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

In the News

Editorial: Despite Inflation, Dems Keep On Spending

quoting John H. Cochranevia Boston Herald
Friday, March 18, 2022

Democrats have been playing keep-away with inflation blame ever since costs started spiking following the party’s spending spree on Capitol Hill.

Federal Reserve
In the News

Raskin: Missing The Point

quoting John H. Cochranevia National Review
Wednesday, March 16, 2022

The welcome decision by Sarah Bloom Raskin to withdraw her candidacy for the Federal Reserve Board has been poorly received where you would expect it to be poorly received.

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GoodFellows: Viewer Mail—Ukraine Edition

interview with John H. Cochrane, Niall Ferguson, H. R. McMastervia Fellow Talks
Wednesday, March 16, 2022

This week’s episode is devoted to audience questions—viewers and listeners from over two dozen nations and five continents asking Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane for their thoughts on the war in Ukraine, America’s future involvement in Eastern Europe and the Middle East, China’s plans for Taiwan, plus the impact of Russia’s acts of aggression on oil prices and global economics.

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Viewer Mail—Ukraine Edition

interview with John H. Cochrane, Niall Ferguson, H. R. McMastervia GoodFellows: Conversations From The Hoover Institution
Wednesday, March 16, 2022

This week’s episode is devoted to audience questions—viewers and listeners from over two dozen nations and five continents asking Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane for their thoughts on the war in Ukraine, America’s future involvement in Eastern Europe and the Middle East, China’s plans for Taiwan, plus the impact of Russia’s acts of aggression on oil prices and global economics.

In the News

Yes, Mr. President: The Government Can Cause Inflation

quoting John H. Cochranevia New York Post
Tuesday, March 15, 2022

Producer prices in February soared 10% year-on-year, guaranteeing even higher consumer prices in months to come, after they jumped 7.9% for the 12 months ending in February, the highest in four decades. It’s all driven consumer sentiment to an 11-year low.

Featured

Irwin On Trade Reform

by John H. Cochranevia The Grumpy Economist
Wednesday, March 9, 2022

Doug Irwin of Dartmouth gave a really informative talk at the Hoover Economic Policy Working Group, based on his paper The Trade Reform Wave 1985-1995, AER May 2022.

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GoodFellows: Yes or No Fly Zone: Congressman Mike Gallagher on Ukraine Policy and Politics

interview with Mike Gallagher, John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia Fellow Talks
Wednesday, March 9, 2022

Have “false flags” given way to false hope in Ukraine? Despite the images of bold resistance, will Russian military setbacks eventually lead to a bad outcome for the citizens of that nation? Rep. Mike Gallagher, a member of the Armed Services and Intelligence committees, joins Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane to discuss the latest news in Eastern Europe, US strategic choices, the war’s economic ramifications, plus China’s short-term (peacemaker?) and long-term (absorb Taiwan) aspirations.

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Yes Or No Fly Zone: Congressman Mike Gallagher On Ukraine Policy And Politics

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalen, Mike Gallaghervia GoodFellows: Conversations From The Hoover Institution
Wednesday, March 9, 2022

Have “false flags” given way to false hope in Ukraine? Despite the images of bold resistance, will Russian military setbacks eventually lead to a bad outcome for the citizens of that nation? Rep. Mike Gallagher, a member of the Armed Services and Intelligence committees, joins Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane to discuss the latest news in Eastern Europe, US strategic choices, the war’s economic ramifications, plus China’s short-term (as peacemaker?) and long-term (to absorb Taiwan) aspirations.

Analysis and Commentary

The Biden-Blinken Doctrine

by John H. Cochranevia The Grumpy Economist
Monday, March 7, 2022

Over the weekend, the U.S. declared a no-fly zone off the table. 

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GoodFellows: Vlad the Impaled?

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia Fellow Talks
Friday, March 4, 2022

Russia’s invasion of Ukraine produces a ripple effect across the globe militarily, diplomatically, and economically. Hoover senior fellows Niall Ferguson, H.R. McMaster, and John Cochrane discuss a vaunted Russian war machine that’s seemingly slipped a cog, an altered geopolitical landscape, plus the effectiveness of economic sanctions in ending both Russia’s presence in Ukraine and Vladimir Putin’s tsarist ambitions.

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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. . .