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

Early Fisherism

by John H. Cochrane via Grumpy Economist
Tuesday, November 24, 2015

John Taylor has an interesting blog post with a great title, "Staggering Neo-Fisherian Ideas and Staggered Contracts." John goes back to a paper he wrote in 1982 for the Jackson Hole conference, on the issue of that time, how to lower inflation.

Analysis and Commentary

Hounded Out Of Business

by John H. Cochrane via Grumpy Economist
Monday, November 23, 2015

The Wall Street Journal had a nice oped, "Hounded out of business by regulators" by Dan Epstein who was, well, hounded out of business by regulators.

Analysis and Commentary

Inflation Drumbeat

by John H. Cochrane via Grumpy Economist
Monday, November 23, 2015

Noah Smith has an interesting Bloomberg View piece on Japanese inflation.

Analysis and Commentary

Open Letter On Economic Data

by John H. Cochrane via Grumpy Economist
Wednesday, November 18, 2015

I joined a large number of economists signing an open letter supporting funding for economic data. The letter is here, twitter #SaveTheData, Financial Times story here, press release here.

Analysis and Commentary


by John H. Cochrane via Grumpy Economist
Thursday, November 12, 2015

St. Louis Fed President Jim Bullard gave a very interesting paper at the Cato monetary conference, with this great title.

John B. Taylor
Analysis and Commentary

Taylor Truman Medal Speech

by John H. Cochrane featuring John B. Taylorvia Grumpy Economist
Tuesday, November 10, 2015

John Taylor's speech on receiving the Truman medal for economic policy is noteworthy. John thinks about the institutions that govern monetary and financial policy.

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The Election’s Most Important Issue

by John H. Cochrane via Defining Ideas
Monday, November 9, 2015

Economic growth has slowed down. The question is what to do about it.  

Analysis and Commentary

The 13 Trillion Dollar Question

by John H. Cochrane via Grumpy Economist
Sunday, November 8, 2015

On Tuesday Nov 10 there will be a conference in Chicago on "The $13 Trillion Question: Managing the U.S. Government’s Debt" hosted by the Initiative on Global Markets at Chicago Booth, and the Hutchins Center on Fiscal and Monetary Policy at Brookings.

Analysis and Commentary

Inequality And Economic Policy Published

by John H. Cochrane mentioning Gary S. Becker, Tom Church, Christopher Miller, John B. Taylorvia Grumpy Economist
Sunday, November 8, 2015

The Hoover Press put up for free the chapters of Inequality and Economic Policy: Essays In Memory of Gary Becker, edited by Tom Church, John Taylor, and Christopher Miller. You can of course still buy the book for a reasonable $14.95.

A New Structure for U.S. Federal Debt

by John H. Cochrane via Economics Working Papers
Sunday, November 1, 2015

Economics Working Paper WP15108


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. . .