John H. Cochrane

Rose-Marie and Jack Anderson Senior Fellow
Biography: 

John H. Cochrane is the Rose-Marie and Jack Anderson 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

In the News

Socialism Is No Longer Just A Specter

quoting John H. Cochranevia The Washington Post
Friday, October 23, 2020

[Subscription Required] In 1906, Werner Sombart, the German economist, explained America’s resistance to socialism in five words, “roast beef and apple pie,” his shorthand for affluence. John Cochrane of Stanford’s Hoover Institution, notes that in the 2008 financial crisis, the Federal Reserve launched “creditor bailouts, propping up asset prices to keep investors from losing money, buying unprecedented assets.” The risk of moral hazard — incentives for reckless behavior — is obvious.

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GoodFellows: Breaking Up (Big Tech) Is Hard To Do

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia Fellow Talks
Thursday, October 22, 2020

This week’s antitrust lawsuit against Google poses a pertinent question at the intersection of Big Tech and free speech: from rewriting statutes to dismantling market giants such as Amazon and Facebook, what actions is the federal government willing to take to ensure the interests of Americans? Hoover Senior Fellows Niall Ferguson, H. R. McMaster, and John Cochrane weigh the latest salvo in the ongoing hostilities between Washington and Silicon Valley.

Policy InsightsFeatured

Thinking About Long-Term Debt

by John F. Cogan, John H. Cochrane, Michael J. Boskin, Joshua D. Rauh, Richard A. Epstein, Daniel Heilvia PolicyEd
Thursday, October 22, 2020

Whether they’re overlooking skyrocketing federal debt or unfunded state pension obligations, lawmakers continue to make short-run budget decisions that will disproportionately burden future generations. How big are these problems, and are there any good solutions?

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Breaking Up (Big Tech) Is Hard To Do

with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Wednesday, October 21, 2020

This week’s antitrust lawsuit against Google poses a pertinent question at the intersection of Big Tech and free speech: from rewriting statutes to dismantling market giants such as Amazon and Facebook, what actions is the federal government willing to take to ensure the interests of Americans? Hoover Senior Fellows Niall Ferguson, H. R. McMaster, and John Cochrane weigh the latest salvo in the ongoing hostilities between Washington and Silicon Valley.

Analysis and Commentary

Challenges For Central Banks.

by John H. Cochranevia The Grumpy Economist
Tuesday, October 20, 2020

On October 20, I was graciously invited to give a talk at the ECB Conference on Monetary Policy: bridging science and practice.

Featured

Understanding The Left

by John H. Cochranevia The Grumpy Economist
Tuesday, October 13, 2020

This is an essay on politics. Some of my most valued readers have expressed they don't enjoy my posts on politics. Fair enough, I'll be back soon with commentary on monetary policy. See you later.

Analysis and Commentary

The Philadelphia Statement

by John H. Cochranevia The Grumpy Economist
Tuesday, October 13, 2020

While we're at it, The Philadelphia Statement is another effort to broadcast the value of free speech and open inquiry, with 15163 signatories so far.  

Featured

Open Letter On Campus Culture

by John H. Cochranevia The Grumpy Economist
Monday, October 12, 2020

Adam Ellwanger, Professor of English at the University of Houston, has organized an important open letter on campus culture. It has hundreds of signatories. You can sign too if you wish.  

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GoodFellows: Slightly Hawkish?

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia Fellow Talks
Monday, October 12, 2020

AUDIO ONLY

With polls suggesting a Biden victory in November, Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane assess the impact of a change in power on US foreign policy. Their conclusion: not necessarily the same course as the previous Democratic administration—a new president perhaps more willing to use force.

Analysis and Commentary

Nobel Guess

by John H. Cochrane mentioning Thomas Sowellvia The Grumpy Economist
Sunday, October 11, 2020

Covid has really hurt the annual Nobel Prize gossip in economics circles. Here's my guess: Claudia Goldin and Tom Sowell.

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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. . .