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

Lessons From The Hoover Policy Boot CampFeatured

Financial Regulation: From Bank Runs To Climate Change

by John H. Cochranevia PolicyEd
Thursday, May 12, 2022

John Cochrane studies the Federal Reserve’s ever-growing role and its effects on the financial system.

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The Research Comes First

interview with Niall Ferguson, H. R. McMaster, John H. Cochranevia Hoover Digest
Wednesday, May 4, 2022

Hoover’s “GoodFellows”—Niall Ferguson, H. R. McMaster, and John H. Cochrane—talk about the many ways the institution turns learning into action.

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GoodFellows: “Ukraine Is Going To End Up Winning”

interview with John H. Cochrane, H. R. McMaster, Lieutenant General Ben Hodges, Bill Whalenvia Fellow Talks
Wednesday, May 4, 2022

As the war in Ukraine passes the 70-day mark, questions abound as to whether Russia will soon escalate the brutality, how far Ukrainian forces intend to take the fight, plus the West’s long-term appetite for supplying arms and aid. Lt. Gen. Ben Hodges, former commanding general, US Army Europe, joins Hoover senior fellows H. R. McMaster and John Cochrane to discuss what to expect next in Eastern Europe’s war zone.

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“Ukraine Is Going To End Up Winning”

interview with John H. Cochrane, H. R. McMaster, Lieutenant General Ben Hodgesvia GoodFellows: Conversations From The Hoover Institution
Wednesday, May 4, 2022

As the war in Ukraine passes the 70-day mark, questions abound as to whether Russia will soon escalate the brutality, how far Ukrainian forces intend to take the fight, plus the West’s long-term appetite for supplying arms and aid. Lt. Gen. Ben Hodges, former commanding general, US Army Europe, joins Hoover senior fellows H. R. McMaster and John Cochrane to discuss what to expect next in Eastern Europe’s war zone.

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GoodFellows: More Cowbell: BYOT (Bring Your Own Topic)

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia Fellow Talks
Wednesday, April 27, 2022

A “potluck” edition of GoodFellows this time around, with Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane “bringing their own” topics for group discussion. These include an examination of an anticipated tank battle in Ukraine’s Donbas that’s yet to materialize, China’s disastrous “zero COVID” policy, what a post-Ukraine economic and military order might resemble, plus Elon Musk’s takeover of Twitter and Florida governor Ron DeSantis’s takedown of Disney and university faculty in the Sunshine State.

Featured

Why Hasn’t The Fed Done More To Fight Inflation?

by John H. Cochranevia Chicago Booth Review
Wednesday, April 27, 2022

A simple explanation for the bank’s muted response to rising prices.

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More Cowbell: BYOT (Bring Your Own Topic)

interview with John H. Cochrane, Niall Ferguson, H. R. McMastervia GoodFellows: Conversations From The Hoover Institution
Wednesday, April 27, 2022

A “potluck” edition of GoodFellows this time around, with Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane “bringing their own” topics for group discussion. These include an examination of an anticipated tank battle in Ukraine’s Donbas that’s yet to materialize, China’s disastrous “zero COVID” policy, what a post-Ukraine economic and military order might resemble, plus Elon Musk’s takeover of Twitter and Florida governor Ron DeSantis’s takedown of Disney and university faculty in the Sunshine State.

In the News

Will The Fed Curb Inflation? Here’s Why Idaho Economist Says The Fed Alone Cannot Fix It

quoting John H. Cochranevia Idaho Statesman
Wednesday, April 20, 2022

Despite all its money, it may not have the power. The Fed’s efforts to constrain inflation are likely to fall short.

In the News

Board Takes Twitter Captive And Other Commentary

quoting John H. Cochranevia New York Post
Tuesday, April 19, 2022

“Twitter faces the ‘nightmare’ of being forced into free speech,” says Jonathan Turley at The Hill. Its board of directors “unanimously voted to swallow a ‘poison pill’ to tank the value of the social media giant’s shares rather than allow billionaire Elon Musk to buy the company.” It wasn’t just fending off a hostile takeover: “Twitter and many liberals are apoplectic over Musk’s call for free speech protections on the site.”

Analysis and Commentary

Regulatory Capture: Trucking Edition

by John H. Cochranevia The Grumpy Economist
Saturday, April 16, 2022

Dominic Pino has a lovely National Review article on Mexican trucks. Watch the sausage in the making. Excerpts with commentary: Congress banned Mexican truckers from entering the U.S. in 1982. NAFTA, which came into effect in 1994, committed the U.S. to removing that restriction by 2000.

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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. . .