Lee Ohanian

Senior Fellow
Biography: 

Lee E. Ohanian is a senior fellow at the Hoover Institution and a professor of economics and director of the Ettinger Family Program in Macroeconomic Research at the University of California, Los Angeles (UCLA).

He is associate director of the Center for the Advanced Study in Economic Efficiency at Arizona State University and a research associate at the National Bureau of Economic Research, where he codirects the research initiative Macroeconomics across Time and Space. He is also a fellow in the Society for the Advancement of Economic Theory.

His research focuses on economic crises, economic growth, and the impact of public policy on the economy. Ohanian is coeditor of Government Policies and Delayed Economic Recovery (Hoover Institution Press, 2012). He is an adviser to the Federal Reserve Banks of Minneapolis and St. Louis, has previously advised other Federal Reserve banks, foreign central banks, and the National Science Foundation, and has testified to national and state legislative committees on economic policy. He is on the editorial boards of Econometrica and Macroeconomic Dynamics. He is a frequent media commentator and writes for the Wall Street Journal, Forbes, and Investor’s Business Daily. He has won numerous teaching awards at UCLA and the University of Rochester.

He previously served on the faculties of the Universities of Minnesota and Pennsylvania and as vice president at Security Pacific Bank. He received his undergraduate degree in economics from the University of California, Santa Barbara, and his PhD in economics from the University of Rochester.

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Recent Commentary

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What In The Sam Hill Are Cows Doing On Sand Hill Road?

by Lee Ohanian, Edward Prescottvia Wall Street Journal
Friday, December 1, 2017

[Subscription Required] They’re eating the priciest grass in America, thanks to California’s out-of-control land-use rules.

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Tarnishing The Golden And Empire States: Land-Use Restrictions And The U.S. Economic Slowdown

by Kyle F. Herkenhoff, Lee Ohanian, Edward Prescottvia Federal Reserve Bank of Minneapolis
Monday, November 20, 2017

This paper studies the impact of state-level land-use restrictions on U.S. economic activity, focusing on how these restrictions have depressed macroeconomic activity since 2000. We use a variety of state-level data sources, together with a general equilibrium spatial model of the United States to systematically construct a panel dataset of state-level land-use restrictions between 1950 and 2014.

Featured

My Kingdom For A Renewable Energy Source

by Lee Ohanian, Ted Temzelidesvia Wall Street Journal
Sunday, November 12, 2017

What 19th-century British horses teach us about free markets. 

Analysis and Commentary

Tarnishing The Golden And Empire States: Land-Use Restrictions And The U.S. Economic Slowdown

by Kyle F. Herkenhoff, Lee Ohanian, Edward Prescottvia The National Bureau Of Economic Research
Friday, October 13, 2017

This paper studies the impact of state-level land-use restrictions on U.S. economic activity, focusing on how these restrictions have depressed macroeconomic activity since 2000. We use a variety of state-level data sources, together with a general equilibrium spatial model of the United States to systematically construct a panel dataset of state-level land-use restrictions between 1950 and 2014. We show that these restrictions have generally tightened over time, particularly in California and New York. 

Featured

Who Defaults On Their Mortgage, And Why? Policy Implications For Reducing Mortgage Default

by Lee Ohanianvia Federal Reserve Bank of Minneapolis
Wednesday, September 13, 2017

Over 60 percent of Great Recession mortgage defaults reflected owners’ inability to pay; policies that lower monthly payments may be more effective than debt forgiveness at reducing future defaults.

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Bouncing Back: The Role Of Social Safety Nets

by Lee Ohanianvia Policyed.org
Tuesday, July 25, 2017

Social safety nets exist to help those who have fallen on hard times. However, when poorly designed they can lead to long-term dependence. It is crucial to design social safety nets to encourage people to transition from government assistance back into the workforce.

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Putting Words into Action

by Lee Ohanianvia Hoover Digest
Friday, January 27, 2017

The new administration’s economic policies range from good to not so good. The time is short to straighten them out. 

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What Adds Up, And What Doesn’t, In Trump’s Plan For Economy

by Lee Ohanianvia San Francisco Chronicle
Tuesday, November 15, 2016

[Registration Required] President-elect Donald Trump’s economic vision for America is an unprecedented and unlikely combination of economic policies from both the far left and the far right that he argues will right America’s economic ship.

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Prescott, Ohanian: How The Golden State Lost Its Luster

by Edward Prescott, Lee Ohanianquoting Eric Hanushekvia San Jose Mercury News
Monday, July 11, 2016

Last month's $167 billion dollar budget deal forged by Gov. Jerry Brown and California lawmakers is four times as large in per capita terms as it was in the early 1960s under Brown's father, Gov. Pat Brown. But despite spending less, the budgets of yesteryear contributed considerably more to economic growth.

Analysis and Commentary

U.S. Needs A President Who Understands Benefits Of Free Trade

by Lee Ohanian, Jesús Fernández-Villaverdevia Investors Business Daily
Monday, April 4, 2016

Donald Trump claims his negotiating skills are far better than those of any other candidate, and that these skills will allow him to achieve much better economic and political deals than anyone else.

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