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: Stirring the Melting Pot

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Reihan Salamvia Fellow Talks
Wednesday, April 28, 2021

For decades, America has struggled to make sense of whom to allow legally into the nation, whether to create pathways to citizenship for those who have slipped across the border illegally, and how to maintain the ideal of a welcoming society. Reihan Salam, president of the Manhattan Institute and author of 2018’s Melting Pot or Civil War? A Son of Immigrants Makes the Case Against Open Borders, joins Hoover senior fellows Niall Ferguson, H. R. McMaster and John Cochrane to discuss the present crisis at the southern border and what a 21st-century version of immigration reform should resemble.

Analysis and Commentary

Infrastructure And Jobs

by John H. Cochranevia The Grumpy Economist
Wednesday, April 28, 2021

To many on the left, it's always 1933. Building "roads and bridges" will "create jobs," soaking up the mass army of unemployed desperate for work that they seem to see.

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Stirring The Melting Pot

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Reihan Salamvia GoodFellows: Conversations From The Hoover Institution
Wednesday, April 28, 2021

For decades, America has struggled to make sense of whom to allow legally into the nation, whether to create pathways to citizenship for those who have slipped across the border illegally, and how to maintain the ideal of a welcoming society. Reihan Salam, president of the Manhattan Institute and author of 2018’s Melting Pot or Civil War? A Son of Immigrants Makes the Case Against Open Borders, joins Hoover senior fellows Niall Ferguson, H. R. McMaster and John Cochrane to discuss the present crisis at the southern border and what a 21st-century version of immigration reform should resemble.

Analysis and Commentary

Vaccines And Liability

by John H. Cochranevia The Grumpy Economist
Monday, April 26, 2021

I learned something from the New York Times lead editorial on Sunday. Why are we not shipping mega quantities of vaccines to countries like India?

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Inflation: The Ingredients Are In The Pot, And The Fire Is On

by John H. Cochrane, Kevin Hassettvia National Review
Monday, April 26, 2021

The Fed's dismissive attitude toward inflation risks a repeat of the 1970s' stagflation.

Bankers’ Green Temptation

by John H. Cochranevia Hoover Digest
Monday, April 26, 2021

It’s reckless for central banks to try to enforce vague environmental policies. It also threatens their hard-won independence from politicians.

Debt Reckoning

by John H. Cochranevia Hoover Digest
Monday, April 26, 2021

Debt can’t grow forever. It will take skill—and spine—to prepare for the day when the bills come due.

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Summers At FT

by John H. Cochranevia The Grumpy Economist
Friday, April 23, 2021

Martin Wolf's FT interview with Larry Summers is a great read. It would be a great read for its articulate numeracy if Larry were a Republican, stepping down from the Trump CEA or Treasury. That he is on the the other team makes it ever more poignant. 

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More Inequality

by John H. Cochranevia Grumpy Economist
Thursday, April 22, 2021

Paul Graham adds interesting thoughts on inequality, looking at the Forbes 100. Maybe we don't have enough inequality, and maybe the rise in inequality (especially of wealth) since the 1970s represents too little inequality then, not too much now. 

Analysis and Commentary

Inequality Mirage?

by John H. Cochranevia The Grumpy Economist
Wednesday, April 21, 2021

David Splinter and Gerald Auten gave last week's Hoover Economic Policy Working Group seminar, summarizing their past and some work in progress on the distribution of income. Link in case the above embed does not work. A recent paper. Splinter's web page.

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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. . .