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

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GoodFellows: A Little Revolution Now And Then . . .

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia Hoover Podcasts
Friday, August 21, 2020

Its virtual national convention now concluded, what is the Democratic Party’s vision? Hoover Institution Senior Fellows Niall Ferguson, H.R. McMaster and John Cochrane discuss whether the November election will spawn a policy push for the left and how a Biden presidency would balance old-guard liberal governance against a younger generation’s socialist and activist cravings.

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A Little Revolution Now And Then . . .

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Thursday, August 20, 2020

Its virtual national convention now concluded, what is the Democratic Party’s vision? Hoover Institution Senior Fellows Niall Ferguson, H.R. McMaster and John Cochrane discuss whether the November election will spawn a policy push for the left and how a Biden presidency would balance old-guard liberal governance against a younger generation’s socialist and activist cravings.

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More On Tests

by John H. Cochranevia The Grumpy Economist
Wednesday, August 19, 2020

Robert Zubrin puts the point well in a National Review essay (thanks to a commenter on my last post).

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Test = Vaccine

by John H. Cochranevia The Grumpy Economist
Friday, August 14, 2020

"Cheap, frequent COVID tests could be ‘akin to vaccine,’ professor says" from the Harvard Gazette HT Miles Kimball.

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TikTok Dust Up

by John H. Cochranevia The Grumpy Economist
Thursday, August 13, 2020

This week's Goodfellows conversation was a bit more contentious than usual. The most interesting part, I think, is our little dust-up over TokTok, following Niall's Bloomberg commentary.

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GoodFellows: Tik Tok Pot Luck

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia Hoover Podcasts
Wednesday, August 12, 2020

AUDIO ONLY

This week, a special “potluck” edition of GoodFellows has Hoover Institution senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane serving up a spirited debate over the bureaucratic pandemic bungling and whether the social network TikTok is a data-mining threat to national security, plus thoughts on the addition of California senator Kamala Harris to the Democratic ticket.

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TikTok Pot Luck

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Tuesday, August 11, 2020

This week, a special “potluck” edition of GoodFellows has Hoover Institution senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane serving up a spirited debate over the bureaucratic pandemic bungling and whether the social network TikTok is a data-mining threat to national security, plus thoughts on the addition of California senator Kamala Harris to the Democratic ticket.

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Tests

by John H. Cochranevia The Grumpy Economist
Monday, August 10, 2020

America has essentially given up on containing the corona virus, and will just let it spread while we await a vaccine. Oh sure, our governors and other public officials flap around about wearing masks and social distancing. But there is no serious public health effort. (If you're in California, I encourage you to listen to NPR's faithful coverage of our Governor Gavin Newsom's noon daily press conference. Never has anyone so artfully said so little in so many words.)

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GoodFellows: The Importance Of Institutions In A Time Of Crisis

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Yuval Levinvia Hoover Podcasts
Wednesday, August 5, 2020

Even pre-pandemic, America was experiencing a crisis in institutional confidence (with the noted exception of the military)—a lack of public trust in government, business, education, media, and faith organizations. Yuval Levin, a social and cultural scholar at the American Enterprise Institute, joins Hoover senior fellows and GoodFellows regulars John Cochrane and H. R. McMaster to discuss where America went astray and how the nation can rebuild from the grass roots up.

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Sowell Review

by John H. Cochrane featuring Thomas Sowellvia The Grumpy Economist
Wednesday, August 5, 2020

Coleman Hughes writes a wonderful review of Thomas Sowell's life and work in City Journal. Savor it.

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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. . .