John H. Cochrane

Rose-Marie and Jack Anderson Senior Fellow
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Biography: 

John H. Cochrane is the Jack and Rose-Marie 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

Analysis and Commentary

Different Planets

by John H. Cochrane via Grumpy Economist
Thursday, June 14, 2018

A friend, who reads an unusually diverse set of sources, passed on some interesting pictures suggesting that our media live on different planets.

Featured

Cross-Subsidies

by John H. Cochrane via Grumpy Economist
Tuesday, June 12, 2018

Cross-subsidies are an under-appreciated original sin of economic stagnation. To transfer money from A to B, it would usually be better to raise taxes on A and to provide vouchers or otherwise pay competitive suppliers on behalf of B. But our political system doesn't like to admit the size of government-induced transfers, so instead we force businesses to undercharge B.

Analysis and Commentary

ACA Dropouts

by John H. Cochrane via Grumpy Economist
Monday, June 4, 2018

Half of the people who sign up for Obamacare (ACA) get a flurry of medical care, then drop out before a year is over. They can always sign up again if they need to. People who stay on insurance tend to be those who have ongoing chronic and expensive conditions that need continual care. The implications for the viability of such insurance are not good.

Analysis and Commentary

Lessons Of The ELB

by John H. Cochrane via Grumpy Economist
Tuesday, May 29, 2018

I gave a short presentation on monetary policy at the Nobel Symposium run by the Swedish House of Finance.

Featured

Jitters

by John H. Cochrane quoting Martin Feldsteinvia Grumpy Economist
Saturday, May 26, 2018

Or, "the beginning of the end, or the end of the beginning?" Or, "from demand to supply?" An Op-Ed for The Hill with some extras: The economic expansion and stock market runup have been going on for a decade, and a case of the jitters seems to be spreading. How long can this go on? Is the end around the corner? 

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It's The End Of The Beginning For The Economy, Not The Other Way Around

by John H. Cochrane via The Hill
Wednesday, May 23, 2018

The economic expansion and stock market run-up have been going on for a decade, and a case of the jitters seems to be spreading. How long can this go on? Is the end around the corner?

Featured

Alexander Hamilton's Solar Panels

by John H. Cochrane via The Grumpy Economist
Friday, May 18, 2018

I think I finally have figured out why California is mandating solar panels on top of houses.

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Meditation On A Trip To The DMV

by John H. Cochrane via Grumpy Economist
Tuesday, May 15, 2018

I arrived at the DMV yesterday at 9 AM. My number came up at 5:45 -- you have to wait anxiously all day as you have 10 seconds to respond to your number. At 6:05, 10 hours after arrival. I was informed it was too late to take my written test so I would have to come back.

Palacio del Congreso in Buenos Aires
Analysis and Commentary

Argentina Update And IMF

by John H. Cochrane via The Grumpy Economist
Friday, May 11, 2018

Coincidentally, as Argentina started this spiral, I was at the Hoover conference on "Currencies, Capital, and Central Bank Balances," and thinking about it especially during the session on "Capital Flows, the IMF’s Institutional View and Alternatives" featuring Jonathan Ostry, who bravely came to defend the IMF's Institutional View, Sebastian Edwards, and John Taylor, moderated by George Shultz.

Analysis and Commentary

Groundhog Day In Argentina

by John H. Cochrane via Grumpy Economist
Friday, May 4, 2018

My friend and colleague Alejandro Rodriguez, director of the Department of Economics at CEMA in Buenos Aires, wrote me a few emails that Argentina seems to be blowing up again in very interesting and sad ways. I haven't seen any coverage in the US media.

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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. . .