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

Whither Inflation?

by John H. Cochrane via Grumpy Economist
Monday, August 31, 2015

Note: This post uses mathjax to display equations and has several graphs. I've noticed that the blog gets picked up here and there and mangled along the way. If you can't read it or see the graphs, come back to the original .

Analysis and Commentary

Phillips Art

by John H. Cochrane via Grumpy Economist
Monday, August 24, 2015

The Wall Street Journal gets a prize for Art in Economics for their Phillips curve article. Abstract expressionist division, not contemporary realism, alas.

Analysis and Commentary

Too Much Debt, Part II

by John H. Cochrane via Grumpy Economist
Monday, August 24, 2015

"China to flood economy with cash" reads today's WSJ headline. When you read the article, however, you find it's not quite true. China to flood economy with debt is more accurate.

Analysis and Commentary

Greenspan For Capital

by John H. Cochrane via Grumpy Economist
Wednesday, August 19, 2015

Alan Greenspan joins the high-capital banking club, in an intriguing FT editorial.

Featured

Greek Lessons For A Healthy Euro

by John H. Cochrane via SZ International
Wednesday, August 19, 2015

The most recent Greek crisis brings to the foreground the main structural problem of the euro: Under a common currency sovereigns must default just like corporations default. And banks must be open internationally, not stuffed with local governments’ debts. 

Analysis and Commentary

The Decline In Long-Term Interest Rates

by John H. Cochrane via Grumpy Economist
Tuesday, August 18, 2015

Long term interest rates are trending down around the world. And it's not just since the great recession and financial crisis. The same trend has been going on for decades.

Analysis and Commentary

Low Hanging Fruit Guarded By Dragons

by John H. Cochrane via Grumpy Economist
Monday, August 17, 2015

A nice essay by Brink Lindsey at Cato, analyzing some regulations that are strangling economic growth, with an explicitly bipartisan (multipartisan) appeal.

Featured

The Wrong Austerity

by John H. Cochrane via Grumpy Economist
Saturday, August 15, 2015

Bailout deal brings wave of tax hikes - Ekathimerini.com. A barrage of new tax measures are contained in the new bill presented to Greece’s Parliament.

Analysis and Commentary

For Better Or Worse?

by John H. Cochrane via Grumpy Economist
Friday, August 14, 2015

Three recent news items and blog posts make a provocative contrast: Paul Krugman, New York Times, "The MIT Gang". It’s actually surprising how little media attention has been given to the dominance of M.I.T.-trained economists in policy positions and policy discourse.

Analysis and Commentary

Summers And The Nature Of Policy Advice

by John H. Cochrane via Grumpy Economist
Thursday, August 13, 2015

Larry Summers has a fascinating editorial in the Financial Times titled "Corporate long-termism is no panacea — but it is a start" You really should read the whole thing and come back for commentary.

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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. . .