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

Analysis and Commentary

A Behavioral New-Keynesian Model

by John H. Cochrane via Grumpy Economist
Monday, October 24, 2016

Xavier Gabaix presented at the October 21 NBER Economic Fluctuations and growth meeting.

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Only a Clean Sweep Will Do

by John H. Cochrane via Hoover Digest
Friday, October 21, 2016

Americans live in a hoarder’s house cluttered with regulations, tax schemes, and other growth-killing junk. A mere tidying up? It’s far too late for that. 


Levinson On Growth

by John H. Cochrane via Grumpy Economist
Monday, October 17, 2016

I disagree rather profoundly with crucial parts of Marc Levison's essay "Why the Economy Doesn't Roar Anymore" in the Saturday Wall Street Journal. Yes, growth is slow. Yes, the ultimate source of growth is productivity. 

Analysis and Commentary

Five Books To Change Liberals' Minds

by John H. Cochrane via Grumpy Economist
Thursday, October 13, 2016

"Five Books to Change Liberals' Minds" is the title of a remarkable post by Cass Sunstein.

Analysis and Commentary

Volume And Information

by John H. Cochrane via Grumpy Economist
Sunday, October 9, 2016

This is a little essay on the puzzle of volume, disguised as comments on a paper by Fernando Alvarez and Andy Atkeson, presented at the Becker-Friedman Institute Conference in Honor of Robert E. Lucas Jr.


A First Step To Progressive Consumption Taxes

by John H. Cochrane mentioning Michael S. Bernstamvia Grumpy Economist
Wednesday, October 5, 2016

What's an easy way to get going on progressive income taxes? Simply remove all limits on contributions to and withdrawals from IRAs. (I thank my Hoover colleague Michael Bernstam for this clever idea, and the Hoover coffee room for bumping us into each other.)

Analysis and Commentary

Trump Taxes

by John H. Cochrane via Grumpy Economist
Monday, October 3, 2016

As I see it, important points about the Trump tax affair are not yet reflected in media coverage. 1) This affair reflects the intrinsic difficulties of an income tax. 



by John H. Cochrane via Grumpy Economist
Tuesday, September 27, 2016

I did an EconTalk Podcast with Russ Roberts. The general subject is economic growth, the reasons it seems to be slipping away from us and policies (or non-policies) that might help.

Analysis and Commentary

Furman On Zoning

by John H. Cochrane via Grumpy Economist
Monday, September 26, 2016

On this day (Clinton vs. Trump debate) of likely partisan political bloviation, I am delighted to highlight a very nice editorial by Jason Furman, President Obama's CEA chair, on the effects of housing restrictions. A longer speech here.

Analysis and Commentary

Negative Rates And Inflation

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

Have negative interest rates boosted inflation?


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. . .