John H. Cochrane

Senior Fellow
Research Team: 

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,, and other publications. He maintains the Grumpy Economist blog.

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Recent Commentary

Featured Commentary

Uber And Occupational Licenses

by John H. Cochrane via Grumpy Economist
Thursday, January 29, 2015

I enjoy moments of agreement, and common sense in publications where it's usually absent. Eduardo Porter writing in the New York Times on the lessons of Uber vs. Taxis for occupational licensing is a nice such moment.

Featured Commentary

Unemployment Insurance And Unemployment

by John H. Cochrane via Grumpy Economist
Wednesday, January 28, 2015

"The Impact of Unemployment Benefit Extensions on Employment: The 2014 Employment Miracle" by Marcus Hagedorn, Iourii Manovskii and Kurt Mitman is making waves. NBER working paper here. Kurt Mitman's webpage has an ungated version of the paper, and a summary of some of the controversy. It's part of a pair, with "Unemployment Benefits and Unemployment in the Great Recession: The Role of Macro Effects" also including Fatih Karahan.



by John H. Cochrane via Grumpy Economist
Tuesday, January 27, 2015

The last two weeks have been full of monetary news with the Swiss Franc peg, and the ECB's announcement of Quantitative Easing (QE). A few thoughts.


Asset Pricing Mooc

by John H. Cochrane via Grumpy Economist
Tuesday, January 13, 2015

The new and improved online version of my PhD class "Asset Pricing Part 1" will open for business January 18.


Deflating Deflationary Fears

by John H. Cochrane via Grumpy Economist
Thursday, January 8, 2015

From a nice paper by Charles Plosser with that catchy title.  Yes, it's 10 years old, but the lesson is appropriate in today's hysteria. That dreaded deflationary spiral is always just around the corner.


Piketty Facts

by John H. Cochrane via Grumpy Economist
Wednesday, January 7, 2015

Most Piketty commentary (like the Deridre McCloskey review I blogged earlier) focuses on the theory, r>g, and so on. After all, that's easy and you don't have to read hundreds of pages.


Strange Bedfellows

by John H. Cochrane via Grumpy Economist
Tuesday, January 6, 2015

Jeff Sachs has written a very interesting Project Syndicate piece on Keynesian economics. It's phrased as a critique of Paul Krugman, but his message applies much more broadly. Krugman was mostly articulating fairly standard views on stimulus, "austerity'' and so forth.


Interest-paying Money Is Not Inflationary

by John H. Cochrane via Grumpy Economist
Saturday, January 3, 2015

(With credible fiscal policy, of course.)  Another interesting case, from JP Koning's Blog "Moneyness"


Ruble Trouble

by John H. Cochrane via Grumpy Economist
Tuesday, December 30, 2014

On Russia, the fall of the Ruble.

This is an interesting event on which to test out our various frameworks for thinking about macroeconomics and monetary economics.

Featured Commentary

An Autopsy for the Keynesians

by John H. Cochrane via Wall Street Journal
Sunday, December 21, 2014

We were warned that the 2013 sequester meant a recession. Instead, unemployment came down faster than expected.


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. . .