John H. Cochrane

Rose-Marie and Jack Anderson Senior Fellow
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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

In the News

"With Enough Capital, We Can End Private Financial Crises Forever"

featuring John H. Cochranevia LOEWE Center SAFE
Wednesday, April 3, 2019
SAFE Policy Lecture: For a safer financial system, John Cochrane from Hoover Institution at Stanford University sees no need for intense regulation.
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Currencies, Capital, and Central Bank Balances

via Hoover Institution Press
Tuesday, April 2, 2019

Experts address big-picture debates affecting US and global monetary policy and apply cutting-edge economic research to the international monetary and financial system.

Featured

Operating Procedures

by John H. Cochranevia Grumpy Economist
Friday, March 29, 2019

The Fed sets interests rates. But how does the Fed set interest rates? The Fed is undergoing a big review of this question. We had a little workshop at Hoover, in preparation for the larger May 3 Strategies for Monetary Policy conference, which provokes the following thoughts.

In the News

Pre-Existing Conditions: Risk Mitigation

quoting John H. Cochranevia Advantage News
Friday, March 29, 2019

John Cochrane, a senior fellow at the Hoover Institute, has called the problem of pre-existing medical conditions “the central defect of American health insurance.” No health care reform plan will be successful without solving this problem.

Featured

Central Bank Independence

by John H. Cochranevia Grumpy Economist
Tuesday, March 26, 2019

I'm on a panel at the "ECB and its watchers" conference Wednesday, to discuss central bank independence. Here are my comments. 

Policy InsightsFeatured

Policy Insights: Immigration Reform

featuring Edward Paul Lazear, Timothy Kane, David R. Henderson, Tom Church, John H. Cochrane, Lanhee J. Chen, Clint Bolick, Richard A. Epsteinvia PolicyEd
Tuesday, March 26, 2019

Immigration is a contentious topic. To complicate it further, immigration should often be broken down into several distinct topics. It can mean legal or illegal immigration, it can mean permanent or temporary visas, and it can mean preventing future flows or managing existing stocks.

In the News

Elizabeth Warren's Big Tech Plan Is A Solution In Search Of A Problem

mentioning John H. Cochranevia The Washington Examiner
Tuesday, March 26, 2019

That Sen. Elizabeth Warren, D-Mass., doesn't know much about DNA testing or Cherokee heritage is well known. But then that's fine, she's not in the running to be leader of that nation, but of this one, which is where her lack of accurate information becomes more troubling. She is famously trying to break up Big Tech as that's a part and a sign of the increasing concentration of the economy.

 
Analysis and Commentary

Concentration Increasing?

by John H. Cochranevia Grumpy Economist
Friday, March 22, 2019

Is the US economy getting more concentrated or less? At the aggregate level, more. This is a widely noted fact, leading quickly to calls for more active government moves to break up big companies. But at the local level, no. Diverging Trends in National and Local Concentration by Esteban Rossi-Hansberg, Pierre-Daniel Sarte, and Nicholas Trachter documents the trend.

Featured

John Cochrane: Should We Tax The Wealthiest People Much More Than The Rest Of Us?

by John H. Cochranevia The Lars Larson Show
Thursday, March 21, 2019

Hoover Institution fellow John Cochrane discusses whether we should tax the wealthiest people much more than the rest of us.

In the News

What Role Do We Want The Monetary Base To Serve?

quoting John H. Cochranevia Seeking Alpha
Wednesday, March 20, 2019

Over at Econlog, I have a new post discussing the Fed's opposition to narrow banking, and specifically, John Cochrane's excellent post criticizing the Fed's position. I'll eventually get to narrow banking in this post, but first I'd like to consider some basic questions about the monetary base which are rarely asked.

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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. . .