John H. Cochrane

Senior Fellow
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Biography: 

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, Bloomberg.com, and other publications. He maintains the Grumpy Economist blog.

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Recent Commentary

Analysis and Commentary

Negative Rates And Inflation

by John H. Cochrane via Grumpy Economist
Wednesday, September 21, 2016

Have negative interest rates boosted inflation?

Analysis and Commentary

Immigration, Trade, And Child Care

by John H. Cochrane via Grumpy Economist
Tuesday, September 20, 2016

Both Mr. Trump and Mrs. Clinton want to lower the cost and, presumably, increase the amount of child care. A quick economics quiz: What is the policy change that would have the greatest such effect?

Analysis and Commentary

Testimony 2

by John H. Cochrane via Grumpy Economist
Thursday, September 15, 2016

On the way back from Washington, I passed the time reformatting my little essay for the Budget committee to html for blog readers.

Featured

Testimony

by John H. Cochrane via Grumpy Economist
Wednesday, September 14, 2016

I was invited to testify at a hearing of the House budget committee on Sept 14. It's nothing novel or revolutionary, but a chance to put my thoughts together on how to get growth going again, and policy approaches that get past the usual partisan squabbling.

Analysis and Commentary

Glaeser And Summers On Infrastructure

by John H. Cochrane via Grumpy Economist
Tuesday, September 13, 2016

Ed Glaeser has a superb essay on infrastructure at City Journal, titled "If you Build It.." I have a few excerpts, but do go and enjoy the whole thing. Larry Summers also has a new blog post on infrastructure, with some fascinating bits if you read carefully. 

Analysis and Commentary

Rosenberg In New York Times

by John H. Cochrane via Grumpy Economist
Monday, September 5, 2016

Naomi Rosenberg's Op-Ed in the Sunday New York Times is the best piece of writing I have had the painful pleasure to read in a long time. The title is How to Tell a Mother her Child Is Dead. Warning: this is not an easy piece to read.

Featured

Settlement Skulduggery

by John H. Cochrane via Grumpy Economist
Thursday, September 1, 2016

Andy Koenig had a WSJ oped on a subject getting far too little attention. When the government goes after big companies such as banks, and obtains huge out of court settlements, just where does the money go?

Analysis and Commentary

Asset Pricing Mooc, Resurrected

by John H. Cochrane via Grumpy Economist
Tuesday, August 30, 2016

The online class "Asset Pricing" is resurrected, at least half-way.

Featured

Micro Vs. Macro

by John H. Cochrane via Grumpy Economist
Monday, August 22, 2016

The cause of sclerotic growth is the major economic policy question of our time. The three big explanations are 1) We ran out of ideas (Gordon); 2) Deficient "demand," remediable by more fiscal stimulus (Summers, say) 3); Death by a thousand cuts of cronyist regulation and legal economic interference.

Featured

The New Voodoo

by John H. Cochrane via Grumpy Economist
Thursday, August 18, 2016

Scott Summner sums up contemporary stimulus proposals well ...Old hydraulic Keynesianism from the 1960s was already a pretty implausible model.

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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. . .