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

Capitol Building

Special: Rauh, Haber, and Kane on the John Batchelor Show

by Stephen Haber, Joshua D. Rauh, Timothy Kanevia John Batchelor Show
Friday, May 9, 2014

In conjunction with a special live taping of the John Batchelor Show at the Hoover Spring Retreat, John Batchelor and Mary Kissel of the Wall Street Journal hosted a discussion on the far reach of the federal government, featuring Hoover senior fellows Stephen Haber and Joshua Rauh and Hoover research fellow Tim Kane.

Broken Piggy Bank
Blank Section (Placeholder)Analysis and Commentary

Averting the Public Pension Crisis without a National Insurance Agency

by Joshua D. Rauhvia Advancing a Free Society
Tuesday, August 6, 2013

In a New York Times editorial, Richard Riordan and Tim Rutten propose a national plan to address the pension crisis facing state and local governments.

US Pensions
Blank Section (Placeholder)Analysis and Commentary

Public Sector Pensions Are a National Issue

by Joshua D. Rauhvia Advancing a Free Society
Monday, July 22, 2013

Paul Krugman and Dean Baker took the Washington Post editorial page to task yesterday for stating that unfunded state and local pension liabilities amounted to $3.8 trillion.

Analysis and Commentary

The Looming Shortfall in Public Pension Costs

by Joshua D. Rauh, Robert Novy-Marxvia Washington Post
Friday, October 19, 2012

How much will the underfunded pension benefits of government employees cost taxpayers? The answer is usually given in trillions of dollars, and the implications of such figures are difficult for most people to comprehend.

California Capitol
Blank Section (Placeholder)Analysis and Commentary

Real Pension Reform: A California Design

by Joshua D. Rauhvia Eureka
Thursday, August 23, 2012

California could be the leader of real pension reform by rejecting the flawed national accounting standards for public pensions, measuring pension liabilities using government bond yields, and linking part of the benefit to investment performance for all workers.