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: A Soviet Reunion: Michael McFaul On What Putin Wants

interview with Michael McFaul, H. R. McMaster, Niall Ferguson, John H. Cochrane, Bill Whalenvia Fellow Talks
Tuesday, April 5, 2022

The war continues in Ukraine while peace talks go forward in Istanbul – the outcome of both endeavors anyone’s guess. Michael McFaul, a Hoover senior fellow and former U.S. Ambassador to Russia, joins Hoover senior fellows Niall Ferguson, H.R. McMaster and John Cochrane to discuss the chances of a settlement that’s mutually beneficial to the two warring parties and the West, Vladimir Putin, plus the possibility of hostilities escalating.

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A Soviet Reunion: Michael McFaul On What Putin Wants

interview with Michael McFaul, H. R. McMaster, Niall Ferguson, John H. Cochrane, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Tuesday, April 5, 2022

The war continues in Ukraine while peace talks go forward in Istanbul—the outcome of both endeavors being anyone’s guess. Michael McFaul, a Hoover senior fellow and former US ambassador to Russia, joins Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane to discuss the chances of a settlement that’s mutually beneficial to the two warring parties and the West, as well as discussing Vladimir Putin and the possibility of hostilities escalating.

Analysis and Commentary

Is The Fed Fisherian?

by John H. Cochranevia Grumpy Economist
Monday, April 4, 2022

Inflation has been with us for a year; it is 7.9% and trending up. March 15, the Fed finally budged the Federal Funds rate from 0 to 0.33%, (look hard) with slow rate rises to come.

Featured

Will Inflation Persist?

by John H. Cochranevia Grumpy Economist
Thursday, March 31, 2022

Will inflation persist? One line of thought says no: This inflation came from a one-time fiscal blowout. That "stimulus'' being over, inflation should stop.

Interviews

"The Grumpy Economist" John Cochrane On The Larry Kudlow Show

interview with John H. Cochranevia Larry Kudlow Show
Sunday, March 27, 2022

Hoover Institution fellow John Cochrane explains the failings of Biden's "green" energy policies.

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GoodFellows: That’s What Xi (Jinping) Said

interview with Matt Pottinger, H. R. McMaster, Niall Ferguson, John H. Cochranevia Fellow Talks
Wednesday, March 23, 2022

This week, H .R. McMaster mans the moderator chair for Bill Whalen, and our guest is Matt Pottinger, the former deputy national security advisor and current distinguished visiting fellow at the Hoover Institution. We cover President Biden’s call with Chinese president Xi Jinping; discuss what lessons China may be taking from Russia’s experience in Ukraine with regards to its own ambitions in Taiwan; and debate what the end game may look like between Russia and Ukraine and when we might expect that to play out.

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That’s What Xi (Jinping) Said

interview with Matt Pottinger, H. R. McMaster, Niall Ferguson, John H. Cochranevia GoodFellows: Conversations From The Hoover Institution
Wednesday, March 23, 2022

This week, H .R. McMaster mans the moderator chair for Bill Whalen, and our guest is Matt Pottinger, the former deputy national security advisor and current distinguished visiting fellow at the Hoover Institution. We cover President Biden’s call with Chinese president Xi Jinping; discuss what lessons China may be taking from Russia’s experience in Ukraine with regards to its own ambitions in Taiwan; and debate what the end game may look like between Russia and Ukraine and when we might expect that to play out.

Analysis and Commentary

SEC Climate Update

by John H. Cochranevia The Grumpy Economist
Tuesday, March 22, 2022

Three additional thoughts on climate financial regulation, building on the last post about the SEC.

Analysis and Commentary

SEC Takes On Climate

by John H. Cochranevia The Grumpy Economist
Monday, March 21, 2022

From March 21 SEC press release, covering the 510 page proposed rule on climate disclosures. (The colleague who pointed me to this describes that as "a good deal shorter than many such exercises!")

In the News

Dems Considering Stimulus Checks, Raising Taxes On Gas Companies To Off-Set High Prices

quoting John H. Cochranevia The Daily Wire
Sunday, March 20, 2022

The White House is reportedly holding off on the idea of sending “gas cards” — pre-paid debit cards loaded with taxpayers’ money that the government would send to certain Americans to use toward gasoline — after pushback from Democrats who worried the idea would never work in providing economic relief in the face of high fuel prices.

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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. . .