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

State Budget Woes

by Daniel Heil featuring the work of Joshua D. Rauh, Lee Ohanian, Michael J. Boskin, John H. Cochrane, Richard A. Epsteinvia Policy Insights | A Succinct Guide to Important Policy Questions
Wednesday, June 30, 2021

State and local officials continue to face significant budget challenges that predate the pandemic. What are these budget challenges and what can state lawmakers do to address them?

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Fast Grants And The Economics Of Subsidizing Science

by John H. Cochranevia The Grumpy Economist
Wednesday, June 30, 2021

One of the great insights of modern growth theory -- Paul Romer's Nobel Prize -- is that ideas are the foundation of economic growth. Ideas are also "nonrivial." If you use my car, I can't use it, but if you use our family recipe for road-oil chocolate cake (yum), we can still enjoy it as much as ever. Once an idea has been had, economics says it should be used as widely as possible as soon as possible

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That ‘70s Show

interview with John H. Cochrane, Niall Ferguson, H. R. McMastervia GoodFellows: Conversations From The Hoover Institution
Tuesday, June 29, 2021

To the adage of repeating the past, does a stretch of inflation at home, the end of prolonged military involvement in a faraway land, and a president lamenting a nation in crisis suggest a return to the America of the 1970s? Hoover Institution senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane discuss the differences between then and now—after sharing photos showcasing their ’70s finery.

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Good Fellows: That '70s Show

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia Fellow Talks
Tuesday, June 29, 2021

AUDIO ONLY

To the adage of repeating the past, does a stretch of inflation at home, the end of prolonged military involvement in a faraway land, and a president lamenting a nation in crisis suggest a return to the America of the 1970s? Hoover Institution senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane discuss the differences between then and now—after sharing photos showcasing their ’70s finery.

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Culture And Black Communities

by Glenn Loury featuring John H. Cochrane, Niall Ferguson, H. R. McMastervia Glenn Loury
Tuesday, June 29, 2021

Last month, I was invited to appear on Goodfellows, a podcast hosted by economist John H. Cochrane, former White House National Security Advisor H.R. McMaster, and historian Niall Ferguson. It was a penetrating discussion of race, culture, and economics that delved into some personal matters as well.

Analysis and Commentary

Even Finance Professors Lean Left

by John H. Cochranevia The Grumpy Economist
Thursday, June 24, 2021

You may have thought of finance professors at business schools as likely to be a fairly conservative lot, or at least to include a good number of them. You might think finance would be an exception to the growing political monoculture in US academia. You would be mostly wrong.

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Garicano's Conversations With Economists

by John H. Cochranevia The Grumpy Economist
Thursday, June 17, 2021

Luis Garicano has just posted a very interesting free e-book, "Capitalism after covid: Conversations with 21 economists." I was honored to be one of his interviewees, video here. Luis has a VoxEU column summarizing conversations, and twitter thread if you like reading such things. Luis is a great interviewer.

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Meritocracy

by John H. Cochranevia The Grumpy Economist
Sunday, June 13, 2021

Adrian Woolridge wrote a thought-provoking essay titled "Meritocracy, Not Democracy, Is the Golden Ticket to Growth," advertising a forthcoming book.

Analysis and Commentary

Vaccine Slowdown?

by John H. Cochranevia The Grumpy Economist
Saturday, June 12, 2021

Everyone seems tired of covid. And sure, inflation, debts, "infrastructure," competing voting narratives and so on are more fun. But covid is still with us.

Euro Banknotes
Analysis and Commentary

Eurosclerosis Update

by John H. Cochranevia The Grumpy Economist
Saturday, June 12, 2021

All pre-covid. European GDP per capita fell in the decade following the financial crisis. US growth was nothing to write home about, but things could be worse. The we-should-be-more-like-Europe crowd has some explaining to do. (The Word Bank's software misplaced the UK label; it is the red line on the top of the European group.) 

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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. . .