ANNUAL REPORT 2016-2017 Our Mission

We support research that informs economic policymaking while engaging future leaders and scholars. We share knowledge and build relationships among academics, government officials, the business community and the public. Table of Contents

Director’s Letter...... 2 Donors...... 27 Policy Impact...... 4 Senior Fellows...... 32 Student Support...... 8 Faculty Fellows...... 36 Events and Conferences...... 12 Researchers...... 36 Policy Briefs...... 20 Visitors and Young Scholars...... 37 Income and Expenditures...... 21 Steering Committee...... 39 Philanthropy...... 22 Advisory Board...... 41

John Gunn Janet Yellen speaks at SIEPR

2016–2017 ANNUAL REPORT | TABLE OF CONTENTS 1 Director’s Letter

Dear Friends, Thinking of the past year reminds us of because the future of economic what’s at stake when it comes to economic policymaking can only be as good as those policymaking. Many of the biggest national trained to analyze, craft and implement debates — whether about tax reform, health the policies that will affect millions care or jobs — have huge implications. of lives. Our faculty and affiliates at the Stanford We’ve made major strides in the past Institute for Economic Policy Research year to bring many more students into are involved in those topics and so many our orbit. Thanks in large part to your more, producing data-driven, credible support, we assisted more than 100 and impartial scholarship intended to graduate and undergraduate students understand and inform the ideas and with fellowships and research assistant legislation shaping the economy. positions. The fellowships funded a wide range of graduate students who were able Your generous support is instrumental to to conduct field research all around the the work we do, and I very much appreciate world. And our new program for undergraduate research your dedication to our mission of fostering policy-relevant assistants provided valuable research experience and research, engaging future leaders and scholars, and mentorship for aspiring economics and public policy sharing our scholarship with a broad audience. students who worked closely with our faculty members. The pages ahead will remind you of our accomplishments After launching a successful pilot, we have established a during the 2016-17 academic year. You will see familiar predoctoral research fellows program designed to train faces in the photos of events that convened policymakers, those interested in a graduate degree in economics, academics and business leaders. You will see that SIEPR is public policy, or a related discipline. The fellows are on strong financial ground. assisting SIEPR faculty while earning credits for classes But I want to take some extra space here to shine the light that they take. on what I see as one of SIEPR’s most important roles: Our relationships with student groups like the Stanford Teaching and training the next generation of economists Economics Association and Stanford in Government are and economic policymakers. stronger, and we’ve hosted more robust programs and SIEPR is not only home to some of the world’s most events that dig into the topics that students care deeply well-established economists. It is also a magnet for the about — issues like the cost of housing, the price of our youngest and most promising stars in the field. That’s criminal justice system and the promise and perils of a something we take very seriously as an institution tech-based economy.

2 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR And we took every opportunity available to connect celebration of Ken’s academic contributions — which were Stanford students directly with policymakers. Fed chief many — he was remembered for his humility, kindness, Janet Yellen and White House budget director Mick and ability to connect with students and younger Mulvaney both met privately with groups of students scholars. At least five of Ken’s students went on to win during their visits to SIEPR. Undergraduates and graduate their own Nobels. students also had the chance to meet with officials from Of all the lessons we’ve learned from Ken, perhaps one the U.S. Treasury Department, regional Federal Reserve of the most important is that we should make a bold banks, and the International Monetary Fund. investment in our students. With your continued support Along with attracting more students to SIEPR, we have and involvement with SIEPR, I am confident those broadened our set of scholars. The last academic year saw investments will yield tremendous rewards in the coming our roster increase by three Faculty Fellows. And visitors year and generations ahead. from Columbia, MIT, Harvard and Northwestern were part of our Young Scholars Program as junior professors or recent PhDs from those institutions. Best regards, This past year also brought the loss of one of the giants of economics. Kenneth Arrow, a Nobel Prize winner and SIEPR Senior Fellow, died on Feb. 21. We paid tribute Mark Duggan to Ken in a daylong event organized in October by John The Trione Director of SIEPR Shoven, Alvin Roth and Matthew Jackson. Along with a The Wayne and Jodi Cooperman Professor of Economics

Students engage in a private meeting with Janet Yellen

2016–2017 ANNUAL REPORT | DIRECTOR’S LETTER 3 Policy Impact

SIEPR researchers bridge academia and government. Their scholarship and expertise informs congressional testimony, leads to advisory roles, and builds relationships with leaders of various federal and state agencies. Their work is covered by some of the most influential journalists, and their policy-relevant ideas are broadly circulated in the essays, commentaries and opinion pieces they write for leading news organizations.

Adrien Auclert Gopi Shah Goda

4 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR Here are some examples from the past year.

SIEPR Director Mark Duggan’s Policy Brief on the The Indian state of Tamil Nadu is funding and supporting Affordable Care Act was cited in a New York Times story research conducted by Grant Miller, a Senior Fellow about health care sector jobs. and Director of the Stanford Center for International Development, focusing on rice fortification. The state The Wall Street Journal wrote about a paper co-authored government has committed to scaling the intervention for by Duggan, SIEPR Deputy Director Gopi Shah Goda, as many as 80 million people if Miller’s study shows it is and PhD student Emilie Jackson, showing no evidence successful. the Affordable Care Act has driven workers out of the labor force. Senior Fellow Pete Klenow presented one of his papers at the Federal Reserve Bank of Kansas City’s Economic Maya Rossin-Slater, a Faculty Fellow, presented her Symposium on Fostering a Dynamic Global Economy. research on paid family leave to the Washington State Legislature. She also co-authored a report for the Senior Fellow Daniel Ho wrote an op-ed in The Seattle California Employment Development Department on the Times discussing the food safety rating algorithm he economic and social impact of paid family leave. developed for the public health department in Seattle and King County. SIEPR Senior Fellow Gregory Rosston advised presidential candidate Hillary Clinton as a member of her Senior Fellow Michael Boskin was an adviser to the Fiscal campaign’s Technology Policy and Innovation Working Law Reform Commission in India. He also served as an Group. adviser to the White House, Treasury Department and the House Ways and Means and Senate Finance committees A Policy Brief about the coal industry written by Senior on tax reform. Fellow Charles Kolstad received widespread media attention, including coverage by The Washington Post. Raj Chetty’s work on income inequality received widespread media coverage. The Senior Fellow’s work on The country of Ghana decided to institute free secondary “quantifying the American dream” was the subject of a education, citing research by Senior Fellow Pascaline New York Times column. Dupas as background evidence that helped shape the policy. Four of Dupas’ studies were mentioned in a World Senior Fellow Edward Lazear wrote an op-ed in Development Report, which makes recommendations The Wall Street Journal about a balanced approach to widely followed by policymakers. immigration policy.

Leading news organizations — including The Washington Congress introduced a bill, Protecting Consumers’ Access Post, Esquire, and The Atlantic, wrote about research by to Credit Act of 2017, that references a research paper by Senior Fellow Matthew Gentzkow that focused on social Faculty Fellow Colleen Honigsberg. media and political polarization.

2016–2017 ANNUAL REPORT | POLICY IMPACT 5 Pascaline Dupas John Taylor

Several news outlets, including The Atlantic, The Nation Senior Fellow Anat Admati served on the U.S. Commodity and Columbia Journalism Review, discussed Senior Futures Trading Commission and on the agency’s Risk Fellow Jay Hamilton’s research on the economics of Management subcommittee. She also sits on the FDIC investigative reporting. Systemic Resolution Advisory Committee and testified before California state lawmakers about the fraudulent Fed Chair Janet Yellen cited research by Faculty practices of Wells Fargo. Fellow Adrien Auclert in a speech she delivered on “Macroeconomic Research After the Crisis.” Yellen Senior Fellow John Taylor testified three times on Capitol cited Auclert’s work as an example of new research on Hill about monetary policy and bankruptcy reform. He monetary policy and heterogeneity. also argued his case for a rules-based Federal Reserve system in a Wall Street Journal opinion piece. Taylor was Senior Fellow Alan Sykes co-wrote an op-ed in The also named to the G20 Eminent Persons Group on Global Wall Street Journal about the Trump administration’s Financial Governance. emphasis on bilateral trade agreements.

6 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR Anat Admati Raj Chetty

Grant Miller Edward Lazear

2016–2017 ANNUAL REPORT | POLICY IMPACT 7 Student Support

SIEPR and the Stanford Center for International Development (SCID) supported115 about 115 graduate and undergraduate students during the 2016-17 academic year through fellowships and research assistant positions. The fellowships funded graduate student projects on topics ranging from health care economics to political corruption and helped make field research possible in Ukraine, Tanzania and other spots around the world. A program for undergraduate research assistants — in its second year — also continued to provide valuable research experience for aspiring economics students.

SIEPR’s dissertation fellowships, which totaled approximately $490,000, allowed PhD candidates on the job market to complete their research and travel for job seminars. Award recipients from 2016–17 have gone on to secure jobs in academia, private industry and the public sector, including the International Monetary Fund, Pandora, Social Capital, The Wharton School at the University of Pennsylvania, Yale and Brown.

At SCID, the Ronald McKinnon Memorial Fellowship provided $7,800 in student support while an additional $98,000 in fellowship awards were made possible by general gifts. Moritz Lenel receives the Landau Student Discussion Paper Prize

8 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR SIEPR Fellowships and Awards B.F. Haley and E.S. Shaw Fellowship Kapnick Fellowship Program Ala’ Alrababa’h – Seeds of Support for Economics Megha Patnaik – Management separatism: Eastern Ukraine Monica Bohle – Applied economics: practices and productivity Travis Baseler – Information Public vs. private student loans, firm Kelly Zhang – Voter pessimism and frictions in the migration decision: recruitment, Medicaid political corruption Kenya Evan Mast – Municipal tax incentives Fulya Esroy – Roles of information Kohlhagen Fellowship Fund Davide Malacrino – Entrepreneur and beliefs on study effort and wealth and firm dynamics Moritz Lenel – Effects of asset risk performance and maturity structure on money Bobak Pakzad-Hurson – Policy effects Casey Maue – Effect of water risk markets, asset prices on wage transparency within firms on agricultural investment and Santiago Saavedra – Tax evasion in Juan Rios – Welfare analysis of migration: Tanzania illegal mining: Colombia transfer programs with jumps in Odyssia Ng – Liability contracts for reported income: Brazil The Leonard W. Ely and Shirley R. Ely farmers: Kenya Graduate Student Fund Michael Webb – How automation The Bradley Research Fellowship destroys jobs: UK Program Barbara Biasi – Economics of education Kareem Elnahal – Theoretical Claire and Ralph Landau Student finance and political economy Atul Gupta – Health care economics Discussion Paper Prize Luis Alonso Villacorta – The Perez Santiago – Railroads and the Moritz Lenel – “Safe Assets, roles of financial intermediaries, rural-to-urban transition: Argentina Collateralized Lending and Monetary Policy” nonfinancial firms in the economy Shultz Graduate Student Fellowship in E. S. Shaw and B.F. Haley Fellowship Economic Policy for Economics Aala Abdelgadir – Effects of parental Stephen Nei – Information effects on involvement and resources on school consumption performance: Uganda

SCID Fellowship Recipients The Ronald McKinnon Memorial Andrew Brooks – Impact of colonial Christiana Parreira – Kinship, Fellowship militaries on economic development religious identity, and local service Emanuele Colonnelli – Corruption Cauê de Castro Dobbin – Returns to provision in weak states: Lebanon and firms: Brazil tertiary education: Brazil Anna Popova – Education technology Joshua Kim – Food labeling and Joshua Kim – Saliency effects and in developing countries (mis)information: Chile currency choice: Armenia Shiran Shen – Career incentives Salma Mousa – Overcoming the trust of local leaders and air pollution Graduate Student Fellowships deficit: Inter-group contact in Iraq control: China Hernán Barahona – Public-private Edgar Franco Vivanco – Origins of wage differentials: Brazil cooperative behavior: Rural Mexico

2016–2017 ANNUAL REPORT | STUDENT SUPPORT 9 “We’ve made major strides in the past year to bring many more students into our orbit.”

— Mark Duggan, The Trione Director of SIEPR

10 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR 2016–2017 ANNUAL REPORT | STUDENT SUPPORT 11 Events and Conferences 3,000 Events hosted by SIEPR and its centers drew more than 3,000 participants over the course of the year, providing informative discussions on some of the most important economic issues of today. Some speaker visits — such as those of Fed Chair Janet Yellen and White House budget chief Mick Mulvaney — were incredibly timely with political happenings. And our longstanding practice of hosting conferences and academic workshops continued to cover both emerging research and deepening economic issues. Students, scholars, industry experts and thought leaders were privy to lively, collaborative forums allowing them to learn about, question and explore the work ahead in improving economic policy.

Edward Lazear chats with attendees following his Associates Meeting talk

12 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR Policy Forum on Gentrification and Affordable Housing SIEPR’s fall Policy Forum on Oct. 14 focused on housing and its effects on education, employment, a region’s economic health, and even a person’s upward mobility. The event, featuring five sessions, posed a question in its title, “Can Policy be the Key to Affordable Housing?” The answer that emerged from the dozen panelists — leading experts in academia, business and policy — was “yes.” They explained how deepening lines of inequality and the cumulative effects of some government actions have exacerbated the nation’s housing crisis. But solutions can be found in better policy prescriptions.

At SIEPR, Yellen warns against running a “hot” economy Janet Yellen Federal Reserve Chair Janet Yellen met with a group of Stanford students and spoke at an event hosted by SIEPR on Jan. 19. Her visit came on the eve of Donald Trump’s presidential inauguration, and her remarks explaining the Fed’s decision-making strategy signaled potential conflicts with the White House. In a pointed rebuttal to what some lawmakers were calling for, Yellen said it would be “risky and unwise” to run a “hot” economy and defended the Fed’s current approach of gradual interest rate adjustments.

SIEPR Economic Summit The 2017 SIEPR Economic Summit on March 10 drew an engaging mix of insights from experts in academia, industry and policy, taking participants on a daylong ride from the dark days of Wall Street and the Golden Age of Hollywood to the uncertain future of the world’s geopolitical shifts. The annual event, in its 14th year, featured panel discussions and two keynotes — one from former National Security Advisor Stephen Hadley and another from former Treasury Lawrence Summers Ruth Porat Secretary Lawrence Summers.

2016–2017 ANNUAL REPORT | EVENTS AND CONFERENCES 13 Policy Forum on Crime, Policing and Incarceration At the SIEPR Policy Forum on April 21, panelists went beyond the headlines to present a deeper look at the nation’s criminal justice system. The analytical insights and sometimes heated discussions ranged from the impact of police use of stun guns to the high price of instant noodles at jail commissaries. Panelists — including scholars, a police chief, the co-founder of TASER International and a former inmate-turned-PhD student — tackled pressing issues such as prison overcrowding and what police could do to build public trust.

Economic Experiments in the Tech Industry Facebook, Amazon and Google all have teams of economists on their payrolls, and econ PhDs are heading increasingly for technology companies. What are their Mick Mulvaney roles? What experiments are they running? How are consumers affected? On May 8, SIEPR hosted an event that cast a spotlight on this emerging trend, bringing together economists from both the private sector and academic world. The businesses represented in attendance had conducted more than 30,000 experiments in 2016 alone, according to event organizer Michael Luca, who was a SIEPR visiting scholar during the academic year.

Trump’s budget chief answers student questions at SIEPR As lawmakers on Capitol Hill were locked in a battle over a Republican health care plan, Stanford students had an opportunity on May 11 to get direct answers from the White House budget chief on a slew of hot-button issues facing the administration. Office of Management and Budget Director Mick Mulvaney’s appearance at SIEPR was jointly organized with Stanford in Government and the Stanford Economics Association. More than 50 Kate Glazebrook Geoff Donaker students attended the intimate, town hall-like session.

14 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR Federal Reserve Chair Janet Yellen holds a special meeting with students at SIEPR

Kim Mai-Cutler, Karen Chapple and Amie Fishman at the Policy Forum on housing

2016–2017 ANNUAL REPORT | EVENTS AND CONFERENCES 15 Attendees gather to talk to Arthur Brooks Esther George

Helen Qiao, Jin-Yong Cai and Shang-Jin Wei at the SIEPR Summit Shea Streeter

16 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR David Maldonado of UC Berkeley at the Policy Forum on Crime, Rebecca Hetey and Eric Jones discuss ways for police Policing and Incarceration to build public trust

Raphael Bostic at the Policy Forum Students interview a Policy Forum panelist for a Facebook Live video on housing

2016–2017 ANNUAL REPORT | EVENTS AND CONFERENCES 17 In addition to the events highlighted earlier, SIEPR and its centers hosted the following:

Associates Meeting Speakers SCID: Fall Regional Meeting of the Working Group in African Political Economy. November 2016 Niall Ferguson, Senior Fellow at the Hoover Institution. October 2016 SIEPR-Bill Lane Center for the American West: State of the West Symposium. December 2016 Karen Dynan, Assistant Secretary for Economic Policy and Chief Economist at the U.S. Department of the Stanford Media Research Forum. December 2016 Treasury. October 2016 SEEPAC Research Workshop: China’s Cap-and-Trade Arthur Brooks, President of the American Enterprise Climate Policy Efforts. January 2017 Institute. November 2016 Conference on Health Care & Competition. January 2017 Esther George, President and CEO of the Federal Reserve Workshop on Micro to Macro Growth: Firms & Workers. Bank of Kansas City. February 2017 February 2017

Sarah Bloom Raskin, Former Deputy Secretary of the U.S. SCID: Stanford-Berkeley Health Economics Workshop. Department of the Treasury. February 2017 February 2017

Maurice Obstfeld, Chief Economist at the International SIEPR Breakfast with John Vickers on the Economics of Monetary Fund and Professor of Economics, UC Berkeley. Brexit. March 2017 April 2017 SIEPR-Hoover Institution Debate: “Has the ‘Neutral’ Edward Lazear, SIEPR Senior Fellow, the Morris A. Cox Interest Rate Declined and How Does It Affect Fed Senior Fellow at the Hoover Institution and the Davies Decisions?” May 2017 Family Professor of Economics, Stanford Graduate School of Business. June 2017 SCID: BREAD Conference on Development Economics. May 2017 Conferences, Workshops and Special Events SCID: Development and Political Economics Graduate Student Conference. May 2017 Celebration honoring outgoing SIEPR Deputy Director Greg Rosston. September 2016 SEEPAC Research Workshop: Advances in Estimating Economic Effects from Climate Change Using Weather SIEPR Postdoctoral Fellows Conference. September 2016 Observations. May 2017 Conference on Working Longer and Retirement. SIEPR-GSB Conference in honor of Nobel Prize winner October 2016 Bengt Holmström. May 2017 The Rise of ASEAN and the Future of the U.S.-ASEAN The Empirical Revolution in Economics. June 2017 Strategic Partnership. October 2016 Conference on A Gender Agenda. June 2017 SCID-IGC Conference on Trade, Firms, and Development. November 2016 30th Summer Economic Institute for Teachers. July 2017

18 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR Gavin Wright with attendees at the Summer Economic Institute for Teachers

Maurice Obstfeld

Igor Popov Sarah Bloom Raskin Rina Rosenberg and Victor Fuchs at the SIEPR Summit

2016–2017 ANNUAL REPORT | EVENTS AND CONFERENCES 19 Policy Briefs

Health Insurance: Choices, Changes, and Policy Challenges What Is Killing the US Coal Industry? Maria Polyakova Charles D. Kolstad September 2016 March 2017

When Affordable Housing Moves in Next Door What History Tells Us about Assimilation of Immigrants Rebecca Diamond Ran Abramitzky October 2016 April 2017

Ten Important Economic Policy Areas for Financing Black-Owned Businesses President-elect Trump Rob Fairlie Gregory Rosston May 2017 November 2016 What Yelp Data Can Tell Us About The Minimum Wage What Higher Interest Rates Could Mean for You (and other policies) Adrien Auclert Michael Luca December 2016 June 2017

Changes to Medicare under the Affordable Care Act Risky Business: Bank Loans to Local Governments Jack Davidson, Jonathan Levin Benji Nguyen, Sylesh Volla, and Annabel Wong January 2017 August 2017

When Businesses Go Bust: Liquidate or Reorganize? Shai Bernstein February 2017 February, 2017 siepr.stanford.edu April, 2017 siepr.stanford.edu

Stanford Institute for Stanford Institute for Economic Policy Research Policy Brief Economic Policy Research Policy Brief

When Businesses Go Bust: What History Tells Us about Assimilation

Liquidate or Reorganize? of Immigrants June, 2017 siepr.stanford.edu

By Shai Bernstein By Ran Abramitzky

January, 2017 siepr.stanford.eduDuring the recent financial crisis, assets of the distressed firms. And There are two main approaches Immigration has emerged as a and who do not promise well for Leah Boustan of UCLA, Katherine we saw a surge in the number of that can have an impact on local through which bankruptcy courts March, 2017 siepr.stanford.edu Stanford Institute for decisive—and sharply divisive—issue the standard of civilization in the Eriksson of UC Davis, and I have corporate bankruptcy filings. In 2008, economies as well as individual operate in the U.S.: liquidation Economic Policy Research Policy Brief more than 60,000 cases were filed. businesses. (Chapter 7 of the U.S. Bankruptcy in the United States. Skepticism about United States.” The speaker was not tried to fill part of this gap by Stanford Institute for The number might be staggering, but Code) and reorganization (Chapter whether new arrivals can assimilate Donald Trump on the campaign trail looking at immigration during the If a firm is not the most productive Stanford Institute for Economic Policy Research Policy Briefcorporate bankruptcy filings are by no 11). The liquidation procedure into American society was a key but Massachusetts Sen. Henry Cabot Age of Mass Migration from 1850 to user of its assets, shutting it down means confined to recessions. Over winds down the firm and puts Economic Policy Research Policy Brief could even be desirable, as the real concern in the 2016 presidential Lodge in 1891. 1913, when U.S. borders were open the last four decades, an average of all assets back on the market estate, employees, machinery, and election and remains an ongoing and 30 million Europeans picked 50,000 bankruptcy cases were filed by through an auction. In contrast, the The immigration debate raises a What Yelp Data Can Tell Us About The Minimum other resources could be reallocated theme in the public debate on up stakes to move here. By the businesses in a given year. Ultimately, reorganization procedure allows fundamental issue: Are immigrants and put to better use. If an auto parts immigration policy. This controversy early 20th century, some 15 percentWage (and other policies) insolvency and distress of firms are the firm to continue operations and able to successfully integrate into company shuts down and its factory is not new. The U.S. has experienced of the U.S. population was foreign Changes to Medicare under the Affordable Care unavoidableAct consequences of an attempts to rehabilitate the distressed is better used for producing sewing hat s illing the Coal ndustry American society by adopting the By Michael Luca evolving economy. firm’s capital structure and financial repeated waves of hostility toward born, comparable to the share today. By Jack Davidson and Jonathan Levin machines, then reallocating the economic, social, and cultural condition. By haes D ostad immigrants and today’s concerns If we want to know how today’s The institutions that handle distressed factory to a sewing machine company norms of native-born Americans? Or In April 1992, New Jersey increased restaurants before and after the new achieved relatively high response The Affordable Care Act (ACA) made the microscope again. This Policy these cost changes should incorporatebusinesses play a significant role could boost the productivity and echo alarms sounded often in the newcomers will fare, we can thefind state’s hourly minimum wage wage went into effect to see if it rates. Ultimately, they were able to How do the different approaches 2 are they likely to remain an alien substantial changes to Medicare. Brief reviews the ACA reforms to productivity growth that enables One of the themes of Donald Trump’s protecting streams near coal mines, The statepast. of Both coal today in theand in earlier times, important clues by examining what in the economy. The bankruptcy growth attributed to these assets. affect the allocation of assets of presence inside our borders long from $4.25 to $5.05. The change was had an impact on employment in an complete 410 phone interviews, for a Supporters of the ACA hoped Medicare and how they have played health care providers to use their presidential campaign was bringing in an effort to relieve the coal system attempts to balance a delicate bankrupt firms? At a first glance, the Taking themany long in view this countryof coal inhave the viewed happened to those who arrivedcontroversial, on as some policymakers industry concentrated with minimum response rate of 87 percent. the 2010 law would improve the out over the last seven years. resources more efficiently. This logic holds also at the macro back coal jobs to the Midwest. As industry of “burdensome” regulations. after they settle here? This argument trade-off. It strives to protect firms effects are quite ambiguous. United States,immigrants one is as struck a threat by theto the integrity our shores during the greatestraised surge concerns that higher minimum wage workers. In need of a control efficiency of Medicare by reforming level. Recent papers argue that president, he has doubled down on typically generates more heat than Several months after the minimum Figure 1 illustrates the impactand of entrepreneurs and encourage risk Motivating the political focus on of the nation’s culture, fearing that of immigration in U.S. history. payments and health care delivery economies that reallocate assets Critics of reorganizationthis, promising argue to “lift restrictions on steady expansion of output since light. Many people have opinions wages might have the unintended group where there was no increase in the ACA productivity adjustmenttaking, while making sure creditors coal is a simple pair of facts: Coal wage increase, the interviewers called while also lowering costs. Traditional Medicare more efficiently between firms are that conflicts of interestsAmerican among energy — including shale oil, World Warforeigners II. among us somehow make consequence of increasing the minimum wage, the researchers using CMS Inpatient Hospitalwill data get their money back and will production in the United States has on the subject, but relatively little In our previous work on immigration, the same stores again for a follow-up (Parts A & B) more productive and recover more 1 America less American. Consider the have the confidence to make loans in claimholders and complicatednatural gas and beautiful, clean coal.” empirical evidence is available on my co-authors and I looked atunemployment rates. Business leaders chose the neighboring state of Some of the notable reforms included (2000-2017). So far, the adjustments quickly following adverse economic declined recently after a half century Figure 1 shows U.S. coal production survey. While the majority of stores bargaining processes allow following statement: Immigration also expressed mixed opinions, with Pennsylvania. adjustments to slow the growth of The ACA mandated several broad sets have been relatively small onthe an first place. Many Republicans have blamed of growth, and employment in the since 1949, separating the West how fully and quickly immigrants occupation data of immigrants who picked up the phone, 39 did not, shocks (Eisfeldt and Rampini, 2006; businesses that file for Chapter 11 to of reforms to the traditional fee-for- “is bringing to the country people some worrying that higher minimum Medicare prices, attempts to reduce annual basis, on the order ofBut 0.5 the system plays yet another Hsieh and Klenow, 2009; Bartelsman environmental regulations enacted coal industry has dropped for years. (the region west of the Mississippi assimilate into U.S. culture. arrived during the Age of Mass Flipping through telephone books so the research team drove to all 39 continue operating inefficiently and whom it is very difficult to assimilate expenditures in Medicare Advantage, service (FFS) Medicare program. to 1.0 percent (the 2017 number is during the Obama administration 1 wages might be bad for business. important role — it allocates the et al., 2013). stall the better use of their assets. This Policy Brief explores the River) from the East (the region east Migration. The classic narrative is in the months before the new holdouts and asked them to complete and a range of programs that reward These reforms included an attempt slated at 0.3 percent). However, the for the decline of the country’s coal arguments made to explain those of the Mississippi). The East is the that penniless immigrants workedPrinceton economists David Card wage became effective, the authors the survey in person. This resulted in or penalize health care providers to slow cost growth by changing the adjustments cumulate over time, so Liquidation, those criticsindustry. say, Republicans prevents have pledged declines. And those who are inclined traditional home of U.S. coal whereas low-paying jobs to pull themselvesand Alan Krueger were watching identified 473 stores in New Jersey a 99.8 percent response rate for the based on how they perform relative to formula for Medicare payments, as that as of 2017 payments are 3.45 that complication. Theto bring reasoning back the is industry and its About the Author to place most — or all — of the the West is primarily a post-1970 up by their bootstraps, eventually quality or cost targets. Early evidence well as programs and demonstrations percent lower than they would have that liquidation leadsjobs, to primarilyan auction by neutering those About the Author the discussion unfold, and set out and Pennsylvania to be in their follow-up survey. blame on environmental regulations supplier.3 suggests some success in slowing cost that attempt to shift the structure been with the old unadjusted index. Shai Bernstein is a Faculty Fellow at the Stanford of all assets. And thatregulations. auction One of the first actions reaching equality of skills andto understand exactly how the wage sample. A team of interviewers will learn there are other, likely Ran Abramitzky is a SIEPR Senior Fellow and an Associate The labor-intensive survey yielded growth, but the potential long-term of Medicare payments and the income with natives. We found 1 Institute for Economic Policy Research and an Associate should assure that byall theassets new will Congress be was to cancel Although over the past 60Professor years of Economics at Stanford. He is also a research hike would affect New Jersey jobs. sat down and called each of the impact of far-reaching payment incentives of health care providers. Over time, the policy will cut stronger, influences at work. important results. Despite the large Professor of Finance at the Stanford Graduate School of reallocated to the bestthe updateduser, right? Stream Protection Rule, associate at4 the National Bureau of Economic Research and They made a plan to survey fast food stores, sometimes up to nine times reforms is still hard to assess. meaningfully into prices. A hospital output of coal more than doubled, hike in the minimum wage, the Medicare reimburses providers for Business. His research interests include corporate and Well, Chapter 7 raises a new set of the co-editor of Explorations in Economic History. His before someone answered, and that receives $2,500 for performing a note that 2009 marked the start of a 1 Abramitzky, Ran, Leah Platt Boustan, authors found that employment at These policy changes have been services based on administrative entrepreneurial finance. complications and questions: What 2 The Stream Protection Rule of December research is in economic history and applied microeconomics, and Katherine Eriksson. (2014). “A Nation cardiac catheterization and expects moderate decline in output. Also note asked questions about employment, if there are only few potential users 2016 was an update of an earlier rule, with a focus on immigration and income inequality. of Immigrants: Assimilation and Economic these establishments did not seem overshadowed by the controversy payment schedules. The Centers for this to rise to $3,000 over a decade implemented as part of the 1977 Surface Mining Outcomes in the Age of Mass Migration.”1 Card, David, and Alan B. Krueger. 1994. starting wages, prices, and other for the defunct company’s assets? that the post-World War II boom in “Minimum Wages and Employment: A Case to suffer. Now, 25 years later, the over the ACA’s reforms to the Medicare and Medicaid Services (CMS) might see that growth cut by $150. Control and Reclamation Act (SMCRA). The Journal of Political Economy. 122(3): 467-506. Congressional Review Act authorizes Congress Study of the Fast-Food Industry in New Jersey store characteristics. With the individual health care market and the update these schedules each year to coal is not uniform over the country. findings are still regularly cited in by vote to cancel regulations less than 6 months and Pennsylvania.” American Economic Review, interviewers’ persistent efforts, they expansion of Medicaid. But with the reflect changes in medical costs. The An open and significant question is old. President Trump signed into law the Virtually all of the gain in output was 84(4): 772-793. discussions of the minimum wage. whether the productivity adjustment 1 Speech by Donald J. Trump to Conservative cancellation of the Stream Protection Rule on new Congress poised to revisit and update reflects changes in the costs in the West, with mining in the East Moreover, the study is still taught will be sustainable. In the short Political Action Conference, February 24, 2017. February 17, 2017. likely repeal parts of the Affordable of providing different services. The peaking in 1990 and declining slowly for its methodological approach of Care Act, Medicare may come under ACA mandated that calculations of run, Medicare has some flexibility ever since. About the Author comparing changes in New Jersey to reduce payment growth. Over with changes in the control state of a longer period, payments need About the Author Michael Luca is a Visiting Scholar at SIEPR and an assistant to be high enough to induce professor at Harvard Business School. His research and Pennsylvania — a canonical example About the Authors Charles D. Kolstad is a Senior Fellow at the Stanford hospitals and physicians to accept teaching focus on the economics of digitization and on of what economists call a difference- Institute for Economic Policy Research and Professor of 3 The West primarily consists of coal deposits Medicare insurance. Ultimately, the using data to improve policy and managerial decisions. Jack Davidson is a Jonathan Levin is the Economics, by courtesy. He is also a Senior Fellow at the from New Mexico and Arizona, as far north in-differences analysis. as Montana and as far east as Texas. The sophomore at Philip H. Knight sustainability of the ACA adjustment Stanford Woods Institute for the Environment and the East primarily consists of coal deposits in In the decades since the Card and Dartmouth College, Professor and Dean will depend on whether health care Stanford Precourt Institute for Energy. He specializes in the Midwest and Appalachia, from Ohio and majoring in of the Stanford productivity gains keep up with environmental economics, particularly regulation and Pennsylvania down to Alabama. Krueger paper, there has been a economics. He was Graduate School of those of the economy at large so climate change. He is past president of the Association of 4 Coal output in both physical and value terms a research assistant Business and a senior that providers remain willing to Environmental and Resource Economists and served as convening lead more than doubled 1949-2011. According to the 20 STANFORD INSTITUTEEIA, the price of coal at the mine was $36.14/ FOR ECONOMIC POLICY RESEARCH | SIEPR at SIEPR during the fellow at SIEPR. participate. author for the Intergovernmental Panel on Climate Change (co-recipient of ton in 1949 and $32.56 in 2011, in constant, summer of 2016. the 2007 Nobel Peace Prize). inflation-adjusted 2005$. Income and Expenditures Sources of Income Expenditures September 1, 2016 – August 31, 2017 September 1, 2016 – August 31, 2017 Associates & Friends...... $7,136,349 SIEPR Central...... $7,628,754 Foundations...... $3,856,102 Stanford Center for International Development (SCID)... $4,971,293 Endowment...... $2,790,204 Center for Public & Private Finance (CPPF)...... $1,873,627 Miscellaneous...... $1,861,506 Center for Employment & Economic Government...... $1,099,550 Growth (CEEG)...... $1,007,684 University...... $1,073,030 Centrally Administered Research Projects...... $856,356 Corporations...... $968,973 Stanford Environmental & Energy Policy Analysis $18,785,714 Center (SEEPAC)...... $195,228 $16,532,942 Associates University CF CEE SEEAC SER Miscellaneous Corporations & Friends SCD 6% C 11% 6% 1% C 10% 5% 38% A 47% 30% Government R 6% 5%

Foundations Endowment F 20% 15% F F O S 4% 9% 4% 6%

R D D V O 1% 5%

D RA 9% 2% S 2% 5%

2016–2017 ANNUAL REPORT | INCOME AND EXPENDITURES 21 Philanthropy

SIEPR’s generous supporters provided $14.8 million in gifts during 2016-17, up from $11.8 million in 2015-16. These gifts came from individual donors, foundations, and corporations, and provided support for critical SIEPR programs. Our goal in development is to present opportunities to donors to help SIEPR achieve its ambitious goals to support research that informs economic policymaking, to share this knowledge, and to engage future leaders and scholars in the process. In 2016-17, SIEPR supporters responded.

Of the $14.8 million, $3.7 million was received through all accepted assistant professor positions at leading the annual giving program or through the Director’s universities. Discretionary Fund. This “unrestricted” funding is critical The John A. and Cynthia Fry Gunn International Scholars for SIEPR’s smooth functioning. This flexible support can Program Fund supported two “Journeys of Inquiry” for a be used to pursue new opportunities that arise and bridge number of students. On one trip to Ghana, seven Stanford short-term funding gaps in important programs. Among students worked under the guidance of SIEPR Senior Fellow other things, this funding was used in 2016-17 to: Pascaline Dupas on the Ghana Youth Survey. The purpose • Provide seed grants to junior faculty and other faculty of the project is to evaluate the effect of secondary school for expenses such as data acquisition and graduate scholarships on long-term outcomes, such as employment, student support. health, and the cognitive development of the children of scholarship recipients. • Sustain operational support functions for our students and researchers. On another trip organized and led by Eva Meyersson Milgrom, students traveled to China for a first-hand look • Host events such as Policy Forums and the SIEPR at the country’s firms and financial regulatory system. Economic Summit. The trip gave students a unique understanding of the Generous donors also directed support in 2016-17 to structural, political, and cultural differences between critical programs such as the Undergraduate Research U.S. and Chinese organizations. Students spent 10 days Assistant Program, the SIEPR/Economics Predoctoral conducting meetings and developing an understanding Research Fellows Program, and the Young Scholars of the culture and environment that influences Chinese Program, among others. The James Liang Scholars Fund policy and procedures. supported three Postdoctoral Fellows — Michael Best, The Gunn SIEPR Predoctoral Fellows Fund gift made it Judson Boomhower, and Xavier Jaravel — who have possible to expand our successful Predoctoral Research

22 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR Steve Ballmer supported several undergraduate RAs and also co-taught a sophomore seminar with Mark Duggan

SIEPR Senior Fellow Pascaline Dupas (on the right) poses with her students and other survey project members in Ghana

2016–2017 ANNUAL REPORT | PHILANTHROPY 23 Fellows Program that is designed to train and inspire graduate students in perpetuity. Graduate students are those who are interested in pursuing graduate degrees key pieces of the economic policy research underway in economics, public policy, or related disciplines. The at SIEPR, and we are grateful to be able to support the program helps SIEPR expose promising students to careers in best graduate students conducting research relevant for economic policy research while simultaneously supporting economic policy. our faculty and strengthening their scholarly work. The 2017 SIEPR Economic Summit was a great success, Two new endowed funds were created toward the end of thanks in part to our Summit sponsors Dodge & Cox the year to support graduate students. The Patricia Liu and Heidrick & Struggles. Cornerstone Research also McKenna and Kenneth McKenna Graduate Fellowship sponsored the Summit Chart Book. And once again, we Fund and the Dixon and Carol Doll Graduate Fellowship had much more interest than we could accommodate, Fund will soon support the work of a succession of so we had a full house. The attendees greatly enjoyed

Anaïs Galdin, Morgan Foy, Felipe Kup and Helen Kissel (from left to right) are four of the predoctoral research fellows for 2017–18

24 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR the program featuring a talk with Ruth Porat, CFO SPONSORED RESEARCH of Alphabet Inc. and Google Inc., as well as keynote speeches by Stephen Hadley, the former National Security Thank you to the following foundations that have Advisor to President George W. Bush, and Larry Summers, specifically supported SIEPR’s research this year. the Charles W. Eliot Professor at Harvard University. SIEPR welcomed three new Advisory Board members The Laura & John Arnold Foundation between September 2016 and August 2017: Ken Xie, Jianming Yu, and Hong Seh Lim. We thank departing Dioraphte Foundation Advisory Board members Laura Arrillaga-Andreesen, Walter Hewlett, Yongshan Huang, and Sue Koffel. The Energy Foundation We are very sorry to report the deaths of two Advisory Bill & Melinda Gates Foundation Board members. William Edwards passed away in February, and this past October, we lost another friend, John Freidenrich. They both will be greatly missed. William & Flora Hewlett Foundation

In 2017-18, we are welcoming new Advisory Board W.K. Kellogg Foundation members Xiaowei Li, Patricia McKenna, Armen Panossian, David Bizer, and Julianne Wagner. Our The Andrew W. Mellon Foundation Advisory Board provides critical support for our work, and we greatly appreciate all they do to make SIEPR National Science Foundation successful.

Anticipating growth in our programs and initiatives Open Society Foundation in the coming fiscal year, SIEPR also underwent some changes during 2016-17 in development staff. In June Robin Hood Foundation 2017, SIEPR welcomed Greg Gamble as the new Director of Development, and later Amy Peabody in the newly The Alfred P. Sloan Foundation established role of Associate Director of Development. In addition, we welcomed recent college graduate Tiffany Smith Richardson Foundation Ah Tye as our full time Development Associate after a handful of years of summer work at SIEPR. We wished longtime Director of Development Jane Bessin well in her Surgo Foundation UK Limited retirement and gave her a fond farewell. TIAA Institute Our priorities in 2017-18 will be to put in place long-term, stable funding for our core programs, grow our annual The Harvard Weiss Family Fund giving program, and identify new funding for emerging initiatives. We are excited about what lies ahead and look Robert Wood Johnson Foundation forward to sharing these opportunities.

2016–2017 ANNUAL REPORT | PHILANTHROPY 25 Dixon Doll, Laura Ipsen, Sue Bostrom, Sandy Smith and Gary Gauba James Liang

Lynn Anderson Poole Tony Meier, Eff Martin and Greg Rosston

26 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR Donors

Benefactors

SIEPR would like to recognize those donors who have contributed more than $500,000 or more in their lifetime or have committed $500,000 or more through their estate plans. Those plans may include naming SIEPR as a beneficiary of a will, revocable trust, irrevocable trust, life insurance policy, or retirement plan. These “benefactors” have made a significant investment in the Institute’s ability to thrive and fulfill its mission.

Anonymous (2) Dodge & Cox Cathie & Pitch Johnson Deedee & Burt McMurtry The Annenberg Shirley Ely The Kapnick Family Betty & Gordon Moore Foundation John A. & Neeru & Vinod Khosla Ken Olivier & Angela The Arell Foundation Cynthia Fry Gunn Steve & Gale Kohlhagen Nomellini Carol Baxter Yvette & John Gurley Koret Foundation Paramitas Foundation/ Winston Chen The Gordon & Mary Cain Wallace Hawley Ralph Landau Foundation Ann & Kanwal S. Rekhi Heidrick & Struggles, Inc. James Liang C.M. Capital Corporation Searle Freedom Trust Robert Hellman Donald L. Lucas Datong Chen Charles R. Schwab The William & Flora The Lucas Brothers Shirley Ross Davis Hewlett Foundation Foundation Tad & Dianne Taube Feng Deng Noosheen Hashemi, Vijaya & Kumar Malavalli Vic Trione The HAND Foundation The Dixon & Carol Doll Barbara & Buzz McCoy Mark & Sheila Wolfson Family Foundation

2016–2017 ANNUAL REPORT | DONORS 27 Annual Giving

Thank you to the following individuals, corporations and foundations for making a contribution to SIEPR between September 1, 2016 and August 31, 2017.

Director’s Circle Anonymous (1) Shirley & Leonard Ely Hong Seh Lim Michael Rashes Amazon Blake R. Grossman Susan & Craig McCaw Jesse Rogers Steve Ballmer John A. & Cynthia Fry Patricia Liu McKenna & Charles R. Schwab The Lynde & Harry Gunn Kenneth McKenna Thomas F. Stephenson Bradley Foundation Heidrick & Struggles Deedee & Burt McMurtry The Hand Foundation Datong Chen Cathie & Pitch Johnson Robert B. Okun TPG Capital Jonathan Coslet The Kapnick Family Ken Olivier & Angela David Topper Nomellini Feng Deng John Kleinheinz Xie Foundation East Rock Capital Xiaowei Li Oracle Corporation James Liang Paramitas Foundation/ Winston Chen

Leadership Circle Alphabet, Inc. Dodge & Cox Godrej Industries Limited Michael G. McCaffery Bank of America The Dixon & Carol Doll Google, Inc. Barbara & Buzz McCoy Craves Family Foundation Family Foundation Wallace Hawley John Pfeffer Bayshore Global Exxon Mobil Corporation Grace & Charles Pohl & Management, LLC Forbes Marshall Ltd. Laurance Hoagland Eve Niquette C. M. Capital Corporation Matthew Frank HomeStreet Bank Geoff Rehnert Cornerstone Research Franklin Templeton Benny T. Hu Vic Trione Sonja & Bill Davidow Investments Christopher Lynch Visa, Inc. Steven Aaron Denning GE Eff W. Martin Mark & Sheila Wolfson

28 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR Investors Anonymous (4) Susan Ford Dorsey & John Lipsky & Ann & Kanwal S. Rekhi Aetos Alternatives Michael Dorsey Zsuzsanna Karasz Condoleezza Rice Management, LLC Jerry Down Andrew Ludwick Samsung Electronics Arcadia Development Co. Richard J. Elkus, Jr. Richard A. Magnuson George Scalise Arell Foundation Emerson Collective Karen & George McCown Susan & Eugene Shanks Bank of America Merrill Farallon Capital Anthony P. Meier A. Horton Shapiro Lynch - Global Rates & Douglass Given Georgianna A. & Currencies Origination Lindy Sherwood Prabhu & Poonam Goel Thomas C. Melzer Bank of the West Silicon Valley Bank Fred Grauer Richard Mirabella Matthew Barger John F. Sandy Smith Robert Greeley Joel R. Mogy Anne T. & Robert M. Bass K.R. Sridhar Patrick W. Gross Betty & Gordon Moore A. George (Skip) Battle Stanford Federal Hall Capital Partners, LLC James C. Morgan Credit Union Blackrock, Inc. Bob & Holly Hellman Morgan Stanley Smith Gene Sykes John B. Boatwright Barney, LLC Laurie & Robert Hodrick The Valley Fund Michael & Chris Boskin Jean Mou Kurt Jaggers John T. Thompson Cadence Design Needham & Company, LLC J. Scott Kaspick Robert & Maryett Systems, Inc. Douglas & Emilie Ogden Harry W. Kellogg, Jr. Thompson Andy Chase Alan L. Olsen Gregory D. Kennedy Three Bridge Leonard Collins Robert & Marion Oster Wealth Advisors Bill Koman J. Taylor Crandall John & Barbara Packard Mark A. Vander Ploeg KPMG LLP David & Carla Crane Rajiv Parikh H. A. Wagner Gabrielle Layton Alan Crites Prologis, Inc. Wells Fargo Private Bank Barnaby Levin Katherine & David deWilde Dr. Helen Qiao Akiko Yamazaki & David Lichtenger Christopher DiGiorgio Christopher Redlich, Jr. Jerry Yang

2016–2017 ANNUAL REPORT | DONORS 29 Associates Anonymous William H. & Phyllis C. Joel Hyatt Steven Monosson R. David Andrews Draper Laura Ipsen Missy & Jeff Morris David & Martha Arscott Donna L. Dubinsky Harold R. Kellman Paul R. Perez Elizabeth Bailey Marcy Elkind Scott Kepner Lynn Anderson Poole G. Leonard Baker, Jr. & Fenton Family Foundation Steve & Gale Kohlhagen Michael G. Rantz Mary Anne Nyburg Baker John Fisher Lamoreaux Capital Karl & Elizabeth Ronn Tanya S. Beder Louis P. Friedman Management, LLC Tom Sadler Robert C. Bertelson Ned Gilhuly Sujitpan Lamsam Sand Hill Global Advisors, David Bizer Ken Goldman Robert Latta LLC Susan L. Bostrom Linda Graebner Legacy Venture Edward Schultz Jack & Casey Carsten Harry Hagey Tom Lockard George P. Shultz Mike Child Stephen J. Harrick Brian Evans Mariscal Thomas K. Stroud A. Crawford Cooley Bruce & Elizabeth Hart Roger McNitt William H. Tyler Michael Couch Randy L. Hazelton Susan Meaney Alan & Judy Zafran Brian Dombkowski Hamilton W. Helmer Mary Meeker Friends Anonymous (2) Samir Junnarkar Nicola Spence Walden International Henry Aaron James P. King Steven Stein Peter & Lynn Wendell Orley Ashenfelter Gail & Fred Kittler TPG Growth Morgan W. White S.D. Bechtel, Jr. Carol Kornfeld James C. Van Horne David Yoffie Foundation Douglas Levick Minh Dan Vuong Jane Beule Keith R. Lobo Ronald Bigelow George Marotta Mary G. F. Bitterman Sean McIntosh Rick Blume Anjney Midha Annual Giving Levels Wilson Bowen Eric Mitzenmacher Director’s Circle – $50,000+ John Brew Rosemary & William Leadership Circle – $20,000+ Facebook Nichols Investors – $10,000+ William Faulkner William J. Perry Associates – $5,000+ Norman Fogelsong James Poterba Friends – Up to $5,000 Jay Friedrichs Gregory L. Rosston If you would like to make a gift, update your Matt Garlinghouse Bernard Rubin listing, or have questions about supporting the William J. Hagenah Samuel Robert Shapiro Institute, please contact SIEPR’s development team at 650.736.2988. Hilary W. Hoynes Jay Siegel Andrew Hung Tom & Elisa Simmons

30 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR Noosheen Hashemi George Shultz and Tom Stephenson

Burt McMurtry and Hong Seh Lim David Topper and Gary Gauba

2016–2017 ANNUAL REPORT | DONORS 31 Senior Fellows

Ran Abramitzky Jay Bhattacharya David Brady Gerhard Casper Associate Professor Professor of Medicine Bowen H. & Janice Arthur President Emeritus Department of Economics School of Medicine and McCoy Professor of Political Stanford University Center for Primary Care and Science and Leadership Senior Fellow Anat Admati Outcomes Research Values FSI George G.C. Parker Professor Professor, by courtesy Department of Political Peter and Helen Bing of Finance and Economics Department of Economics Science Professor in Undergraduate Graduate School of Business Professor, by courtesy Davies Family Senior Fellow Education, Emeritus Professor, by courtesy Department of Health Hoover Institution Professor of Law, Emeritus Department of Economics Research and Policy Professor of Political Law School Economy Susan Athey Senior Fellow, by courtesy FSI Graduate School of Business Raj Chetty Economics of Technology Senior Fellow Professor Professor Nicholas Bloom FSI Department of Economics Graduate School of Business William D. Eberle Professor Professor, by courtesy of Economics Timothy Bresnahan John Cochrane Department of Economics Department of Economics Landau Professor in Senior Fellow Technology and the Economy Hoover Institution Kyle Bagwell Professor, by courtesy, of Economics Department of Economics Professor of Finance and Donald L. Lucas Endowed Graduate School of Business Professor, by courtesy Economics Professor in Economics Graduate School of Business Graduate School of Business Department of Economics Michael J. Boskin Jeremy Bulow John Cogan Laurence C. Baker T.M. Friedman Professor of Economics Richard Stepp Professor of Leonard and Shirley Ely Chair and Professor of Health Department of Economics Economics Senior Fellow Research and Policy Graduate School of Business Hoover Institution Department of Health Senior Fellow Hoover Institution Research and Policy Kate Bundorf Mark Cullen School of Medicine Associate Professor Professor of Medicine Fellow Department of Health Professor of Biomedical Stanford Center for Health Research and Policy Data Science Policy Associate Professor, by Professor of Health Research B. Douglas Bernheim courtesy, of Political Economy and Policy Graduate School of Business Edward Ames Edmonds School of Medicine Professor of Economics Thomas Dee Trione Chair Associate Dean of Department of Economics Faculty Affairs Professor of Education Graduate School of Education

32 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR Dave Donaldson Judith Goldstein James Hamilton Pete Klenow Associate Professor Janet M. Peck Professor of Hearst Professor of Ralph Landau Professor in Department of Economics International Communication Communication Economic Policy Department of Political Department of Department of Economics Darrell Duffie Science Communication Gordon and Betty Moore Dean Witter Distinguished Senior Fellow Professor of Finance Lawrence H. Goulder Eric Hanushek SIEPR Graduate School of Business Shuzo Nishihara Professor of Paul and Jean Hanna Professor, by courtesy Environmental and Resource Senior Fellow Charles Kolstad Department of Economics Economics Hoover Institution Senior Fellow Department of Economics Precourt Institute for Energy Mark Duggan Daniel Ho Avner Greif Professor, by courtesy The Trione Director of SIEPR William Benjamin Scott Department of Economics The Wayne and Jodi Bowman Family Professor in and Luna M. Scott Professor Cooperman Professor of Humanities and Sciences of Law Stephen D. Krasner Economics Department of Economics Law School Graham H. Stuart Professor of Senior Fellow Department of Economics Caroline Hoxby International Relations FSI Senior Fellow Pascaline Dupas Professor, by courtesy Scott and Donya Bommer Professor of Economics FSI Associate Professor Department of History Senior Fellow Department of Economics Department of Economics Joe Grundfest Professor, by courtesy Hoover Institution Liran Einav William A. Franke Professor Graduate School of Business Edward Lazear Professor of Law and Business Senior Fellow Jack Steele Parker Professor Department of Economics Law School Hoover Institution of Human Resources Marcel Fafchamps David B. Grusky Guido Imbens Management and Economics Graduate School of Business Professor, by courtesy Barbara Kimball Browning Professor Department of Economics Professor Department of Economics Morris Arnold and Nona Cox Department of Sociology Senior Fellow Senior Fellow Professor of Applied Hoover Institution FSI Econometrics Stephen H. Haber Graduate School of Business Professor, by courtesy Matthew Gentzkow A.A. and Jeanne Welch Department of Economics Milligan Professor Charles Jones Professor Mark Lemley Department of Economics School of Humanities STANCO25 Professor of and Sciences Economics William H. Neukom Professor Ronald J. Gilson Professor Graduate School of Business of Law Charles J. Meyers Professor of Department of History Law School Law and Business, Emeritus Professor, by courtesy Dan Kessler Law School Department of Economics Professor Law School Gopi Shah Goda Peter and Helen Bing Senior Fellow Professor of Economic Policy Deputy Director Hoover Institution Graduate School of Business SIEPR Senior Fellow Hoover Institution

2016–2017 ANNUAL REPORT | SENIOR FELLOWS 33 Jonathan Levin Alison Morantz Sean Reardon James L. Sweeney Philip H. Knight Professor James and Nancy Kelso Professor of Poverty and Professor and Dean Professor of Law Inequality in Education Department of Management Graduate School of Business Law School Graduate School of Education Science and Engineering Holbrook Working Professor Professor, by courtesy Director of Price Theory Muriel Niederle Department of Sociology Precourt Energy Efficiency Department of Economics Professor Center Department of Economics Gregory Rosston Senior Fellow Hongbin Li Director Hoover Institution James Liang Director of the Paul Oyer Public Policy Program Fred H. Merrill Professor Senior Fellow China Program Professor, by courtesy FSI Stanford Center for Graduate School of Business Department of Economics International Development Senior Fellow John H. Pencavel Gordon Cain Senior Fellow Precourt Institute for Energy Susanna Loeb Pauline K. Levin-Robert L. SIEPR Alan Sykes Barnett Family Professor of Levin and Pauline C. Levin- Alvin Roth Education Abraham Levin Professor Professor Department of Economics Craig and Susan McCaw Law School Graduate School of Education Professor of Economics Thomas E. MaCurdy Monika Piazzesi Department of Economics John B. Taylor Professor Joan Kenney Professor Professor, by courtesy, of Mary and Robert Raymond Department of Economics Department of Economics Management Science and Professor of Economics Engineering Department of Economics Senior Fellow Professor, by courtesy, George P. Shultz Senior Fellow Hoover Institution of Finance Scott Rozelle Graduate School of Business in Economics Paul Milgrom Helen C. Farnsworth Senior Hoover Institution Fellow in International Shirley and Leonard Ely Luigi Pistaferri Professor Agricultural Policy Michael Tomz Professor of Humanities and FSI Sciences Department of Economics Professor Department of Economics Ralph Landau Senior Fellow Department of Political Martin Schneider Science Professor, by courtesy SIEPR Professor Graduate School of Business A. Mitchell Polinsky Department of Economics Barry Weingast N. Grant Miller Josephine Scott Crocker Professor by courtesy, of Ward C. Krebs Family Finance Professor Director Professor of Law and Economics Graduate School of Business Department of Political Stanford Center for Science International Development Law School Amit Seru Professor, by courtesy Senior Fellow Associate Professor Professor of Finance Hoover Institution School of Medicine Department of Economics Graduate School of Business Professor, by courtesy Associate Professor, by Joshua Rauh Senior Fellow Department of Economics courtesy Ormond Family Professor of Hoover Institution Department of Economics Frank Wolak Finance John B. Shoven Associate Professor, Graduate School of Business Holbrook Working Professor by courtesy Charles R. Schwab Professor of Commodity Price Studies Department of Health Senior Fellow of Economics Hoover Institution Department of Economics Research and Policy Department of Economics Senior Fellow Senior Fellow Buzz and Barbara McCoy FSI FSI Senior Fellow Hoover Institution

34 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR Emeritus

Kenneth Arrow Victor Fuchs Lawrence Lau John Roberts d. 2/21/17 Henry J. Kaiser, Jr., Professor The Kwoh-Ting Li Professor John H. Scully Professor Joan Kennney Professor of of Economics, Emeritus of Economics Development, of Economics, Strategic Economics, Emeritus Department of Economics Emeritus Management and Professor of Operations Professor, Emeritus Department of Economics International Business, Research, Emeritus Department of Health Emeritus Department of Economics Research and Policy Roger Noll Graduate School of Business Senior Fellow Professor, Emeritus Professor, Emeritus Paul David FSI Department of Economics Department of Economics Professor, Emeritus Department of Economics Anne Krueger Bruce Owen Gavin Wright Professor, by courtesy, of Herald L. & Caroline L. Ritch Morris M. Doyle Centennial William Robertson Coe History, Emeritus Professor of Humanities and Professor in Public Policy, Professor in American Sciences, Emeritus Emeritus Economic History, Emeritus Department of Economics School of Humanities Department of Economics and Sciences

2016–2017 ANNUAL REPORT | SENIOR FELLOWS 35 Faculty Fellows

Marcella Alsan Gabriel Carroll Jacob Goldin Petra Persson Assistant Professor of Assistant Professor Assistant Professor of Law Assistant Professor Medicine Department of Economics Law School Department of Economics School of Medicine Katherine Casey Colleen Honigsberg Maria Polyakova Adrien Auclert Associate Professor of Assistant Professor of Law Assistant Professor of Health Assistant Professor Political Economy Law School Research and Policy Department of Economics Graduate School of Business School of Medicine Gregor Jarosch Shai Bernstein David Chan Assistant Professor Maya Rossin-Slater Associate Professor of Finance Assistant Professor of Department of Economics Assistant Professor of Health Graduate School of Business Medicine Research and Policy School of Medicine Pablo Kurlat School of Medicine Renee Bowen Assistant Professor Assistant Professor of Arun Chandrasekhar Department of Economics Florian Scheuer Economics Assistant Professor Assistant Professor Graduate School of Business Department of Economics Bradley Larsen Department of Economics Assistant Professor Marshall Burke Rebecca Diamond Department of Economics Isaac Sorkin Assistant Professor of Earth Assistant Professor of Assistant Professor System Science Economics Melanie Morten Department of Economics School of Earth, Energy and Graduate School of Business Assistant Professor Environmental Sciences Department of Economics Researchers

Researchers

Anjini Kochar Eva Meyersson Milgrom Amy O’Hara Rebecca Toseland India Program Director and Senior Research Scholar Research Scholar Research Scholar Senior Research Scholar SCID Joe Nation Mary Sprague Boris Vabson Professor of the Practice Research Scholar Research Scholar Jessica Leino Public Policy Program Deputy Director and Research Director of Graduate Scholar Practicum SCID

36 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR Visitors and Young Scholars

Our visiting researchers — postdoctoral fellows, assistant professors and well-established senior faculty — have the chance to focus more deeply on specific projects while finding new collaborators among Stanford’s community of economic policy scholars. At the same time, the visitors’ infusion of expertise and new ideas enhances the diversity of SIEPR’s research and policy insights.

Our Young Scholars program is changing the way some of the most promising economists start their careers, encouraging them to work on policy-relevant research. Each year, the program supports seven to nine scholars as either Postdoctoral Fellows or Visiting Fellows, and provides a supportive and dynamic environment in which to conduct research.

“My time at SIEPR was an extraordinary opportunity to create lasting links to a diverse community of other researchers at SIEPR, throughout Stanford, and in the profession more generally.”

Michael Best, Assistant Professor, Columbia University, and former Postdoctoral Fellow, SIEPR 2014–2017

2016–2017 ANNUAL REPORT | VISITORS AND YOUNG SCHOLARS 37 “The organized events like the work-in-progress discussions were great, but the informal lunch Distinguished Visitors and coffee conversations were just as important Magne Mogstad Larry Summers for sharpening knowledge and prompting Trione Visiting Professor Trione Visiting Professor research questions.” Gary S. Becker Professor in President Emeritus Economics Charles W. Eliot University University of Chicago Professor Judson Boomhower, Assistant Professor, University of California, Harvard University San Diego, and former Postdoctoral Fellow, SIEPR 2015–2017

Young Scholars

Postdoctoral Fellows Michael Best Judson Boomhower Xavier Jaravel PhD from London School of PhD from University of PhD from Harvard University Economics California, Berkeley Assumed position of Assistant Assumed position of Assistant Assumed position of Assistant Professor at London School of Professor at Columbia Professor at University of Economics in Summer 2017 University in Summer 2017 California, San Diego in Summer 2017

Visiting Fellows Nikhil Agarwal Melissa Dell Lee Lockwood Jennifer La’O Castle Krob Career Assistant Professor Assistant Professor Assistant Professor Development Assistant Harvard University Northwestern University Columbia University Professor of Economics Massachusetts Institute of Technology

Visiting Faculty Hunt Allcott Robert Fairlie Joseph Newhouse Robert Townsend Visiting Associate Professor Visiting Professor Visiting Professor Visiting Professor Associate Professor of Professor of Economics John D. MacArthur Professor Elizabeth & James Killian Economics University of California, Santa of Health Policy and Professor of Economics New York University Cruz Management Massachusetts Institute of Harvard University Technology Nicolas Carayol Michael Luca Visiting Professor Visiting Assistant Professor Rohini Pande Christopher Walters Professor of Economics Lee J. Styslinger III Associate Visiting Professor Visiting Assistant Professor University of Bordeaux Professor of Business Mohammed Kamal Professor Assistant Professor of Administration of Public Policy Economics Harvard Business School Harvard Kennedy School University of California, Berkeley

38 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR Steering Committee

Chair Members

John B. Shoven Susan Athey Timothy Bresnahan Liran Einav Charles R. Schwab Professor Economics of Technology Landau Professor in Professor of Economics Professor Technology and the Economy Department of Economics Department of Economics Graduate School of Business Department of Economics Buzz and Barbara McCoy Professor, by courtesy Professor, by courtesy Lawrence H. Goulder Senior Fellow Department of Economics Graduate School of Business Shuzo Nishihara Professor of Hoover Institution Environmental and Resource B. Douglas Bernheim Kate Bundorf Economics Edward Ames Edmonds Associate Professor Department of Economics Professor of Economics Department of Health Pete Klenow Trione Chair Research and Policy Department of Economics Associate Professor, by Ralph Landau Professor in courtesy, of Political Economy Economic Policy Nicholas Bloom Graduate School of Business Department of Economics William D. Eberle Professor Gordon and Betty Moore of Economics Mark Duggan, ex officio Senior Fellow Department of Economics The Trione Director of SIEPR SIEPR Professor, by courtesy, The Wayne and Jodi Susanna Loeb of Economics Cooperman Professor of Graduate School of Business Economics Barnett Family Professor Department of Economics of Education Michael J. Boskin Graduate School of Education T.M. Friedman Professor Pascaline Dupas of Economics Associate Professor Department of Economics Department of Economics Senior Fellow Hoover Institution

2016–2017 ANNUAL REPORT | STEERING COMMITTEE 39 N. Grant Miller, ex officio Alison Morantz James L. Sweeney John B. Taylor Director of SCID James and Nancy Kelso Professor Mary and Robert Raymond Associate Professor Professor of Law Department of Management Professor of Economics School of Medicine Law School Science and Engineering Department of Economics Director George P. Shultz Senior Fellow Associate Professor, Paul Oyer by courtesy Precourt Energy Efficiency in Economics Department of Economics Fred H. Merrill Professor Center Hoover Institution Graduate School of Business Senior Fellow Associate Professor, Frank Wolak by courtesy Hoover Institution Joshua Rauh Holbrook Working Professor Department of Health Ormond Family Professor Senior Fellow Research and Policy FSI of Commodity Price Studies of Finance Department of Economics Senior Fellow Graduate School of Business Senior Fellow FSI Precourt Institute for Energy Senior Fellow Senior Fellow FSI Hoover Institution

40 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR Advisory Board

Chair Honorary Chair John A. Gunn George P. Shultz Chairman Emeritus & CEO Distinguished Fellow Dodge & Cox Hoover Institution Investment Managers Vice Chair of the Board Stanford Hospital

Chair Emeriti Wallace R. Hawley Bowen H. “Buzz” McCoy William J. Perry Tad Taube Founder President Michael and Barbara Chairman InterWest Partners Buzz McCoy Associates, Inc. Berberian Professor Taube Philanthropies (Emeritus) Honorary Consul of the Donald L. Lucas Freeman Spogli Institute for Republic of Poland Private Venture Capitalist International Studies School of Engineering Stanford University Members Henry J. Aaron Orley C. Ashenfelter Susan L. Bostrom Jonathan Coslet Bruce and Virginia MacLaury Joseph Douglas Green 1895 Former Executive Senior Partner & Chief Senior Fellow Professor of Economics Vice President Investment Officer The Brookings Institution Princeton University Cisco Systems, Inc. Texas Pacific Group Elizabeth E. Bailey Professor Laura Emeritus of Business and Datong Chen William H. Davidow Arrillaga-Andreesen* Public Policy Co-Founder & Managing Founder & General Partner Founder/President University of Pennsylvania Partner Mohr Davidow Ventures Laura Arrillaga-Andreesen West Summit Capital Foundation Steve Ballmer William C. Edwards† Winston H. Chen Founder & Chair, Emeritus Chairman Partner SV2 Los Angeles Clippers Chairman Edwards Partners Paramitas Foundation Founder & Chair Mary G. F. Bitterman Feng Deng Stanford Center on President Wayne Cooperman Founding General Partner Philanthropy and Civil President Northern Light Venture Society (PACS) The Bernard Osher Foundation Cobalt Capital Capital

2016–2017 ANNUAL REPORT | ADVISORY BOARD 41 Dixon R. Doll Benny T. Hu Barnaby J. Levin Burton J. McMurtry Co-Founder & General Chairman Partner & Managing Director Retired Venture Capitalist Partner Emeritus CDIB Bioscience Venture HighTower Advisors LLC DCM Ventures Management, Inc. Anthony Meier James Liang General Partner John Freidenrich† Yongshan Huang* Co-Founder, Chairman of the The Meier Group Chairman & Co-Founder Trustee, Superintendent Board, and Chief Executive Regis Management Co., LLC Zhou Tong Institute of Officer Thomas C. Melzer Security Investment Ctrip.com International, Ltd. Managing Director Gary Gauba RiverVest Venture Partners President Laura K. Ipsen Hong Seh Lim CenturyLink Cognilytics Senior Vice President, Global President Gordon E. Moore Industries Solutions Group Mil Kered Inc. Chairman Emeritus of the Frederick L. A. Grauer Oracle Corporation Board Chairman John P. Lipsky Intel Corporation Purfresh, Inc. Franklin P. Johnson, Jr. Senior Fellow Founder The Paul H. Nitze School Robert B. Okun Patrick W. Gross Asset Management Company of Advanced International Chief Investment Officer & Chairman Studies at Johns Hopkins Senior Partner The Lovell Group Richard B. Kapnick University Oak Hill Advisors, LP Partner Blake R. Grossman Katten & Temple, LLP Christopher S. Lynch Ken Olivier Managing Partner Director Chairman Emeritus ThirdStream Partners LLC Harry Kellogg AIG Dodge & Cox Vice-Chairman Emeritus Non-Executive Chairman Investment Managers Noosheen Hashemi Silicon Valley Bank Freddie Mac President & Co-Founder Independent Consultant James Poterba The HAND Foundation John B. Kleinheinz President & CEO President Eff W. Martin National Bureau of Economic Robert B. Hellman, Jr. Kleinheinz Capital Partners, Inc. Founding Partner Research CEO & Managing Director Anthos Capital Mitsui Professor of Economics American Infrastructure Sue Koffel* MIT Funds Managing Partner Susan R. McCaw CMF Capital President Michael Rashes Walter Hewlett* COM Investments Principal Steven W. Kohlhagen Consulting Professor of Music Member Bracebridge Capital Stanford University Former Head of Fixed Income Stanford University Board of Division Trustees Kanwal Rekhi Hilary Hoynes Wachovia Bank Managing Director Haas Distinguished Chair of Former Professor George E. McCown Inventus Capital Partners Economic Disparities Haas School of Business Operating Director Professor of Economics and UC Berkeley American Infrastructure MLP Public Policy Fund UC Berkeley

42 STANFORD INSTITUTE FOR ECONOMIC POLICY RESEARCH | SIEPR Condoleezza Rice Eric Schmidt* John F. Sandy Smith Victor Trione Denning Professor Executive Chairman Partner Chairman of the Board Center for Global Business Alphabet Inc. Kilpatrick Townsend & Luther Burbank Savings and the Economy Stockton, LLP Stanford Graduate School of Edward C. Schultz III Mark A. Wolfson Business EVP, California President Thomas F. Stephenson Managing Partner Thomas and Barbara HomeStreet Bank Partner Jasper Ridge Partners Stephenson Senior Fellow on Sequoia Capital Public Policy Charles R. Schwab Ken Xie Hoover Institution Chairman of the Board John T. Thompson Founder, Chairman & CEO Stanford University Charles Schwab & Co., Inc. Vice Chairman, Global CEO & Fortinet, Inc. Board Practice Jesse Rogers Eugene B. Shanks, Jr. Heidrick & Struggles Jianming Yu Co-Founder & Managing Independent Director Founder & Managing Partner Director Freddie Mac, ACE Ltd. David Topper Advantech Capital and Altamont Capital Partners Operating Partner Redview Capital Adam Shapiro General Atlantic, LLC Co-Founder & Managing Co-Founder Partner East Rock Capital New Horizon Capital

We welcome these new members in the 2017–18 year: David Bizer Xiaowei Li Patricia McKenna Armen Panossian Managing Partner Chief Investment Officer Principal & Portfolio Manager Managing Director & Portfolio Jasper Ridge Partners Fullgoal Fund Management Hotchkis and Wiley Manager Oaktree Capital Management

Julianne Wagner *Stepped down during the 2016-17 academic year †Died in 2017

2016–2017 ANNUAL REPORT | ADVISORY BOARD 43

John A. and Cynthia Fry Gunn Building | 366 Galvez Street | Stanford, CA 94305-6015 siepr.stanford.edu