John H. Cochrane

Senior Fellow
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Biography: 

John H. Cochrane is a senior fellow at the Hoover Institution. He is currently the AQR Capital Management Distinguished Service Professor of Finance at the University of Chicago’s Booth School of Business. He is also a research associate of the National Bureau of Economic Research and an adjunct scholar of the CATO Institute.

Before joining the Booth School in 1994, Cochrane was at the Economics Department of the University of Chicago. 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.

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

Featured Commentary

Seven Greek Economic Teasers

by John H. Cochrane via Politico
Saturday, July 4, 2015

Why does Greece have its own banks when Louisiana does not?

Blogs

Greece VS Puerto Rico And What's "Systemic."

by John H. Cochrane via Grumpy Economist
Saturday, July 4, 2015

How is a Greek default different from a Puerto Rican default? Answer: because Puerto Rico doesn't have its own banking system. It can't shut down banks. Banks in Puerto Rico are not loaded up on Puerto Rico debt, so depositors are not in danger if the state government defaults.

Blogs

Kashyap On Greece

by John H. Cochrane via Grumpy Economist
Monday, June 29, 2015

Anil Kashyap has an excellent summary of the Greek debt crisis.

Blogs

Wages And Inflation

by John H. Cochrane via Grumpy Economist
Monday, June 29, 2015

Marty Feldstein has a very interesting opinion piece on Project Syndicate. His main point is that micro distortions from social programs (and taxes, labor laws, regulations etc.) are leading many people not to work, and is well stated.

Featured Commentary

4% Growth

by John H. Cochrane via Grumpy Economist
Wednesday, June 24, 2015

I wrote last week on the simple factual question of whether and how often the US has experienced 4% real GDP growth in the past. The deeper question, is that growth possible again? I answered yes, it's surely possible as a matter of economics.

Athens, Greece
Blogs

Last Greek Thoughts

by John H. Cochrane via Grumpy Economist
Tuesday, June 23, 2015

A few salient points that don't seem to be on the top of the outpouring of Greece commentary.

Blogs

Econ 1

by John H. Cochrane via Grumpy Economist
Saturday, June 20, 2015

John Taylor is offering his Economics 1, the introductory economics course for Stanford undergraduates, as a free online class. Class starts Monday, June 22.

Healthcare Application
Blogs

Roy's Plan

by John H. Cochrane via Grumpy Economist
Friday, June 19, 2015

Yes, the health insurance you can buy has been salted up with extras, competition severely restricted, and large insurers so deeply in bed with their regulators that to call insurance "private" is a stretch and "competitive" a dream.

Featured Commentary

Taxes

by John H. Cochrane via Grumpy Economist
Thursday, June 18, 2015

Today's (June 18) Wall Street Journal has two noteworthy pieces on tax reform, "Rubio's tax mistake" in the Review and Outlook and Rand Paul's "Blow Up the Tax Code and Start Over" Perhaps now that pretty much everyone agrees the tax code is a mess, something will be done about it.

Blogs

Noah Smith Writing Lesson

by John H. Cochrane via Grumpy Economist
Wednesday, June 17, 2015

A lesson for students learning to write papers: Don't needlessly annoy readers before you get to your point. If a reader disagrees, finds something wrong, or insufficiently documented, of if you offend a reader, he or she will leave without getting to the main point.

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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. . .