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 New Chill in the Classroom

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Steven Pinker, Bill Whalenvia Fellow Talks
Wednesday, April 21, 2021

What to make of elite universities with scant conservative representation in their faculty ranks; mankind’s tendency to dwell on the negative; plus the question of whether this is indeed the best time to be alive? Harvard cognitive psychologist and best-selling author Steven Pinker joins Hoover senior fellows Niall Ferguson, H. R. McMaster and John Cochrane to make the case for optimism in this time of the “Great Awokening.”

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A New Chill In The Classroom

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Steven Pinkervia GoodFellows: Conversations From The Hoover Institution
Wednesday, April 21, 2021

What to make of elite universities with scant conservative representation in their faculty ranks; mankind’s tendency to dwell on the negative; plus the question of whether this is indeed the best time to be alive? Harvard cognitive psychologist and best-selling author Steven Pinker joins Hoover senior fellows Niall Ferguson, H. R. McMaster and John Cochrane to make the case for optimism in this time of the “Great Awokening.”

Interviews

John Cochrane On The John Batchelor Show

interview with John H. Cochranevia The John Batchelor Show
Tuesday, April 20, 2021

Hoover Institution fellow John Cochrane discusses his Grumpy Economist blog post "Inflation levels."

Featured

Nuclear Power And Growth

by John H. Cochranevia The Grumpy Economist
Tuesday, April 20, 2021

Jason Crawford's "Roots of Progress" blog on what happened to nuclear power is an important read for many reasons, among them economic growth, climate, and regulation. It's a review of Why Nuclear Power Has Been a Flop by Jack Devanney which goes on my must-read list.

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Inflation Expectations

by John H. Cochranevia The Grumpy Economist
Sunday, April 18, 2021

This post follow's last week's post on inflation levels prompted by the big March increases in CPI and PPI, and the CEA tweetstorm response. (Also a longer post on the chance of inflation.)

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GoodFellows: Question Time!

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia Fellow Talks
Wednesday, April 14, 2021

In this week’s episode, we dove into our mailbag of viewers’ letters. The end result: Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane answering 15 questions on a variety of subjects: the threat of hostilities between China and Taiwan; the potential effect of Scottish independence on the future of corporate woke politics; alternate versions of higher learning; how to re-instill youthful optimism in America; plus what books the three “GoodFellows” recommend.

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Question Time!

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Wednesday, April 14, 2021

In this week’s episode, we dove into our mailbag of viewers’ letters. The end result: Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane answering 15 questions on a variety of subjects: the threat of hostilities between China and Taiwan; the potential effect of Scottish independence on the future of corporate woke politics; alternate versions of higher learning; how to re-instill youthful optimism in America; plus what books the three “GoodFellows” recommend.

Featured

Inflation Levels

by John H. Cochranevia The Grumpy Economist
Tuesday, April 13, 2021

March inflation is up. The CEA delivered a historic tweetstorm. It starts with temporary factors: base effects, supply chain disruptions, and pent-up demand, especially for services

Interviews

A Conversation With Hoover Institution Senior Fellow John H. Cochrane

interview with John H. Cochranevia Capital Research Center
Monday, April 12, 2021

Hoover Institution fellow John Cochrane discusses the tax-favored legal structure of nonprofitdom in America. “Let’s get rid of the entire legal structure of the nonprofit organization,” Cochrane passingly mused. “[N]onprofit status in the U.S. has been, like everything else, horribly misused. A lot of it is a cover for getting out of the estate tax and for subsidizing political activity at taxpayer expense.”

Analysis and Commentary

Conversations: Covid And (Separately) Nonprofits

by John H. Cochranevia The Grumpy Economist
Monday, April 12, 2021

This is a conversation with Ryan Bourne, Megan McArdle, and Alex Tabarrok on economics and the year of covid.

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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. . .