronavirus as excuse to bail out state, local governments that have mismanaged finances for decades
Fox Business – 13 April 2020

Congress should let airlines go to bankruptcy court
Chicago Tribune – 28 March 2020

Selected Media

Income Inequality: Perception VS Reality
PolicyEd – 7 November 2023

Manhattan Insights: The Great Tax Migration
Manhattan Institute for Policy Research – 6 June 2023

Public Finance: What is the Role of Government
PolicyEd – 9 February 2023

Why State Taxes Matter
PolicyEd – 7 February 2023

Government and Big Corporations Colluded Against the Private Economy
Fox News – 27 November 2022

Josh Rauh on the Pending Public Pension Crisis
The Great Antidote – 1 April 2022

Trillions of Green for Wall Street’s “Finance Industrial Complex.”
The John Batchelor Show – 15 November 2021

Tax Flight
Hoover Institution PolicyEd – 29 June 2021

Public Pensions: An Economic Time Bomb
PragerU – 28 October 2019

Joshua D. Rauh

Co-Director

Joshua is the Ormond Family Professor of Finance at Stanford’s Graduate School of Business and a senior fellow at the Hoover Institution.

He formerly served at the White House where he was Principal Chief Economist on the President’s Council of Economic Advisers (2019‐ 20), and taught at the University of Chicago’s Booth School of Business (2004–9) and the Kellogg School of Management (2009–12). At the Hoover Institution he has served as Director of Research (2018‐19).

  • Ormond Family Professor of Finance
    Stanford Graduate School of Business
  • Senior Fellow, Hoover Institution
    Senior Fellow, Stanford Institute for Economic Policy Research (SIEPR)
    Stanford, United States

More About Josh

Joshua D. Rauh is the Ormond Family Professor of Finance at Stanford’s Graduate School of Business and a senior fellow at the Hoover Institution. He formerly served at the White House where he was Principal Chief Economist on the President’s Council of Economic Advisers (2019-2020). He is currently a member of the Congressional Budget Office’s Panel of Economic Advisers (2022-present). Rauh formerly taught financial economics at the University of Chicago’s Booth School of Business (2004–9) and the Kellogg School of Management (2009–12). At the Hoover Institution he has served as Director of Research (2018-19).

Dr. Rauh writes and speaks about the distortionary effects of taxation and big government, the costs of government pension liabilities, and the importance of shareholder capitalism. He has published numerous op-eds on these topics in outlets including the Wall Street Journal, The Hill, and The National Review online, and he has testified before House, Joint, and Joint Select Committees of the United States Congress. His PragerU video “Public Pensions: An Economic Time Bomb” has been viewed over five million times.

He has published numerous journal articles and has received various awards recognizing his scholarship including both the Brattle Prize and the Smith Breeden Prize of the American Finance Association. His academic and policy writings have received media coverage in major outlets including the Wall Street Journal, the New York Times, the Financial Times, and The Economist. His scholarly papers have appeared in journals such as the Journal of Political Economy, the Quarterly Journal of Economics, the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, and the Journal of Public Economics. Prior to his academic career, he was an Associate Economist at Goldman Sachs in London.

He received a BA degree in economics, magna cum laude with distinction, from Yale University and a PhD in economics from the Massachusetts Institute of Technology.

Selected Commentary

Authors Respond to “The Silent Revolution (Part 2)” on Online Anonymity
Liberty Lens – 8 December 2023

The Silent Revolution: Free Speech, Censorship, and the Campus Dilemma in America (Part 2)
Liberty Lens – 1 December 2023

The Progressive Movement’s Revealing Response to Hamas
Liberty Lens – 13 November 2023

The Silent Revolution: Free Speech, Censorship, and the Campus Dilemma in America
Liberty Lens – 2 November 2023

United Auto Workers strike: Is the union idling in the past?
Boston Globe – 27 September 2023

The Biden Administration Wants Taxation without Representation
National Review – 14 August 2023

How Big is Government in the United States?
Liberty Lens – 9 August 2023

The Economists Who’d Rather Be Influencers
The Wall Street Journal – 17 July 2023

A Wealth Tax Is a Poor Idea
Hoover Digest – 14 July 2023

Inequality (Part 2) – The Pathological Focus on Income and Wealth Gaps
Liberty Lens – 11 July 2023

The Shifting Finance of Electricity Generation
Stanford University Graduate School of Business Research Paper – 6 July 2023

Alabama Senator Introduces Tourism Bill Inspired by Hoover’s Recommendations to State’s Innovation Commission
Hoover Daily Report – 8 June 2023

Taking the Political Spin Out of Inequality (Part 1)
Liberty Lens – 31 May 2023

Hoover Institution’s State and Local Governance Initiative Applauds Alabama’s Transparency in Incentives Act
Hoover Institution Press – 24 April 2023

Taxed Out
City Journal – 18 April 2023

Why Did SVB Fail? We’ve Been Teaching About It for Years.
Stanford Graduate School of Business – 14 April 2023

The California State Budget And Revenue Volatility: Fiscal Health In A Deficit Context
Hoover Institution Press – 29 March 2023

Senior Fellow Josh Rauh Hosts Policy Lab Summit
Hoover Daily Report – 15 March 2023

California’s Wealth Tax Proposal: A Reality Check
California on Your Mind – 9 February 2023

How Much Do Public Employees Value Defined Benefit Versus Defined Contribution Retirement Benefits?
Stanford University Graduate School of Business Research Paper – 28 December 2022

Newsom’s homelessness plan: money for nothing
The Orange County Register – 12 December 2022

Trends In State And Local Pension Funds
Stanford University Graduate School of Business Research Paper – 31 October 2022

Q&A: Josh Rauh On Solving The Homelessness Crisis In California
Questions and Answers – 12 September 2022

Want to Fix Homelessness? Students Followed the Data — When They Could Find It
Stanford Graduate School of Business – 5 August 2022

The Price Isn’t Right
Hoover Digest – 15 July 2022

Homelessness in California: Practical Solutions for a Complex Problem
Hoover Institution Press – 17 June 2022

Gavin Newsom’s Re-Election Windfall
WSJ Live – 23 May 2022

Behavioral Responses To State Income Taxation Of High Earners: Evidence From California
AEJ Economic Policy – 5 May 2022

Let Markets Clear the Air
Hoover Digest – 4 May 2022

The Safe Investment That Will Soon Yield Almost 10%
The Wall Street Journal – 13 April 2022

Institutional Investors and Infrastructure Investing
The Review of Financial Studies – 28 March 2022

Taxes and Net Migration in California
SSRN – 28 March 2022

Examining The Impact Of Shareholder Primacy: What It Means To Put Stock Prices First
U.S. Congress Joint Economic Committee – 16 March 2022

Why We Should Preserve Shareholder Capitalism
Testimony before the Joint Economic Committee of the United States Congress (Video) – 16 March 2022

‘Net Zero’ Will Make Wall Street Richer At Main Street’s Expense
The Wall Street Journal – 11 November 2021

The Biden Administration’s Global Tax Imperialism
National Review – 28 June 2021

Private Investigations: Can Institutional Investors Fill the Infrastructure Gap?
SIEPR Policy Brief – October 2021

Municipal bond investors have to share the burden in state bailouts
The Hill – 17 September 2020

California’s Tax the Rich Folly
Orange County Register – 1 August 2020

Muni bond investors could lose out as pension crisis cripples many U.S. cities
Marketwatch – 8 June 2020

How to pay for stimulus checks
The Hill – 27 April 2020

Don’t use coronavirus as excuse to bail out state, local governments that have mismanaged finances for decades
Fox Business – 13 April 2020

Congress should let airlines go to bankruptcy court
Chicago Tribune – 28 March 2020

Selected Media

Income Inequality: Perception VS Reality
PolicyEd – 7 November 2023

Manhattan Insights: The Great Tax Migration
Manhattan Institute for Policy Research – 6 June 2023

Public Finance: What is the Role of Government
PolicyEd – 9 February 2023

Why State Taxes Matter
PolicyEd – 7 February 2023

Government and Big Corporations Colluded Against the Private Economy
Fox News – 27 November 2022

Josh Rauh on the Pending Public Pension Crisis
The Great Antidote – 1 April 2022

Trillions of Green for Wall Street’s “Finance Industrial Complex.”
The John Batchelor Show – 15 November 2021

Tax Flight
Hoover Institution PolicyEd – 29 June 2021

Public Pensions: An Economic Time Bomb
PragerU – 28 October 2019