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Featured Research

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Working Papers

Why Company Headquarters Are Leaving California in Unprecedented Numbers

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Working Papers

California Technology Business Exits: Why They Are Happening And What To Do

July 23, 2021 By Lee Ohanian

via Technology, Economics, and Governance Working Papers

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Working Papers

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

May 5, 2022 By Joshua D. Rauh

via AEJ Economic Policy

Fellows in this Policy Area

Joshua D. Rauh

Senior Fellow

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Joshua D. Rauh

Senior Fellow

Joshua Rauh is the Ormond Family Professor of Finance at Stanford’s Graduate School of Business and a senior fellow at the Hoover Institution. He leads the Hoover Institution State and Local Governance Initiative. 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). Rauh studies government pension liabilities, corporate investment, business taxation, and investment management. His research on pension systems and public finance has received national media coverage in outlets such as the Wall Street Journal, the New York Times, the Financial Times, and The Economist, and he has testified before Congress on these topics. His PragerU video “Public Pensions: An Economic Time Bomb” has been viewed over four million times on the PragerU website and over three million times on YouTube. He has published numerous journal articles and has received various awards recognizing his scholarship including the Brattle Prize and the Smith Breeden Prize of the American Finance Association. 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. Rauh received a BA from Yale University and a PhD from the Massachusetts Institute of Technology, both in economics.

Lee Ohanian

Senior Fellow (adjunct)

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Lee Ohanian

Senior Fellow (adjunct)

Lee E. Ohanian is a senior fellow (adjunct) 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.

John F. Cogan

Leonard and Shirley Ely Senior Fellow

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John F. Cogan

Leonard and Shirley Ely Senior Fellow

John F. Cogan is the Leonard and Shirley Ely Senior Fellow at the Hoover Institution. His research is focused on US budget and fiscal policy and federal entitlement programs. He has published widely in professional journals in both economics and political science. His latest book, The High Cost of Good Intentions (2017) is the recipient of the 2018 Hayek Prize. The book traces the history of US federal entitlement programs from the Revolutionary War to modern times. His previous books include Healthy, Wealthy, and Wise: Five Steps to a Better Health Care System (2005), coauthored with Glenn Hubbard and Daniel P. Kessler, and The Budget Puzzle (1994), with Timothy J. Muris and Allen Schick. At Stanford, he taught classes in the Economics Department, the Graduate School of Business, and the Public Policy Program, where he was a faculty member from 1994 to 2019. He also served on faculty advisory boards for the Stanford in Washington Program and the Stanford Institute for Economic Policy Research. He is a recipient of the Stanford-in-Government's Distinguished Service Award and the Stanford Review’s Best Undergraduate Teaching Award. Cogan has devoted a considerable part of his career to public service. He served under President Ronald Reagan as assistant secretary for policy in the US Department of Labor from 1981 to 1983, and in the US Office of Management and Budget, as associate director from 1983 to 1985 and as deputy director from 1988 to 1989. He was appointed to numerous congressional, presidential, and California state advisory commissions. He was a member of President George W. Bush’s Commission to Strengthen Social Security, the US Bipartisan Commission on Health Care (the Pepper Commission), the Social Security Notch Commission, and the National Academy of Sciences’ Panel on Poverty and Family Assistance. He was also a member of the California State Commission on the 21st-Century Economy and the California Public Employee Post-Employment Benefits Commission. Cogan served on the board of directors of Monaco Coach Corporation from 2006 to 2009; the board of directors of Gilead Sciences from 2006 to 2020 (lead independent director, 2013–2020); and on the board of trustees of the Charles Schwab Family of Funds from 2009 to 2021 (chairman, Governance Committee 2014–2020). Cogan received his AB in 1969 and his PhD in 1976 from the University of California–Los Angeles, both in economics. He received his MA in economics from California State University–Long Beach in 1970. He was an associate economist at the RAND Corporation from 1975 to 1980. In 1979, Cogan was appointed a national fellow at the Hoover Institution; in 1980 he was appointed a senior research fellow; and in 1984 he became a senior fellow.

Michael J. Boskin

Senior Fellow

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Michael J. Boskin

Senior Fellow

Michael J. Boskin a senior fellow at the Hoover Institution and the Tully M. Friedman Professor of Economics at Stanford. He is also a research associate of the National Bureau of Economic Research. In addition, he advises governments and businesses globally. Boskin served as chairman of the President’s Council of Economic Advisers (CEA) from 1989 to 1993, when he helped resolve the Third World Debt and Saving and Loan financial crises, and place the first effective controls on government spending while protecting the defense budget. His CEA was rated by the Council for Excellence in Government as one of the five most respected agencies in the federal government. He earlier served on presidential candidate Ronald Reagan’s Tax Policy Task Force, helping develop the policies that, during Reagan’s presidency, substantially lowered marginal tax rates, indexed tax brackets for inflation, accelerated depreciation, and created IRAs and 401Ks, the economic rationale for which was predicated on his research on the effects of taxes on saving. He later chaired the highly influential blue-ribbon Advisory Commission to Study the Consumer Price Index, whose report has transformed the way government statistical agencies around the world measure inflation, GDP, and productivity. Boskin serves on several corporate and philanthropic boards of directors, including those of the Oracle Corporation, the Koret Foundation and Bloom Energy. In addition to Stanford and the University of California, Boskin has taught at Harvard and Yale. The author of more than one hundred fifty books and articles, he is internationally recognized for his research on world economic growth, tax and budget theory and policy, US saving and consumption patterns, and the implications of changing technology and demography on capital, labor, and product markets. His op-eds appear regularly in the Wall Street Journal and other leading newspapers. He also writes a bimonthly column on global economics and politics syndicated in 145 countries. Boskin has received numerous professional awards and citations, including Stanford’s Distinguished Teaching Award in 1988; the National Association of Business Economists’ Abramson Award for outstanding research and its Distinguished Fellow Award; the Medal of the President of the Italian Republic in 1991 for his contributions to global economic understanding; and the 1998 Adam Smith Prize for outstanding contributions to economics. Boskin received his BA with highest honors and the Chancellor’s Award as outstanding undergraduate from the University of California–Berkeley, where he also received his MA and PhD. His research papers and op-eds are available at the Hoover Institution Archives and on his personal website. His current research focuses on the defense budget, federalism, the political economy of redistribution, and more generally, public economics and macroeconomics.