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: COVID On Campus

interview with John H. Cochranevia The Grumpy Economist | A Podcast with John H. Cochrane
Thursday, April 30, 2020

What the pandemic means for the future of American higher education.

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Ready To Reopen?

by John H. Cochranevia Grumpy Economist
Thursday, April 30, 2020

I've been on the "reopen fast but smart" bandwagon for weeks. The reopening is coming. Are we ready? I'm afraid not. I remain on the "plan ahead" bandwagon, which means not lots of ideas from bloggers but lots of implemented plans of action for local public health bureaucracies.


John Cochrane: The Federal Reserve Printing Money Slows A Sturdy Recovery & What Is Too Be Done?

interview with John H. Cochranevia The John Batchelor Show
Thursday, April 30, 2020

Hoover Institution fellow John Cochrane discusses his Grumpy Economist blog post "Economics of lockdowns."


The Fire In Treasurys

by John H. Cochranevia The Grumpy Economist
Wednesday, April 29, 2020

Just where was the fire that caused the Federal Reserve to buy $1.3 trillion of treasury debt in a month -- financing all treasury sales and then some? I've been puzzling about this question in a few posts, most recently here. Commenter "unknown" impolitely but usefully points me to a nice paper by Andreas Schrimpf, Hyun Song Shin and Vladyslav Sushko that explains some market mechanics. 

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GoodFellows: Your Wallet or Your Life?

interview with John H. Cochrane, Niall Ferguson, H. R. McMastervia Hoover Podcasts
Tuesday, April 28, 2020


Striking the right balance in restarting a battered economy, COVID-19’s effect on America’s military readiness, and a scenario in which a second pandemic wave strikes shortly before the fall election.
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University Finances

by John H. Cochranevia The Grumpy Economist
Tuesday, April 28, 2020

Colleges and universities are being badly hit by the Covid-19 virus. The spring and summer were pretty bad. If, as likely, it extends into the fall things will be much worse. The tragedy of all this, for large private colleges, is that our administrations apparently learned nothing from 2009, and set themselves up for exactly the same (if not worse) financial crisis.

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Your Wallet Or Your Life?

featuring John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Tuesday, April 28, 2020

As the nation’s states start loosening shelter-in-place restrictions developed in response to the coronavirus, governments weigh sometimes conflicting advice from the scientific and business communities. Hoover senior fellows John Cochrane, Niall Ferguson, and H. R. McMaster debate the right balance to strike in restarting a battered economy, COVID-19’s effect on America’s military readiness, and a scenario in which a second pandemic wave strikes shortly before the fall election.


Economics Of Lockdowns Video

by John H. Cochranevia The Grumpy Economist
Saturday, April 25, 2020

Cato took some comments I made in a recent event and produced it into a nice short video, 8 minute overview of where I am, or was last week, on the economics of lockdowns.  I clearly need to work on the visuals.

Analysis and Commentary

Heckman Haiku

by John H. Cochranevia The Grumpy Economist
Friday, April 24, 2020

Jim Heckman's interview with Gonazlo Schwartz at the Archbridge Institute is making the rounds of economists. I admire it for how much the interviewer and Heckman pack in so little space, so pithy, well expressed, and so happy to trounce on today's pieties. 


Ban Parties Not Business

by John H. Cochranevia Grumpy Economist
Friday, April 24, 2020

A while ago, I started getting messages that my computer was running out of memory. I put off doing anything about it -- cleaning up a decade's worth of files did not sound like a fun task. But eventually I took a look, sorted files by size, and came to a lovely discovery. There were a few large files -- some video attachment to an email someone sent me three years ago, stuff like that. After I deleted 10 or 20 of these, all of a sudden there was lots of space! The rest of my computer remains a Marie Kondo nightmare.


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. . .