John H. Cochrane

Rose-Marie and Jack Anderson Senior Fellow
Research Team: 

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

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Recent Commentary

Policy InsightsFeaturedPolitics

Fixing The Way We Tax

featuring Edward Paul Lazear, John H. Cochrane, David R. Henderson, Richard A. Epstein, Michael J. Boskin, Daniel Heilvia PolicyEd
Friday, December 13, 2019

With the election less than a year away, presidential candidates are eagerly releasing new proposals that promise to rebuild the nation’s infrastructure, expand access to health care, and reduce college tuition. The one thing all of these ideas have in common is that they will be expensive. And unless candidates are willing to increase federal deficits that already exceed a trillion dollars, these expensive ideas mean raising someone’s taxes.


Childbirth And Crime

by John H. Cochranevia The Grumpy Economist
Monday, November 25, 2019

Family formation and crime is the title of a very nice new paper by Maxim Massenkoff Evan K. Rose. (HT Alex Tabarrok at Marginal Revolution, which also has great commentary.)

Blank Section (Placeholder)FeaturedEconomy

Area 45: John Cochrane: Wealth Under Attack

interview with John H. Cochranevia Area 45
Wednesday, November 20, 2019

Why are wealthy people being demonized and how and why did “wealth” became a pejorative term?


Capital Market Freedom

by John H. Cochranevia Grumpy Economist
Wednesday, November 20, 2019

I gave a presentation on "capital markets" at the Hoover Centennial series on Tuesday. Caroline Hoxby gave a clear presentation on human capital, and George Shultz told some great stories from his time in government. Judging from the questions, Caroline was the star and I put them to sleep. Finance always does that.

Analysis and CommentaryHealth Care

Free Market Health Care

by John H. Cochrane quoting Russell Robertsvia Grumpy Economist
Tuesday, November 19, 2019

Russ Roberts has a great econtalk podcast, interviewing Keith Smith of the Surgery Center of Oklahoma Click on that link, roll over the areas of your body that hurt, and find out exactly how much it will cost to fix them.


Climate Clarity

by John H. Cochranevia Grumpy Economist
Saturday, November 16, 2019

China uses half again more energy than the US, to produce  $13.6 trillion vs. $20.5 trillion of GDP. That energy is strikingly weighted to coal (90 vs. 14  QBTU).

Policy InsightsFeaturedEconomy

Environmental Policy Insight

by Terry Anderson, Admiral James O. Ellis Jr., David R. Henderson, John H. Cochrane, George P. Shultzvia PolicyEd
Thursday, November 14, 2019

Whether it is climate change, polluted oceans, or smoggy skies, we owe it to future generations—not to mention our current well-being—to improve our environment. But finding the right answer isn’t always easy. Some proposed solutions would have large negative effects on the economy. Other ideas sound good but don’t have a significant positive effect on the environment. How can we find the best solution?


Economics And Cognitive Dissonance

by John H. Cochranevia The Grumpy Economist
Wednesday, October 23, 2019

What is the value of economics? "Have you economists ever proved anything that isn't obvious?" is a common complaint.


Who Pays More Taxes

by John H. Cochranevia Grumpy Economist
Friday, October 18, 2019

A retired guy and a carpenter walk in to a bar, and they each order a beer. When they pay, the fashionable progressive economist asks them, "how much tax did you pay today on the money you got to buy that beer?" The carpenter answers, "Well, I just got my paycheck today. So, that's 30% federal income tax, 5% state income tax, 15% social security and other payroll taxes." The retiree says, "I took the money out of my bank account at the ATM on the way over. There isn't a tax on taking money out of banks so I didn't pay any taxes today."


Bans On Fracking And Nuclear Power

by John H. Cochranevia The Grumpy Economist
Friday, September 13, 2019

If you want evidence that climate policy has become unhinged from science and quantification, becoming more like a religious cult, look no further than the recent Democratic presidential candidates' proposals to ban fracking immediately and nuclear power soon.


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. . .