John H. Cochrane

Rose-Marie and Jack Anderson Senior Fellow
Research Team: 
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.

Filter By:

Topic

Type

Recent Commentary

Analysis and Commentary

Geoengineering Fun

by John H. Cochranevia Grumpy Economist
Wednesday, August 14, 2019

Eli Dourado writes of four intriguing geoengineering schemes: (HT Marginal Revolution's incomparable links.) 

The Palacio del Congreso in Argentina
Analysis and Commentary

Letter 2 From Argentina

by John H. Cochranevia Grumpy Economist
Wednesday, August 14, 2019

Alejandro Rodrigues writes again from Argentina (previous post) "This  graph shows the evolution of peso denominated fixed income mutual funds. On Monday (after the elections) this funds suffered withdrawals of 6% of the total shares. Net assets fell by more as prices plummeted (-5%). 

Analysis and Commentary

The Reader's Guide To Optimal Monetary Policy

by John H. Cochranevia Grumpy Economist
Wednesday, August 14, 2019

The Reader's Guide to Optimal Monetary Policy is a snazzy new website created by Anthony Diercks and Cole Langlois at the Federal Reserve Board.  

In the News

Preexisting Conditions: The Size Of The Pool

quoting John H. Cochranevia RiverBender.com
Wednesday, August 14, 2019

John Cochrane of the Hoover Institute, formerly of the University of Chicago, calls preexisting conditions the “CENTRAL DEFECT OF AMERICAN HEALTH INSURANCE”.

Featured

Whither The Fed?

by John H. Cochranevia Grumpy Economist
Monday, August 12, 2019

Steve Williamson has an excellent long essay, "Is the Fed Doing Anything Right?" on the current state of monetary policy. Why is the Fed lowering rates?

Analysis and Commentary

Letter From Argentina

by John H. Cochranevia Grumpy Economist
Monday, August 12, 2019

My friend Alejandro Rodriguez, at Universidad del CEMA, sends the following report: Oops we did it again. Macri (the current president) lost in the open primary elections (all parties present their candidates in an open  general election so it is like a very big poll). 

Featured

Trade And The Fed

by John H. Cochranevia Grumpy Economist
Wednesday, August 7, 2019

Nina Karnaukh of Ohio State sent along this lovely graph of the 6 month Fed Funds futures around the beginning of August. Read this as the market's guess about what is happening to the Federal Funds rate over the next 6 months.

Policy BriefsFeatured

John Cochrane On Why A Complicated Tax Code Leads To Negative Outcomes

featuring John H. Cochranevia PolicyEd
Wednesday, July 24, 2019

In order to raise the necessary revenue for the government with minimal damage to the economy, we should lower marginal rates, broaden the base, and simplify the tax code. With a simple, clear system, we not only can raise revenue but also increase productivity and work.

Analysis and Commentary

Notes From A Nameless Conference

by John H. Cochranevia Grumpy Economist
Wednesday, July 24, 2019

Martin Gurri at the fifth wave writes a very intresting "notes from a nameless conference." (HT Marginal Revolution). A few choice quotes, but do read the whole thing.

Analysis and Commentary

Every Era’s Monetary And Financial Institutions Are Unimaginable Until They’re Real

by John H. Cochranevia Grumpy Economist
Wednesday, July 24, 2019

Every era’s monetary and financial institutions are unimaginable until they’re real, writes Tyler Cowen in an excellent Bloomberg.com essay on the anniversary of Bretton Woods.

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. . .