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

Featured

Ip On Bidenomics

by John H. Cochranevia The Grumpy Economist
Thursday, April 8, 2021

Greg Ip has a great column in the WSJ on Bidenomics. It's not long, it's so well written that it's hard to condense the good parts, and you should really read it all.

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We’ll Always Have Paris

interview with John H. Cochrane, H. R. McMaster, Bjorn Lomborgvia GoodFellows: Conversations From The Hoover Institution
Wednesday, April 7, 2021

Climate change no longer is a conversation confined to saving the planet; for the woke left, it’s a segue to “environmental justice and equitable economic opportunity,” in the words of Joe Biden’s campaign platform. Hoover visiting fellow Bjorn Lomborg, author of False Alarm: How Climate Change Panic Costs Us Trillions, Hurts the Poor, and Fails to Fix the Planet joins Hoover senior fellows H. R. McMaster and John Cochrane for a conversation about sensible climate policy moving forward.

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GoodFellows: We’ll Always Have Paris

interview with John H. Cochrane, H. R. McMaster, Bjorn Lomborgvia Fellow Talks
Wednesday, April 7, 2021

Climate change no longer is a conversation confined to saving the planet; for the woke left, it’s a segue to “environmental justice and equitable economic opportunity,” in the words of Joe Biden’s campaign platform. Hoover visiting fellow Bjorn Lomborg, author of False Alarm: How Climate Change Panic Costs Us Trillions, Hurts the Poor, and Fails to Fix the Planet joins Hoover senior fellows H. R. McMaster and John Cochrane for a conversation about sensible climate policy moving forward.

Featured

A Letter To Yellen

by John H. Cochranevia Grumpy Economist
Tuesday, April 6, 2021

Secretary of the Treasury, and ex Federal Reserve Chair Janet Yellen recently hosted an important meeting of the Financial Stability Oversight Council. This is the highest level body overseeing financial regulation in the US. It matters.

Featured

San Francisco Bans Affordable Housing

by John H. Cochranevia The Grumpy Economist
Monday, April 5, 2021

"San Francisco bans affordable housing," is the spot-on conclusion of a lovely post by Vadim Graboys (link to twitter).

In the News

Let Private Markets Assess The Financial Risks Of Climate Change

quoting John H. Cochranevia Competitive Enterprise Institute
Friday, April 2, 2021

In her opening remarks this week to the Financial Stability Oversight Council (FSOC), Treasury Secretary Janet Yellen identified climate change as the “big” “emerging risk” facing the nation’s financial system.

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Hoover’s GoodFellows Series Marks One Year Of Broadcasts

featuring John H. Cochrane, Niall Ferguson, H. R. McMastervia Hoover Daily Report
Thursday, April 1, 2021

This week marks the one-year anniversary of GoodFellows, the Hoover Institution’s weekly conversation series in which senior fellows John Cochrane, Niall Ferguson, and H. R. McMaster analyze domestic and world events, and provide thoughts on solutions to the nation’s policy dilemmas and crises.

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The Great Awokening With Bari Weiss

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bari Weissvia GoodFellows: Conversations From The Hoover Institution
Wednesday, March 31, 2021

What does the future hold for the workplace and institutions of learning when diversity of thought prompts cancel-culture condemnation, ridicule, and ouster? Journalist, author, and Substack Common Sense writer Bari Weiss joins Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane for a conversation about a changed world in which, she warns, “curiosity is a liability.”

Interviews

John Cochrane On The John Batchelor Show

interview with John H. Cochranevia The John Batchelor Show
Wednesday, March 31, 2021

Hoover Institution fellow John Cochrane discusses his City Journal article "Don’t Let Financial Regulators Dream Up Climate Solutions."

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GoodFellows: The Great Awokening With Bari Weiss

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bari Weiss, Bill Whalenvia Fellow Talks
Wednesday, March 31, 2021

AUDIO ONLY

What does the future hold for the workplace and institutions of learning when diversity of thought prompts cancel-culture condemnation, ridicule, and ouster? Journalist, author, and Substack Common Sense writer Bari Weiss joins Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane for a conversation about a changed world in which, she warns, “curiosity is a lability.”

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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. . .