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

Analysis and Commentary

More On Debt

by John H. Cochranevia Grumpy Economist
Sunday, September 6, 2020

Following my last post on debt I've thought a bit more, and received some very useful emails from colleagues. A central clarifying thought emerges. The main worry I have about US debt is the possibility of a debt crisis.

Analysis and Commentary

SALT

by John H. Cochranevia The Grumpy Economist
Sunday, September 6, 2020

Chris Pullman and Richard Reeves at Brookings write opposing a reinstatement of the deduction for state and local taxes on the federal income tax. Jonathan Parker, a great economics tweeter, tweets approvingly, I offer a little more guarded approval.

Interviews

John Cochrane On The John Batchelor Show

interview with John H. Cochranevia The John Batchelor Show
Friday, September 4, 2020

Hoover Institution fellow John Cochrane discusses his Grumpy Economist blog post, "What if the private sector were responsible for California wildfires?"

Analysis and Commentary

Debt Matters

by John H. Cochranevia The Grumpy Economist
Friday, September 4, 2020

(This is a draft of an oped. I got done and saw it's 1500 words, so I'm posting it for your enjoyment rather than go through a painful 600 word diet. Diet later. Maybe.)

Analysis and Commentary

On Looting

by John H. Cochranevia The Grumpy Economist
Thursday, September 3, 2020

A good read: Graeme Wood's Atlantic essay covering Vicky Osterweil, her popular book In Defense of Looting, and NPR interview. (HT Niall Ferguson) 

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Abbott Labs To The Rescue? Free The Tests!

by John H. Cochranevia The Grumpy Economist
Wednesday, September 2, 2020

Context: Cheap, fast, tests can stop this pandemic quickly, even if they are not very accurate.

In the News

Notable & Quotable: Up In Smoke

featuring John H. Cochranevia The Wall Street Journal
Tuesday, September 1, 2020

[Subscription Required] So we enter another week enveloped in smoke, here in California. Can you imagine the public and political reaction if this were caused by a private-sector activity?

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What If The Private Sector Were Responsible For California Wildfires?

by John H. Cochranevia The Grumpy Economist
Monday, August 31, 2020

So we enter another week enveloped in smoke, here in California. My thought for the day: Can you imagine the public and political reaction if this were caused by a private-sector activity?

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GoodFellows: Fiery But Mostly Peaceful

featuring John H. Cochrane, Niall Ferguson, Lanhee J. Chen, Bill Whalenvia Hoover Podcasts
Saturday, August 29, 2020

Its virtual national convention concluded, what is the Republican Party’s vision—is it the party of Trump moving forward? Hoover Institution senior fellows Niall Ferguson and John Cochrane and Hoover research fellow Lanhee Chen (the policy director for Mitt Romney’s 2012 presidential campaign) discuss the potency and lasting effect of Trumpism, the rising influence of social media, and whether the televised spectacle of urban unrest and violence works to the incumbent’s benefit.

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Fiery But Mostly Peaceful

interview with John H. Cochrane, Niall Ferguson, Lanhee J. Chen, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Friday, August 28, 2020

Its virtual national convention concluded, what is the Republican Party’s vision—is it the party of Trump moving forward? Hoover Institution senior fellows Niall Ferguson and John Cochrane and Hoover research fellow Lanhee Chen (the policy director for Mitt Romney’s 2012 presidential campaign) discuss the potency and lasting effect of Trumpism, the rising influence of social media, and whether the televised spectacle of urban unrest and violence works to the incumbent’s benefit.

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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. . .