John H. Cochrane

Senior Fellow
Research Team: 

John H. Cochrane is a senior fellow at the Hoover Institution. He is also a research associate of the National Bureau of Economic Research and an adjunct scholar of the CATO Institute. 

Before joining Hoover, Cochrane was  a Professor of Finance at the University of Chicago’s Booth School of Business, and earlier at its Economics Department. Cochrane earned a bachelor’s degree in physics at MIT and his PhD in economics at the University of California at Berkeley. He was a junior staff economist on the Council of Economic Advisers (1982–83).

Cochrane’s recent publications include the book Asset Pricing and articles on dynamics in stock and bond markets, the volatility of exchange rates, the term structure of interest rates, the returns to venture capital, liquidity premiums in stock prices, the relation between stock prices and business cycles, and option pricing when investors can’t perfectly hedge. His monetary economics publications include articles on the relationship between deficits and inflation, the effects of monetary policy, and the fiscal theory of the price level. He has also written articles on macroeconomics, health insurance, time-series econometrics, financial regulation, and other topics. He was a coauthor of The Squam Lake Report. His Asset Pricing PhD class is available online via Coursera. 

Cochrane frequently contributes editorial opinion essays to the Wall Street Journal,, and other publications. He maintains the Grumpy Economist blog.

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Recent Commentary

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Reach for 4% Growth

by John H. Cochrane via Hoover Digest
Friday, October 16, 2015

Make a clean sweep in taxes, regulation, and investment, and the economy will leave stagnation in the dust.

Analysis and Commentary

Lazear On Dodd-Frank And Capital

by John H. Cochrane via Grumpy Economist
Tuesday, October 6, 2015

Ed Lazear has a nice WSJ oped, "How not to prevent the next financial meltdown." (Also available here via Hoover.) The main points will not be new to readers of this blog, or my much longer essay but the piece is admirable for putting the basic points so clearly and concisely.

Analysis and Commentary

Uncle Sam Spam

by John H. Cochrane via Grumpy Economist
Thursday, October 1, 2015

I talked a bit to Binyamin Applebaum about his article in the New York Times, Behaviorists Show the U.S. How to Improve Government Operations. As preparation, I read the Social and Behavioral sciences team annual report which he was covering.

Analysis and Commentary

Japan Deflation

by John H. Cochrane via Grumpy Economist
Monday, September 28, 2015

Deflation returns to Japan. Tyler Cowen has a thoughtful Marginal Revolution post, expressing puzzlment. Scott Sumner discussion here, and Financial Times coverage.

Healthcare Costs
Analysis and Commentary

After The ACA

by John H. Cochrane via Grumpy Economist
Wednesday, September 23, 2015

After the ACA, a longish essay on what to do instead of Obamacare. Relative to the policy obsession with health insurance, it focuses more on the market for health care, and relative to the usual focus on demand -- people paying with other people's money -- it focuses on supply restrictions.

Analysis and Commentary

Who Is Walking Who?

by John H. Cochrane via Grumpy Economist
Tuesday, September 22, 2015

It's a graphic novel treatment of Gene Fama's Does the Fed Control Interest Rates? paper, from the Booth school's Capital Ideas magazine, by Eric Cochrane (yes, we're related).

Federal Reserve

Is The Fed Pulling Or Pushing?

by John H. Cochrane via Grumpy Economist
Friday, September 18, 2015

I did a little interview with Mary Kissel of the Wall Street Journal, following up on thursday's oped. Mary is, as you can tell, a well-informed interviewer and asks some tough questions.

Analysis and Commentary

Five Million Thanks

by John H. Cochrane via Grumpy Economist
Friday, September 18, 2015

OK, it's not Marginal Revolution. It's not even tops in my own family -- My kids' high-school animation videos do better (8 million here, 5.8 million here). But this blog has worked out far better than I hoped when I started, and I appreciate all of you who read, comment, or otherwise participate.

Interest Rates

The Fed Needn’t Rush To ‘Normalize’

by John H. Cochrane via The Wall Street Journal
Thursday, September 17, 2015

Unemployment is 5.1%, inflation is low, and near-zero interest rates have proved innocuous, but the Federal Reserve officials will decide Thursday whether to raise interest rates ever so slightly or stand pat, with pundits opining loudly in both directions.

Analysis and Commentary

WSJ Oped, Director's Cut

by John H. Cochrane via Grumpy Economist
Wednesday, September 16, 2015

The outcomes we desire from monetary policy are about as good as one could hope.


Current Online Courses

Asset Pricing, Part 1, via Coursera and the University of Chicago

This course is part one of a two-part introductory survey of graduate-level academic asset pricing. We will focus on building the intuition and deep understanding of how the theory works, how to use it, and how to connect it to empirical facts. This first part builds the basic theoretical and empirical tools around some classic facts. The second part delves more deeply into applications and empirical evaluation. Learn more. . .