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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Glenn Loury: “A Man Of The West”

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Glenn Louryvia GoodFellows: Conversations From The Hoover Institution
Wednesday, May 26, 2021

Does elite thinking about the Black experience in America, as expressed via the teaching of critical race theory and the 1619 Project, benefit the descendants of slavery? Glenn Loury, a Hoover Institution distinguished visiting fellow and Brown University economist who writes frequently on racial inequality, joins Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane to discuss the historical and economic arcs of race in America.

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GoodFellows: Gates’s Way to National Security

interview with John H. Cochrane, Niall Ferguson, Robert Gates, H. R. McMaster, Bill Whalenvia Fellow Talks
Wednesday, May 19, 2021

It’s a complicated world—one in which an ascendant China threatens American concerns, fighting has recommenced in the Middle East, and the US government may not be suitably prepared for future cyberattacks. Robert Gates, secretary of defense in both the Obama and Bush 43 presidential administrations, joins Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane to discuss the state of world affairs, US cybersecurity, and America’s global vision (or lack thereof).

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Gates’s Way To National Security

interview with John H. Cochrane, Niall Ferguson, Robert Gates, H. R. McMaster, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Wednesday, May 19, 2021

It’s a complicated world—one in which an ascendant China threatens American concerns, fighting has recommenced in the Middle East, and the US government may not be suitably prepared for future cyberattacks. Robert Gates, secretary of defense in both the Obama and Bush 43 presidential administrations, joins Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane to discuss the state of world affairs, US cybersecurity, and America’s global vision (or lack thereof).

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Hoosier Daddy

interview with John H. Cochrane, Mitch Daniels, Niall Ferguson, H. R. McMaster, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Wednesday, May 12, 2021

While many an American university has struggled with the pandemic and cancel culture, Indiana’s Purdue University seems the exception to the norm: a reopened campus with an ongoing commitment to civics literacy and intellectual diversity. Purdue’s president, former Indiana governor Mitch Daniels, joins Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane to discuss the state of higher education.

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GoodFellows: Hoosier Daddy

interview with John H. Cochrane, Mitch Daniels, Niall Ferguson, H. R. McMaster, Bill Whalenvia Fellow Talks
Wednesday, May 12, 2021

While many an American university has struggled with the pandemic and cancel culture, Indiana’s Purdue University seems the exception to the norm: a reopened campus with an ongoing commitment to civics literacy and intellectual diversity. Purdue’s president, former Indiana governor Mitch Daniels, joins Hoover senior fellows Niall Ferguson, H. R. McMaster, and John Cochrane to discuss the state of higher education.

Analysis and Commentary

Weisbach Advice

by John H. Cochranevia The Grumpy Economist
Thursday, May 6, 2021
I got a chance to see the page proofs of Michael Weisbach's upcoming book, "The Economists' Craft." This leapt out at me from the preface.
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GoodFellows: Doom Day!

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia Fellow Talks
Wednesday, May 5, 2021

As it turns out, COVID-19 isn’t the first catastrophic event to plague mankind. Or so Niall Ferguson, the Hoover Institution’s Milbank Family Senior Fellow, reminds us in his new book Doom: The Politics of Catastrophe, a historical look at past disasters and their aftermaths. The author joins Hoover senior fellows H. R. McMaster and John Cochrane to discuss why it is that we still struggle with disaster response and how to better prepare for future calamities.

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Doom Day!

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Tuesday, May 4, 2021

As it turns out, COVID-19 isn’t the first catastrophic event to plague mankind. Or so Niall Ferguson, the Hoover Institution’s Milbank Family Senior Fellow, reminds us in his new book Doom: The Politics of Catastrophe, a historical look at past disasters and their aftermaths. The author joins Hoover senior fellows H. R. McMaster and John Cochrane to discuss why it is that we still struggle with disaster response and how to better prepare for future calamities.

Analysis and Commentary

The Price Of Indulgences, 2021

by John H. Cochranevia The Grumpy Economist
Monday, May 3, 2021

I have not independently checked, though the answer hardly matters. The fees and portfolios tell the story. Obviously any claim that this ESG portfolio will outperform after fees is ... strained.

Interviews

John Cochrane: Does The National Debt Still Matter?

interview with John H. Cochranevia CNN
Monday, May 3, 2021

(1:52) Hoover Institution fellow John Cochrane discusses why our national debt still matters and how we will eventually have to pay it back.

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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. . .