Joshua D. Rauh

Senior Fellow
Biography: 

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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Reforms Urged To Control Exploding California Pension Costs

interview with Joshua D. Rauhvia Hoover Institution News
Tuesday, January 15, 2019

The public pension nightmare for California will only worsen unless serious reforms are adopted, a Hoover scholar says. Joshua Rauh, a senior fellow at the Hoover Institution and a professor of finance at the Stanford Graduate School of Business, suggests that governments in California need to either offer more modest pension benefits—and fund those much more conservatively—or start putting public employees into defined contribution plans.

Policy BriefsFeatured

Josh Rauh Warns Why Taxpayers Will Have To Bail Out Public Pensions

by Joshua D. Rauhvia PolicyEd
Monday, January 7, 2019

State and local governments are claiming that they’re running balanced budgets, when in reality they’re relying on future investment returns to pay for pension benefits to retirees.

Featured

The Burden Of Public Pension Promises On State And Local Budgets

by Joshua D. Rauh, Daniel Bergstresservia EconoFact
Wednesday, December 19, 2018

Unfunded pension liabilities represent a significant challenge to the finances of many state and local governments. While no analysts dispute the general statement that pensions are underfunded in aggregate, there has been some discussion about how to estimate the magnitude of the gap.

The Return Expectations of Institutional Investors

by Aleksandar Andonov, Joshua D. Rauhvia Economics Working Papers
Thursday, November 1, 2018

Economics Working Paper 18119

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Pension Reform: Economic Policy Challenges Facing California’s Next Governor

by Joshua D. Rauhvia Hoover Institution
Monday, October 29, 2018

Pension liabilities are one of the most important, and most poorly understood, fiscal challenges facing California. Unfunded pension liabilities are a large and growing fiscal burden for the state government and for local governments as well. For the state government, the share of pension contributions in the budget has increased by 350 percent since 2002. 

Josh Rauh on Solvency of Multiemployer Pension Plans

featuring Joshua D. Rauhvia Joint Select Committee on Solvency of Multiemployer Pension Plans
Tuesday, September 25, 2018

Hoover Institution fellow Josh Rauh testifies before the Joint Select Committee on Solvency of Multiemployer Pension Plans.

Joshua Rauh Before the Joint Select Committee on Solvency of Multiemployer Pension Plans

featuring Joshua D. Rauhvia United States Senate & United States House of Representatives Joint Select Committee on Solvency of Multiemployer Pension Plans
Wednesday, July 25, 2018

On July 25, 2018, Joshua Rauh testified before the United States Senate & United States House of Representatives Joint Select Committee on Solvency of Multiemployer Pension Plans.

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Joint Select Committee On Solvency Of Multiemployer Pension Plans

featuring Joshua D. Rauhvia Joint Select Committee on Solvency of Multiemployer Pension Plans
Wednesday, July 25, 2018

Hoover Institution fellow Joshua Rauh gives testimony before the Joint Select Committee on Solvency of Multiemployer Pension Plans concerning "How the Multiemployer Pension System Affects Stakeholders."

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California Saving

by Joshua D. Rauhvia Hoover Digest
Friday, April 20, 2018

California can wake up from its public-pension nightmare. The key: getting rid of ruinous defined-benefit plans.

Featured CommentaryFeatured

Can California Save Itself From A Pension Disaster?

by Joshua D. Rauhvia Eureka
Thursday, January 25, 2018

The California Public Employees’ Retirement System (CalPERS) and other pension systems in the Golden State might be celebrating their recent investment returns, but don’t be fooled. Their problems are nowhere close to solved — and those problems are taxpayers’ problems.

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