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

Duet Redux

by John H. Cochrane via Grumpy Economist
Thursday, September 21, 2017

Another duet of headlines with an interesting lesson, both from the Wall Street Journal: Solar power death wish and California Democrats Target Tesla.

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Stranded Profits

by John H. Cochrane via Grumpy Economist
Tuesday, September 19, 2017

The tax reform discussion includes the idea that by moving to a territorial system, US companies will bring lots of money stranded offshore back to the US, unleashing a wave of investment here. While I think a territorial system makes sense, as does reducing or eliminating the corporate tax, as a pure matter of economics, I don't think this repatriation argument makes sense.

Featured

Duet

by John H. Cochrane via Grumpy Economist
Wednesday, September 13, 2017

Sometimes the blog posts write themselves from contrasting newspaper headlines.

Analysis and Commentary

Online Asset Pricing Is Back!

by John H. Cochrane via Grumpy Economist
Friday, September 8, 2017

The online Asset Pricing Ph.D. class is back! It died in a Coursera "upgrade," but it is now migrated over to Canvas.

Analysis and Commentary

In The Name Of Science

by John H. Cochrane via Grumpy Economist
Thursday, September 7, 2017

"Climate Feedback" has produced a "scientific review" of my WSJ oped with David Henderson. In the blog post, I wrote, If it is not clear enough, nothing in this piece takes a stand on climate science, either affirming or denying current climate forecasts. I will be interested to see how quickly we are painted as unscientific climate-deniers.

Featured

Tax Reform Again

by John H. Cochrane via Grumpy Economist
Monday, September 4, 2017

A Wall Street Journal oped on tax reform. This complements an earlier oped and see the tax link at right for many others.

Analysis and Commentary

Tax Consumption Through A VAT, And Voilà

by John H. Cochrane via Wall Street Journal
Monday, September 4, 2017

If the administration and Congress drop the income tax, it won’t be difficult to achieve 3% growth.

Analysis and Commentary

On Climate Change 2

by John H. Cochrane via Grumpy Economist
Thursday, August 31, 2017

Climate change is often misunderstood as a package deal: If global warming is “real,” both sides of the debate seem to assume, the climate lobby’s policy agenda follows inexorably.

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Automation: History Tells A Reassuring Tale

by John H. Cochrane via Live Mint
Thursday, August 31, 2017

I am often asked to opine about whether automation will destroy all jobs. Yes, we talk about tractors, which brought farm employment from something like 70% in the US at the beginning of the 20th century to about 3% today... about cars, which put horse drivers out of business. And about trains, which put the canal boats out of business.

Featured

Yellen At Jackson Hole

by John H. Cochrane via Grumpy Economist
Wednesday, August 30, 2017

Fed Chair Janet Yellen gave a thoughtful speech at the Jackson Hole conference.The choice of topic, financial stability and the Fed's role in financial regulation and supervision, says a lot. Financial regulation, supervision, and other tinkering, is much more centrally a part of what the Fed is...

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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. . .