Their research specialisms range from applied economics to operations management.
Adrien Auclert, Julien Grenet and Alexandra Roulet have joined the 15-strong advisory body.
The microeconomist will take up the post on Jan. 1 next year.
Gopi Shah Goda takes over from economist Susan Athey on the panel, which advises Gov. Gavin Newsom.
Maya Rossin-Slater has been awarded the Elaine Bennett Research Prize for 2023.
Vig joins Stanford Graduate School of Business from Northwestern University, where he was a professor of finance.
The eight distinguished economists have made significant contributions within their fields.
The economist will leave her current appointment at Stanford later this year after four years at the institution.
The role marks a return to government service for the academic, who previously helped to establish the Office of Research at the Consumer Financial Protection Bureau.
The Princeton economist will serve as president-elect through 2023 and as president in 2024.