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.

Filter By:

Topic

Type

Recent Commentary

Blank Section (Placeholder)

Vlad the Impaled?

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

Featured

Time For Supply

by John H. Cochranevia Project Syndicate
Thursday, March 3, 2022

Now that surging inflation has refocused everyone's attention on the long-ignored supply side of the economy, the question is how best to support broad-based growth, efficiency, and innovation. The answer is not necessarily deregulation, but the need for smarter regulation is increasingly apparent – even to progressives.

Co-Author: Jon Hartley

Blank Section (Placeholder)

GoodFellows: “One Pill Can Kill”

interview with John H. Cochrane, Bill Whalen, H. R. McMaster, Barrye Pricevia Fellow Talks
Monday, February 28, 2022

Drug overdoses kill more Americans annually than vehicle crashes and gun deaths combined, with the intake of synthetic opioids such as fentanyl rampant across social and economic lines. Retired army major General Barrye Price, president and CEO of the Community Anti-Drug Coalitions of America, joins Hoover senior fellows H. R. McMaster and John Cochrane to discuss how the US can kick its drug habit, plus a few thoughts on Critical Race Theory and better avenues to equality of opportunity as the nation celebrates Black History Month.

Analysis and Commentary

The U.S. And NATO Must Fight

by John H. Cochranevia The Grumpy Economist
Monday, February 28, 2022

(Coauthored with Elizabeth Fama) Why are we — the U.S., NATO, the civilized western world — not fighting for Ukraine? If we do not fight in Ukraine now, we will fight there later, or in the Baltics, Poland, or Taiwan, at much greater cost. If we do not forcefully reverse this invasion, larger ones will follow.

Blank Section (Placeholder)Analysis and Commentary

“One Pill Can Kill”

interview with John H. Cochrane, Bill Whalen, H. R. McMaster, Barrye Pricevia GoodFellows: Conversations From The Hoover Institution
Wednesday, February 23, 2022

Drug overdoses kill more Americans annually than vehicle crashes and gun deaths combined, with the intake of synthetic opioids such as fentanyl rampant across social and economic lines. Retired army major General Barrye Price, president and CEO of the Community Anti-Drug Coalitions of America, joins Hoover senior fellows H. R. McMaster and John Cochrane to discuss how the US can kick its drug habit, plus a few thoughts on Critical Race Theory and better avenues to equality of opportunity as the nation celebrates Black History Month.

The Federal Reserve
Analysis and Commentary

Important Questions Unasked Of The Fed

by John H. Cochranevia Grumpy Economist
Tuesday, February 22, 2022

This weekend's WSJ essay "How the Fed Averted Economic Disaster" by Nick Timiraos finally brings into public discussion the second question we should all be asking of the Fed. What happened in the grandest bailout of all time in the covid crisis, and, more importantly, having done it twice, how are we going to avoid massive bailouts becoming the normal state of affairs? (The first question, of course, is "how did you miss inflation so drastically and when are you going to do something about it?")

Analysis and Commentary

More Infrastructure Snafu

by John H. Cochranevia The Grumpy Economist
Saturday, February 19, 2022

Just as I hit publish on my last post, the Wall Street Journal publishes a much better essay by Ted Nordhaus on the impossibility of building infrastructure in the US, even if it is green alternative energy climate-change infrastructure.

Blank Section (Placeholder)

GoodFellows: Free-Speech Archipelago

interview with Bari Weiss, John H. Cochrane, Niall Ferguson, H. R. McMastervia Fellow Talks
Saturday, February 19, 2022

How to navigate the shoals of cancel culture when the p.c. mob comes your way? Bari Weiss, proprietor of the Common Sense newsletter and “Honestly” podcast, joins Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane to discuss Joe Rogan’s Spotify drama and Substack’s role as journalistic haven, plus her belief that COVID restrictions constitute a “catastrophic and moral crime” upon the younger generation.

Featured

How Government Spending Fuels Inflation

featuring John H. Cochranevia The Wall Street Journal
Friday, February 18, 2022

When debt grows so much that people don’t believe the Treasury will pay it, they sell their bonds and buy other things, sending prices through the roof.

Analysis and Commentary

Drowning In Paperwork

by John H. Cochranevia The Grumpy Economist
Friday, February 18, 2022

The US, and New York State in particular, are embarked on a decarbonization agenda. Canada has a lot of hydropower to spare, which emits no CO2. (Though large hydropower is rather hilariously not deemed "renewable" by California, among others.) All we need is a big extension cord from Canada down to NYC, and we can save the climate, right? How long can that take?

Pages

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. . .