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

Analysis and Commentary

"Non-Profit" Housing At NYT

by John H. Cochranevia The Grumpy Economist
Tuesday, October 5, 2021

Every now and then the old New York Times resurfaces, with detailed reporting, actual facts, whether or not they support The Narrative. Such is the case with an article I recommend, Housing Boss Earns $1 Million to Run Shelters Despite a Troubled Past, by Amy Julia Harris.

Interviews

John Cochrane: Modern Modern Portfolio Theory

interview with John H. Cochranevia The Rational Reminder Podcast
Thursday, September 30, 2021

Hoover Institution fellow John Cochrane discusses long-horizon stocks, market inefficiency and return predictability, classic portfolio theory, risk-less assets, and performance evaluation.

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GoodFellows: “Always Be An Autodidact”

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia Fellow Talks
Wednesday, September 29, 2021

In this week’s episode, we dove into our mailbag of viewers’ letters. The end result: Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane answering questions ranging from the future of US-Sino relations, sovereign debt, vaccine stockpiling, and bitcoin to advice for young students, the fellows’ favorite scholars, and movies related to their respective fields.

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“Always Be An Autodidact”

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Wednesday, September 29, 2021

In this week’s episode, we dove into our mailbag of viewers’ letters. The end result: Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane answering questions ranging from the future of US-Sino relations, sovereign debt, vaccine stockpiling, and bitcoin to advice for young students, the fellows’ favorite scholars, and movies related to their respective fields.

Analysis and Commentary

FiveThirtyEight P-Hacking

by John H. Cochranevia The Grumpy Economist
Wednesday, September 29, 2021

A correspondent sends me the lovely FiveThirtyEight site, on how to p-hack your way to scientific glory.

Analysis and Commentary

Inequality/Opportunity Survey

by John H. Cochranevia The Grumpy Economist
Monday, September 27, 2021

I was interested by a simple survey run by the Archbridge Institute on attitudes regarding inequality vs. opportunity, and  equality vs. equity issues. 

Analysis and Commentary

Treasury Holdings

by John H. Cochranevia The Grumpy Economist
Monday, September 27, 2021

Another great graph from Torsten Slok at Apollo. Foreigners hold less, Fed holds more. However, the Fed doesn't really hold Treasurys. The Fed turns Treasurys into interest-paying reserves, which banks hold. And banks turn reserves into bank deposits and other assets which we hold. 

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GoodFellows: Stable . . . And Stagnant?

interview with John H. Cochrane, Niall Ferguson, H. R. McMastervia Fellow Talks
Thursday, September 23, 2021

Europe’s future includes a post-Merkel Germany, the fallout over the AUSUK technology deal, a shaky NATO alliance post-Afghanistan, Ukraine’s uncertain outlook, plus Russian control of natural gas supplies. Hoover senior fellows Niall Ferguson, H. R. McMaster and John Cochrane discuss the mood on the other side of the Atlantic, as well as President Biden’s UN address and China’s financial reckoning.

In the News

From The Desk Of… Democrats Seem To Forget That LBJ's Great Society Was A Gift To The GOP

quoting John H. Cochranevia Ukiah Daily Journal
Thursday, September 23, 2021

Fifty-one years ago, a book by two centrist Democrats caused a commotion among their party’s progressives, who resented counsels of restraint.

Analysis and Commentary

Hope For California -- Housing Edition

by John H. Cochranevia The Grumpy Economist
Thursday, September 23, 2021

California has at last passed the first laws overturning some residential zoning restrictions.

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. . .