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

Gordon On Growth 2

by John H. Cochrane via Grumpy Economist
Friday, January 29, 2016

PBS and Paul Solman did a great job, especially relative to the usual standards of economics coverage in the media. OK, not perfect -- they livened it up by tying it to partisan politics a bit more than they should have, though far less than usual.

Analysis and Commentary

MacDonell On QE

by John H. Cochrane via Grumpy Economist
Friday, January 15, 2016

Gerard MacDonell has a lovely noahpinion guest post "So Much for the QE Stimulus" (HT Marginal Revolution). Some good bits here, with my bold on noteworthy zingers.

Analysis and Commentary

Secret Data Encore

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

My post "Secret data" on replication provoked a lot of comment and emails, more reflection, and some additional links.

Analysis and Commentary

Secret Data

by John H. Cochrane via Grumpy Economist
Monday, December 28, 2015

On replication in economics. Just in time for bar-room discussions at the annual meetings.

Analysis and Commentary

Tax Oped

by John H. Cochrane via Grumpy Economist
Wednesday, December 23, 2015

An Oped at the Wall Street Journal, "Here's what genuine tax reform looks like." With a new art style by WSJ.

Featured

Here’s What Genuine Tax Reform Looks Like

by John H. Cochrane via Wall Street Journal
Tuesday, December 22, 2015

The goal is to be simple and fair, with minimal damage. Step one would eliminate the corporate tax.

Analysis and Commentary

Tilting At Bubbles

by John H. Cochrane via Grumpy Economist
Tuesday, December 15, 2015

The Wall Street Journal reports on the "Fed's Unsolved Puzzle: How to Deflate Bubbles" (That's the print version headline, much pithier than online.) I thought I was reading The Onion. There it is, a graph marked "Asset Bubbles," measured, apparently, with interferometer precision.

Featured

Institutions And Experience

by John H. Cochrane via Grumpy Economist
Tuesday, December 15, 2015

These are remarks I prepared for a symposium at Hoover in honor of George Shultz on his 95th birthday. Willie Brown was the star of the symposium, I think, preceded by a provocative and thoughtful speech by Bill Bradley.

Analysis and Commentary

Luke Skywalker And ISIS

by John H. Cochrane via Grumpy Economist
Monday, December 14, 2015

Despised people -- terrorists; slaveholders; Republicans, to the New York Times -- think of themselves as good and worthy, though they do things we find unfathomably evil.

Analysis and Commentary

Smith Meet Jones

by John H. Cochrane via Grumpy Economist
Thursday, December 3, 2015

A while ago I wrote up a smorgasbord of policies that I thought could increase US economic growth, at least for a few decades, in "Economic Growth".

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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. . .