ANNUAL REPORT 2024-2025




Neale Mahoney photo

Neale Mahoney

Trione Director of SIEPR

TG Wijaya Professor of Economics

George P. Shultz Fellow and Senior Fellow


Dear friends of SIEPR,

This past year has been a special one for me as I completed my first year as the Trione Director of the Stanford Institute for Economic Policy Research (SIEPR). My priority has been to sharpen our focus on SIEPR's core mission, and I am thankful for your support and engagement that helped make this year productive and rewarding.

In practice, we work in three areas: preparing the next generation of economists, from undergraduate students to junior faculty; convening leaders from business, government, and academia for rigorous discussions of today's most pressing economic issues; and bridging economic research and policy through analysis, advising, and broader communications. The enclosed report, which covers the 2024-25 fiscal year, highlights the work accomplished in these areas.

One of the great privileges of my role is the opportunity to meet and work alongside the remarkable SIEPR community. A particular high point for me has been getting to know the exceptional fellows in our SIEPR Next Gen programs. Their commitment to applying rigorous economic thinking to urgent policy challenges gives me energy and optimism about our future.

Our convenings in 2025 were a resounding success — from our Economic Summit headlined by Jonathan Levin, Jamie Dimon, and Ruth Porat, to our Fall Policy Forum on global trade and our Spring Policy Forum on the Abundance Agenda. I am thrilled with the lineup for the 2026 Economic Summit, which I hope will set a new high-water mark for our marquee event, and I look forward to a strong series of convenings throughout the year.

As we work to break through in a rapidly evolving media landscape and bring economic research and policy analysis to a broader public, I am excited for the launch of the first season of our Econ To Go podcast, which brings the insights of Stanford economics to a wider audience.

This is only a snapshot of what we have accomplished, and I want to thank you for the warm welcome, wise counsel, and generous support that have made this first year both energizing and deeply meaningful. I am especially grateful to our Advisory Board and supporters for making all we achieved this past year possible. I would also like to thank Greg Rosston, the Gordon Cain Senior Fellow, who served as SIEPR's Interim Director in the fall of 2024.

I look ahead with optimism and gratitude for all we will accomplish together in 2026. Thank you for being part of the SIEPR community.




We invite you to explore our impact.

Our research in motion


SIEPR scholars deliver unbiased and rigorous research, important context, and sensible policy solutions.


Our sphere of influence


SIEPR bridges the worlds of academia and policymaking in many ways. Our scholars, who hail from each of the university's seven schools, inspire better economic policymaking in multiple ways — through legislative testimony, advisory roles, contributions to the public discourse, and relationships with government leaders from across the political spectrum and around the globe.

Their insights and research are highlighted not only in our SIEPR policy briefs and research stories but also amplified across various channels — op-eds, media interviews and citations, and social media.

CNN interview clip
SIEPR scholars frequently provide insights on issues facing the U.S. or global economy. Here, in one example, SIEPR’s Neale Mahoney explains in a CNN interview the declining belief in the American dream and the gap between people's economic outlook and the hard economic data.
Photo of AI boot camp event at SIEPR
SIEPR joined forces with the Stanford Institute for Human-Centered Artificial Intelligence (HAI) and the Stanford Regulation, Evaluation, and Governance Lab (RegLab) to co-host state government officials from California for a daylong boot camp on AI.
Capitol Hill
SIEPR hosted a 4-day workshop, bringing a team of about 20 macroeconomists from the Congressional Budget Office together with a diverse group of researchers to engage in discussions focused on topics of active Congressional interest.
Rebecca Lester photo

Rebecca Lester

SIEPR Senior Fellow


Associate Professor of Accounting,
Stanford Graduate School of Business

SIEPR has provided outstanding support of my work — both in supporting the production of research and getting my research out into the world. I especially appreciate that SIEPR brings together leading scholars across multiple disciplines to convene on key topics like taxation.

Check out Lester's policy brief on why tax policies put innovation at risk. And watch as she takes on the challenge of explaining her focus on tax policy in less than 90 seconds in our new Beat the Clock video series.

Our scholars


Our scholars are professors, researchers and policy fellows who take interdisciplinary approaches to addressing some of the biggest economic challenges in the United States and abroad.

*Note: The numbers of fellows above reflect FY2024-25 and not the current rosters shown on the SIEPR website.





Inspire.
Mentor.
Accelerate.


Our Next Gen


Building a pipeline of support for the next generation of economic policy scholars and leaders is central to SIEPR's mission. Our programs — made possible by the generosity of donors and dedication of affiliated faculty — offer financial support, preparation, mentorship, and networking opportunities amid a culture of learning and a community of collaboration.

We significantly expanded our investment in training tomorrow's economic policy experts during the past decade. Building on the success of our longstanding support of graduate student fellowship awards and highly regarded Young Scholars program, we launched the Undergraduate Research Fellows program in 2015 and Predoctoral Research Fellows program in 2017.

Our wide range of programs and fellowships also catalyzes research on questions of lasting importance. The programs support scholars at all different stages in their careers — students, recent graduates, and research professionals.

By the Numbers

43

aspiring economists were supported by more than $819,000 in graduate student fellowship awards to help them complete their research projects and navigate the job market.

38

predoctoral research fellows were paired with SIEPR scholars — enhancing their pursuit of careers in economics or public policy while strengthening faculty research.

46

Stanford undergrads participated in our Undergraduate Research Fellows program, which provides hands-on experience with economic research.

7

Young Scholars — comprised of postdoctoral fellows and junior faculty visiting fellows — boosted their early careers by working on their research at SIEPR.
Photo of a seminar for researchers at SIEPR


In August 2025, we held our inaugural Next Gen Forum to give young researchers across our SIEPR programs insights into the nuts and bolts of economic policy work. The first forum was named as a tribute to advisory board member Steve Kohlhagen who supported SIEPR's Next Gen Programs for many years.



Convening power.


Our events

We hosted 15 events in the 2024-25 year, convening more than 1,600 attendees to hear and share insights on some of today's most pressing economic issues. Prominent corporate leaders, government officials and academics joined together to dive deep into policy challenges and solutions to both foster discussion among our community and inform policy.

Global trade policy forum SIEPR

Policy Forum
The future of global trade

U.S. protectionism is back. Top experts from business, academia and policymaking examined the complexities, nuances and potential consequences of America's return of industrial policy and how it is reshaping the world economy.

Abundance Agendy policy forum

Policy Forum
'The Abundance Agenda'

The U.S. today is marked by scarcity — of housing, energy infrastructure, public transit and manufacturing capacity. Leaders from business, education and government shared insights into making basic goods and services plentiful again.

Economics of wildfires

Policy Forum
The economics of wildfires

The toll that catastrophic fires is taking on California's residents, government budgets, utility companies and insurers is rising. Fire officials joined policymakers, business execs and academics in identifying solutions to the crisis.

2025 SIEPR Economic Summit


More than 500 leaders in business, government and academia attended the 2025 SIEPR Economic Summit. Our flagship event, in its 21st year, featured insights from Stanford President Jonathan Levin, JP Morgan Chase's Jamie Dimon, Alphabet CEO Ruth Porat and the Chicago Fed's Austan Goolsbee, as well as lively panel discussions on competition policy and the national security challenges of AI.

Jamie Dimon at SIEPR Summit
AI panel st 2025 SIEPR Economic Summit


Financial Overview

September 1, 2024 - August 31, 2025

Total income: $20,324,429


Total expenditures: $23,061,338


Total SIEPR Central expenses: $15,827,559

(per inflows-outflows balances)


Advisory Board


SIEPR is grateful for the leadership of its Advisory Board. Without its partnership, our accomplishments would not be possible.

Our Advisory Board offers external perspective, guidance, philanthropic support, and advocacy to advance SIEPR's programs, strategic direction, and long-term resilience. Board members act as ambassadors for both SIEPR and Stanford, leveraging their personal and professional networks to enhance the institute's visibility and impact within the community and beyond.

Join us


Contact: Colleen Cahill | cahillc@stanford.edu

Senior Director of Development and Strategic Initiatives

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We are grateful for your interest in SIEPR and our vision of improving lives through policy solutions that are underpinned by sound economic principles. We appreciate the support of our extended community and encourage you to reach out with any questions.

Visit: siepr.stanford.edu