John H. Cochrane

Rose-Marie and Jack Anderson Senior Fellow

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,, and other publications. He maintains the Grumpy Economist blog.

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Recent Commentary

Analysis and Commentary

The Fed's Great Experiment

by John H. Cochranevia Grumpy Economist
Friday, December 14, 2012
Analysis and Commentary

Experimental Evidence on The Effect of Taxes

by John H. Cochranevia Grumpy Economist
Wednesday, November 28, 2012
Analysis and Commentary

Taxes and Cliffs

by John H. Cochranevia Grumpy Economist
Sunday, November 25, 2012
Analysis and Commentary

Gas Price Contest

by John H. Cochranevia Grumpy Economist
Tuesday, November 13, 2012
Analysis and Commentary

Dodd-Frank and Stigler's Ghost

by John H. Cochranevia Grumpy Economist
Saturday, November 10, 2012
Analysis and Commentary

The Federal Reserve: From Central Bank to Central Planner

by John H. Cochranevia Wall Street Journal
Friday, August 31, 2012

Momentous changes are under way in what central banks are and what they do. We are used to thinking that central banks' main task is to guide the economy by setting interest rates. Central banks' main tools used to be "open-market" operations, i.e.

Analysis and Commentary

Myths and Facts About the Gold Standard

by John H. Cochranevia Wall Street Journal
Saturday, July 28, 2012

No monetary system can absolve a nation of its fiscal sins...

The Squam Lake Report: Fixing the Financial System

by Darrell Duffie, John H. Cochranevia Princeton University Press
Monday, June 14, 2010

In the fall of 2008, fifteen of the world's leading economists--representing the broadest spectrum of economic opinion--gathered at New Hampshire's Squam Lake. Their goal: the mapping of a long-term plan for financial regulation reform.


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. . .