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

Interviews

John Cochrane On The Dan Proft Show Podcast

interview with John H. Cochranevia The Dan Proft Show Podcast
Friday, May 29, 2020

(1:27:30) Hoover Institution fellow John Cochrane discusses his Wall Street Journal article "Get Ready for the ‘Careful’ Economy."

The Grumpy Economist
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The Grumpy Economist: Welcome To The ‘Careful’ Economy

interview with John H. Cochranevia The Grumpy Economist | A Podcast with John H. Cochrane
Thursday, May 28, 2020

What the future looks like under a half-speed reopening.

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Airlines And Information

by John H. Cochranevia The Grumpy Economist
Thursday, May 28, 2020

Airlines are in big trouble. Even after reopening, nobody wants to fly, perceiving them as dangerous.

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Unemployment Insurance Weaning

by John H. Cochranevia Grumpy Economist
Thursday, May 28, 2020

As the economy recovers, public policy faces an inevitable dilemma. How do we wean the economy from support?

Interviews

John Cochrane: Poverty Vs The Lockdowns, The Global Dilemma

interview with John H. Cochranevia The John Batchelor Show
Thursday, May 28, 2020

Hoover Institution fellow John Cochrane discusses his Grumpy Economist blog post "Jones and Fernández-Villaverde update."

Interviews

John Cochrane: Smart Reopenings And Dumb Reopenings

interview with John H. Cochranevia The John Batchelor Show
Thursday, May 28, 2020

Hoover Institution fellow John Cochrane discusses his Wall Street Journal article "Get Ready for the ‘Careful’ Economy."

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GoodFellows: Carnivorous Moose

interview with John H. Cochrane, Niall Ferguson, H. R. McMastervia Hoover Podcasts
Wednesday, May 27, 2020

Europe’s pandemic recovery includes a divided European Union struggling for consensus on a COVID relief plan. Hoover Senior Fellows Niall Ferguson, H.R. McMaster and John Cochrane discuss the health of the 27-nation EU, whose population surveys as economically progressive, more trusting of authoritarian states and less America-leaning.

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Carnivorous Moose

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Tuesday, May 26, 2020

Europe’s pandemic recovery includes a divided European Union struggling for consensus on a COVID relief plan. Hoover Senior Fellows Niall Ferguson, H.R. McMaster and John Cochrane discuss the health of the 27-nation EU, whose population surveys as economically progressive, more trusting of authoritarian states and less America-leaning.

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Jones And Fernández-Villaverde Update

by John H. Cochranevia The Grumpy Economist
Tuesday, May 26, 2020

Chad Jones and Jesús Fernández-Villaverde have updated their SIR model with social distancing. A part I find very intriguing is that they impute the infection rate and the reproduction rate from death rate data. 

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Get Ready For The Careful Economy

by John H. Cochranevia The Grumpy Economist
Tuesday, May 26, 2020

Ready or not—mostly not—the reopening is at hand. The economic carnage of a continued lockdown is simply too great to sustain. But the virus is still with us, so the carefully reopened economy will be less efficient than the pre-pandemic economy.....

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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. . .