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

Featured

Open Letter On Campus Culture

by John H. Cochranevia The Grumpy Economist
Monday, October 12, 2020

Adam Ellwanger, Professor of English at the University of Houston, has organized an important open letter on campus culture. It has hundreds of signatories. You can sign too if you wish.  

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GoodFellows: Slightly Hawkish?

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia Fellow Talks
Monday, October 12, 2020

AUDIO ONLY

With polls suggesting a Biden victory in November, Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane assess the impact of a change in power on US foreign policy. Their conclusion: not necessarily the same course as the previous Democratic administration—a new president perhaps more willing to use force.

Analysis and Commentary

Nobel Guess

by John H. Cochrane mentioning Thomas Sowellvia The Grumpy Economist
Sunday, October 11, 2020

Covid has really hurt the annual Nobel Prize gossip in economics circles. Here's my guess: Claudia Goldin and Tom Sowell.

Stanford Oval
Analysis and Commentary

Should Stanford Cancel Stanford? Many Questions.

by John H. Cochranevia The Grumpy Economist
Saturday, October 10, 2020

Stanford just announced that it will change the name of (David Starr) Jordan Hall, and remove the statue of Louis Agassiz that adorns it. See the link if you do not know who these people are. 

Analysis and Commentary

Video, Talks, Podcasts Update

by John H. Cochranevia The Grumpy Economist
Friday, October 9, 2020

I have been remiss in posting links to videos, talks, and podcasts, for those of you who enjoy them.  Perhaps you have a long boring drive this weekend and NPR is driving you nuts. 

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OECD Talk -- Rebuilding Institutions In The Wake Of Covid-19

by John H. Cochranevia The Grumpy Economist
Friday, October 9, 2020

Friday morning I had the pleasure of participating in a session at the OECD, as part of their program on Confronting Planetary Emergencies - Solving Human Problems. I had the tough job of following brilliant remarks by Acting CEA chair Tyler Goodspeed and Ken Rogoff, and discussing great questions all starting at 5 AM.

Interviews

John Cochrane: The Right And Wrong Of MMT (Modern Monetary Theory)

interview with John H. Cochranevia Capitalisnt
Thursday, October 8, 2020

Hoover Institution fellow John Cochrane discusses capitalism and whether it is working in our world today.

Interviews

John Cochrane And Raghuram Rajan: Exploding Public Debt: Consequences For Fixed Income Markets And Future Fiscal Policy

interview with John H. Cochrane, Raghuram Rajanvia Manhattan Institute
Thursday, October 8, 2020

Hoover Institution fellows John Cochrane and Raghuram Rajan discuss the record government debts and long-term uncertainty that are piling up, and that are partially caused by the reaction to COVID-19.

Analysis and Commentary

Contract Enforcement With Costly Verification -- Van Halen Edition

by John H. Cochranevia The Grumpy Economist
Wednesday, October 7, 2020

From the Wall Street Journal Obituary

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Slightly Hawkish?

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Tuesday, October 6, 2020

With polls suggesting a Biden victory in November, Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane assess the impact of a change in power on US foreign policy. Their conclusion: not necessarily the same course as the previous Democratic administration—a new president perhaps more willing to use force.

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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. . .