John H. Cochrane

Senior Fellow
Research Team: 
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.

Filter By:

Topic

Type

Recent Commentary

Blogs

Asset Pricing Part II

by John H. Cochrane via Grumpy Economist
Thursday, July 30, 2015

Asset Pricing Part II, the second half of my online PhD class in asset pricing, starts up next week. Part I and Part II are separate and independent courses, and you don't need a lot of the material of Part I to do Part II. This is a "summer school" session set up especially for PhD students in finance.

Blogs

Mankiw And Conventional Wisdom On Europe

by John H. Cochrane via Grumpy Economist
Tuesday, July 28, 2015

Greg Mankiw wrote a week ago in the Sunday New York Times, ably explaining the conventional view that the Euro is a bad idea, and that even countries as small as Greece (11 million people) need national currencies.

Blogs

Ben-Gad And The Minotaur

by John H. Cochrane via Grumpy Economist
Monday, July 27, 2015

Michael Ben-Gad has a smashing review, "Into the Labyrinth", of Yanis Varoufakis' The Global Minotaur (Disclaimer: I have not read it and don't intend to.) It's a great piece of writing as well as a cogent analysis.

Blogs

Monetary Testimony

by John H. Cochrane via Grumpy Economist
Wednesday, July 22, 2015

I was invited to testify at the Subcommittee on Monetary Policy and Trade of the House Financial Services Committee on Wednesday. I had only done this once before and it was a very interesting experience.

Blogs

Minimum Wage And Mechanization

by John H. Cochrane via Grumpy Economist
Wednesday, July 22, 2015

A while ago I opined that higher minimum wages might lead companies like McDonalds to substitute to machines

Marriner S. Eccles Federal Reserve Board Building
Blogs

A Capital Fed Ruling

by John H. Cochrane via Grumpy Economist
Tuesday, July 21, 2015

The Fed just released it's latest missive to the big banks, and the answer is capital, lots more capital. Three cheers for the Fed.

Economics Abstract
Blogs

The Other Smith On Growth

by John H. Cochrane via Grumpy Economist
Saturday, July 18, 2015

In a recent Bloomberg piece, "Growth Fantasy of Tax Cuts and Small Government" Noah Smith took on my recent blog posts on 4% growth.

Blogs

Learning And New Keynesian Models.

by John H. Cochrane via Grumpy Economist
Thursday, July 16, 2015

John Barrdear at the Bank of England just posted an interesting paper, Towards a New Keynesian theory of the price level. Like Garcia Schmidt and Woodford, it changes the information structure of the standard model to avoid the standard model's problems.

Blogs

Miles Looks Back

by John H. Cochrane via Grumpy Economist
Wednesday, July 15, 2015

David Miles, retiring from the Monetary Policy Committee of the Bank of England, gave a fascinating speech on the occasion.

Blogs

Behavioral Public Choice

by John H. Cochrane via Grumpy Economist
Wednesday, July 15, 2015

In a number of blog posts, (here ) I've complained about the lack of behavioral public choice theory, and highlighted some efforts in that direction.

Pages

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. . .