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

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Central Bank Governance And Oversight Reform

via Books by Hoover Fellows
Wednesday, May 4, 2016

Edited by John Cochrane and John Taylor. A group of distinguished scholars and policy makers discuss key questions about Federal Reserve decision making, oversight, and governance, both internal and external.

Analysis and Commentary

Blinder On Trade

by John H. Cochrane via Grumpy Economist
Monday, April 25, 2016

Alan Blinder has an excellent op-ed in the WSJ on trade. It's hard to excerpt as every bit is good.

Analysis and Commentary

Lessons Learned I

by John H. Cochrane via Grumpy Economist
Saturday, April 23, 2016

I spent last week traveling and giving talks. I always learn a lot from this. One insight I got: Real interest rates are really important in making sense of fiscal policy and inflation.

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Chari And Kehoe On Bailouts

by John H. Cochrane via Grumpy Economist
Tuesday, April 19, 2016

V. V. Chari and Pat Kehoe have a very nice article on bank reform, "A Proposal to Eliminate the Distortions Caused by Bailouts," backed up by a serious academic paper.

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The Tax Code, Unchained

by John H. Cochrane via Hoover Digest
Monday, April 18, 2016

We really could transform our nightmarish tax system. Here’s how.

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A Better Living Will

by John H. Cochrane via Grumpy Economist
Saturday, April 16, 2016

"US rejects 'living wills' of 5 banks," from FT. WSJ puts this event in the larger story of Dodd Frank unraveling. Juicy quotes: WSJ: “living wills,” ... are supposed to show in detail how these banking titans, in the event of failure, could be placed into bankruptcy without wrecking the financial system.

Analysis and Commentary

MetLife

by John H. Cochrane via Grumpy Economist
Wednesday, April 13, 2016

What does "systemically important" mean? How can an institution, per se, be "systemically important?" 

Analysis and Commentary

NBER AP

by John H. Cochrane via Grumpy Economist
Sunday, April 10, 2016

On Friday I attended the NBER Asset Pricing meeting (program here) in Chicago, organized by Adrien Verdelhan and Debby Lucas. The papers were unusually interesting, even by the high standards of this meeting. Alas the NBER doesn't post slides so I don't have great visuals to show you.

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Next Steps for FTPL

by John H. Cochrane via Grumpy Economist
Tuesday, April 5, 2016

Last Friday April 1, Eric Leeper Tom Coleman and I organized a conference at the Becker-Friedman Institute, "Next Steps for the Fiscal Theory of the Price Level." Follow the link for the whole agenda, slides, and papers.

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Neo-Fisherian Caveats

by John H. Cochrane via Grumpy Economist
Thursday, March 31, 2016

Raise interest rates to raise inflation? Lower interest rates to lower inflation? It's not that simple.

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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. . .