John H. Cochrane

Rose-Marie and Jack Anderson Senior Fellow

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,, and other publications. He maintains the Grumpy Economist blog.

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Recent Commentary

The Grumpy Economist
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The Grumpy Economist: Stop Parties, Not Production

interview with John H. Cochranevia The Grumpy Economist | A Podcast with John H. Cochrane
Thursday, May 7, 2020

How to reopen in the wake of COVID-19.

Analysis and Commentary

Covid And Economics Publishing

by John H. Cochranevia The Grumpy Economist
Thursday, May 7, 2020

The pandemic is dramatically illustrating one area in which the epidemiologists are beating the economists about 100-1: publishing. Scientific publications are reviewed and posted in days, contributing in real time to the policy debate.

Analysis and Commentary

Markets Work Even In Crisis

by John H. Cochrane cited Russell Robertsvia The Grumpy Economist
Thursday, May 7, 2020

A lovely result of the corona virus outbreak has been how we see stifling aspects of regulations. Right left and center are figuring out that the regulations need reform. Now, the forces for regulatory stagnation are always strong, so the insight may fade with the virus. Still, let us enjoy it while it lasts.


John Cochrane On The John Batchelor Show

interview with John H. Cochranevia The John Batchelor Show
Wednesday, May 6, 2020

Hoover Institution fellow John Cochrane discusses his Grumpy Economist post "Dumb reopening might just work."

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GoodFellows: A “Wartime” President?

interview with John H. Cochrane, Niall Ferguson, H. R. McMastervia Hoover Podcasts
Wednesday, May 6, 2020

The “war” on COVID-19 continues a trend of affixing that word to life’s miseries (poverty, drugs, cancer).

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A “Wartime” President?

featuring John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Tuesday, May 5, 2020

The “war” on COVID-19 continues a trend of affixing that word to life’s miseries (poverty, drugs, cancer). Hoover senior fellows John Cochrane, Niall Ferguson and H.R. McMaster debate whether “war” applies to pandemics, if Donald Trump’s “wartime presidency” is more akin to LBJ’s than FDR’s, plus Joe Biden’s odd fixation with the late Hoover economist Milton Friedman.

Analysis and Commentary

An SIR Model With Behavior

by John H. Cochranevia The Grumpy Economist
Monday, May 4, 2020

Following my last post, the SIR model has been completely and totally wrong. Answers follow from assumptions. It assumes a constant reproduction rate, and the virus peters out when sick people run in to recovered and immune people. That's not what's happening -- people responded by lowering the contact rate, long before we ran in to herd immunity.


Dumb Reopening Might Just Work

by John H. Cochranevia The Grumpy Economist
Monday, May 4, 2020

A smart reopening, with well worked out protocols at work, and a robust competent test and trace public health response to stamp out the embers, seems unlikely. Technology to save us -- vaccine, cure, cheap daily test, scaled up and implemented -- seems unlikely in the next few months. We seem fated to a dumb reopening. Conventional wisdom says we will then get a massive second wave in the fall, followed by a larger shutdown.


John Cochrane On The Dan Proft Show Podcast

interview with John H. Cochranevia The Dan Proft Show
Friday, May 1, 2020

(3:10) Hoover Institution fellow John Cochrane weighs in on a rational reopening of the economy and he discusses the future of universities.

Analysis and Commentary

Romer: If Virus Tests Were Like Sodas; A Modest Extension

by John H. Cochranevia The Grumpy Economist
Friday, May 1, 2020

Paul Romer has a lovely post, If virus tests were like sodas. (HT Marginal Revolution.) Go enjoy the whole thing. It's short. A few excerpts and a suggested addition: Imagine a world in which the only way to get a soda is to get your doctor to write a prescription. It costs $20 per can. Your insurance company pays. ...


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. . .