Joshua D. Rauh

Senior Fellow

Joshua D. Rauh is a senior fellow at the Hoover Institution and the Ormond Family Professor of Finance at Stanford’s Graduate School of Business. He formerly served at the White House where he was Principal Chief Economist on the President's Council of Economic Advisers, and taught at the University of Chicago’s Booth School of Business (2004–9) and the Kellogg School of Management (2009–12).

Rauh studies corporate investment, business taxation, government pension liabilities, and investment management. He has published numerous journal articles and was awarded the 2006 Brattle Prize for the outstanding research paper on corporate finance published in the Journal of Finance for his paper "Investment and Financing Constraints: Evidence from the Funding of Corporate Pension Plans." In 2011 he won the Smith Breeden Prize for the outstanding research paper on capital markets, published in the Journal of Finance, for his paper "Public Pension Promises: How Big Are They and What Are they Worth?" coauthored with Robert Novy-Marx. His other writings include "Earnings Manipulation, Pension Assumptions and Managerial Investment Decisions," coauthored with Daniel Bergstresser and Mihir Desai, which won the Barclays Global Investor Best Symposium Paper from the European Finance Association and appeared in the Quarterly Journal of Economics. Other work has appeared in the Review of Financial Studies, the Journal of Financial Economics, and the Journal of Political Economy.

Rauh’s research on state and local pension systems in the United States has received national media coverage in outlets such as the Wall Street Journal, the New York Times, the Financial Times, and The Economist .

Rauh 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.

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Recent Commentary

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Congress Should Let The Airlines Go To Bankruptcy Court

by Joshua D. Rauhvia Chicago Tribune
Thursday, March 26, 2020

Did you take a flight on United Airlines between December 2002 and February 2006? How about on Delta between September 2005 and April 2007? Or on American Airlines between November 2011 and December 2013? If so, you traveled on a bankrupt airline.

Fleeing California

featuring Joshua D. Rauh
Monday, March 16, 2020

Why are millions of people leaving California and moving to other states? What do those states have that California doesn’t? PragerU’s first mini documentary explores the root causes of this mass exodus from the Golden State. “Fleeing California,” featuring PragerU’s own Will Witt, sheds light on one of the most significant but underreported stories of our time.

Lessons From The Hoover Policy Boot CampFeaturedEconomy

State Budgets: Hidden Debt And Hidden Deficits w/ Joshua Rauh

by Joshua D. Rauhvia PolicyEd
Thursday, March 5, 2020

State and local governments are not setting aside nearly enough money to pay for the pensions they have promised to their workers. As a result, taxpayers will have to make up any shortfalls in the form of higher taxes or fewer public services.

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Take This Job and Relocate It

by Edmund L. Andrews featuring Joshua D. Rauhvia Hoover Digest
Monday, January 20, 2020

Hoover fellow Joshua D. Rauh finds that even slight tax increases prompt companies to move out, seeking greener pastures in other states.

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A Proposition 30 Explainer

by Joshua D. Rauh, Ryan Shyu, Greg Kearneyvia Defining Ideas
Thursday, October 31, 2019

Behavioral Responses to State Income Taxation of High Earners: Evidence from California

In the News

Newsletter: The Economy Is Slowing, The Fed Is Cutting

mentioning Joshua D. Rauhvia The Wall Street Journal
Wednesday, October 30, 2019

U.S. gross domestic product is expected to advance at a 1.6% pace in the third quarter, a marked slowdown since the start of the year.


Public Pensions: An Economic Time Bomb

by Joshua D. Rauhvia Prager U
Monday, October 28, 2019

Hoover Institution fellow Joshua Rauh paints a startling picture of just how broken the public pension system really is, and what will happen if we continue to ignore it.


Josh Rauh: Rich Residents Flee California Taxes, Help Impoverish The State

interview with Joshua D. Rauhvia The John Batchelor Show
Wednesday, October 9, 2019

Hoover Institution fellow Josh Rauh discusses his National Bureau of Economic Research paper "Behavioral Responses to State Income Taxation of High Earners: Evidence from California," which Rauh co-authored with Ryan Shyu.

In the News

California Tax Hike Caused 'Significant' Out-Migration Of Top-Bracket Millionaire Residents, Study Shows

quoting Joshua D. Rauhvia Fox Business
Tuesday, October 8, 2019

It’s not just federal tax changes that drive residents from high- to low-income tax states – turns out hiking statewide taxes on the wealthy drives them out in droves, too.

Analysis and Commentary

Behavioral Responses To State Income Taxation Of High Earners: Evidence From California

by Joshua D. Rauhvia SSRN
Thursday, October 3, 2019

Drawing on the universe of California income tax filings and the variation imposed by a 2012 tax increase of up to 3 percentage points for high-income households, we present new findings about the effects of personal income taxation on household location choice and pre-tax income.