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

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GoodFellows: The Politics Of A Pandemic

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Francis Fukuyamavia Hoover Podcasts
Wednesday, June 17, 2020

Our guest this week is Francis Fukuyama, the Olivier Nomellini Senior Fellow at the Freeman Spogli Institute for International Studies. His new article in Foreign Affairs, "The Pandemic and Political Order” provides the topic for this edition of GoodFellows.

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The Politics Of A Pandemic

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Francis Fukuyamavia GoodFellows: Conversations From The Hoover Institution
Tuesday, June 16, 2020

Our guest this week is Francis Fukuyama, the Olivier Nomellini Senior Fellow at the Freeman Spogli Institute for International Studies. His new article in Foreign Affairs, "The Pandemic and Political Order” provides the topic for this edition of Good Fellows. The piece poses a slew of intriguing questions and issues that the Good Fellows opine on: What will the post-COVID pandemic world will look like? How will the global economy recover? Does the pandemic mark the end of Reaganism and Chicago School free market economics? If so, what comes next?

Analysis and Commentary

The Cancel Culture Twitter Mob Comes To Economics

by John H. Cochranevia Grumpy Economist
Monday, June 15, 2020

Last week we learned the twitter mob has taken over economics too.

The Grumpy Economist
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The Grumpy Economist: Dealing With Debt: Ideas From The Ridiculous To The Sublime

interview with John H. Cochranevia The Grumpy Economist | A Podcast with John H. Cochrane
Friday, June 12, 2020

A critical analysis of Modern Monetary Theory -- and a look at the promise of perpetual bonds.

Featured

Perpetuities, Debt Crises, And Inflation

by John H. Cochranevia The Grumpy Economist
Monday, June 8, 2020

My brief exchange with Markus Brunnermeier at the end of a Covid-19 talk attracted some attention, and merits a more detailed intervention. Gavin Davies at FT made some comments (more later) as did the Economist.

In the News

Managing Covid Debt Mountains Is A Key Task For The Next Decade

featuring John H. Cochranevia Financial Times
Monday, June 8, 2020

Treasury bond issuance and central bank QE must work in tandem for economic recovery.

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GoodFellows: The End of Empathy

interview with John H. Cochrane, Niall Ferguson, H. R. McMastervia Hoover Podcasts
Sunday, June 7, 2020

AUDIO ONLY

In this special edition of GoodFellows, we’re joined by Roland Fryer, Professor of Economics at Harvard University. His work on education, inequality, and race has been widely cited in media outlets and in Congressional testimony. In this wide ranging conversation on the events of the past 10 days, the GoodFellows discuss Roland’s experiences with law enforcement as a teenager, which informed his future work researching the use of force by police departments and the disparities in how it is applied to African Americans. They also discuss one of the more radical proposals stemming from the George Floyd murder: defunding police departments.

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The End Of Empathy

interview with John H. Cochrane, Niall Ferguson, H. R. McMastervia GoodFellows: Conversations From The Hoover Institution
Friday, June 5, 2020

In this special edition of GoodFellows, we’re joined by Roland Fryer, Professor of Economics at Harvard University. His work on education, inequality, and race has been widely cited in media outlets and in Congressional testimony. In this wide ranging conversation on the events of the past 10 days, the GoodFellows discuss Roland’s experiences with law enforcement as a teenager, which informed his future work researching the use of force by police departments and the disparities in how it is applied to African Americans. They also discuss one of the more radical proposals stemming from the George Floyd murder: defunding police departments.

Analysis and Commentary

‘The Deficit Myth’ Review: Years Of Magical Thinking

by John H. Cochranevia The Wall Street Journal
Friday, June 5, 2020

[Subscription Required] At least Bernie Sanders believes spending depends on tax revenue. Modern monetary theory says: Dream big!

Analysis and Commentary

Magical Monetary Theory

by John H. Cochranevia Grumpy Economist
Friday, June 5, 2020

I read Stephanie Kelton's book, The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy,” and wrote this review for the Wall Street Journal. As usual I have to wait 30 days to post the whole thing here.

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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. . .