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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The Importance Of Institutions In A Time Of Crisis

interview with John H. Cochrane, H. R. McMaster, Yuval Levin, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Tuesday, August 4, 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.

The Careful Economy

by John H. Cochranevia Hoover Digest
Tuesday, August 4, 2020

There is no magic bullet against the coronavirus. Instead, defeating it will take time, wisdom, and imagination.

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GoodFellows: Chilling Out On Climate With Bjorn Lomborg

interview with John H. Cochrane, Niall Ferguson, Bjorn Lomborgvia Hoover Podcasts
Wednesday, July 29, 2020

Earlier this year, the world’s elites agonized over climate change as the planet’s great existential crisis. And then along came a global pandemic. Hoover senior fellows John Cochrane, Niall Ferguson, and Hoover visiting fellow Bjorn Lomborg—this week’s guest “GoodFellow” and the author of a new book on the climate-change debate—discuss where the “environmental justice” movement is taking America and the world’s nations.

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Chilling Out On Climate With Bjorn Lomborg

interview with John H. Cochrane, Niall Ferguson, Bjorn Lomborg, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Tuesday, July 28, 2020

Earlier this year, the world’s elites agonized over climate change as the planet’s great existential crisis. And then along came a global pandemic. Hoover senior fellows John Cochrane, Niall Ferguson, and Hoover visiting fellow Bjorn Lomborg—this week’s guest “GoodFellow” and the author of a new book on the climate-change debate—discuss where the “environmental justice” movement is taking America and the world’s nations.

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GoodFellows: Back From The Future

interview with John H. Cochrane, Niall Ferguson, H. R. McMastervia Hoover Podcasts
Wednesday, July 22, 2020

Something offbeat this week: the three “GoodFellows” hopping into a DeLorean time machine, à la Back To The Future, speeding two summers into the future and reporting back on what they saw. Hoover senior fellows John Cochrane, Niall Ferguson and H.R. McMaster foresee a 2022 in which the coronavirus seems “so 2020”, the cancel culture overplayed its hand, China suffers an internal backlash, and America pays a price for spending/currency choices.

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Back From The Future

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia GoodFellows: Conversations From The Hoover Institution
Tuesday, July 21, 2020

Something offbeat this week: the three “GoodFellows” hopping into a DeLorean time machine, à la Back To The Future, speeding two summers into the future and reporting back on what they saw. Hoover senior fellows John Cochrane, Niall Ferguson and H.R. McMaster foresee a 2022 in which the coronavirus seems “so 2020”, the cancel culture overplayed its hand, China suffers an internal backlash, and America pays a price for spending/currency choices.

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Cruel Summer: The Fight To Preserve Freedom Of Speech

interview with John H. Cochrane, Niall Ferguson, Victor Davis Hanson, H. R. McMastervia Hoover Podcasts
Wednesday, July 15, 2020

This week the Good Fellows are joined by Hoover Institution Senior Fellow Victor Davis Hanson. The gentleman farmer from Selma, CA (and the author of The Case For Trump) is not known for pulling his punches, and this discussion is no different.

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Cruel Summer: The Fight To Preserve Freedom Of Speech

interview with John H. Cochrane, Niall Ferguson, Victor Davis Hanson, H. R. McMastervia GoodFellows: Conversations From The Hoover Institution
Tuesday, July 14, 2020

This week the Good Fellows are joined by Hoover Institution Senior Fellow Victor Davis Hanson. The gentleman farmer from Selma, CA (and the author of The Case For Trump) is not known for pulling his punches, and this discussion is no different.

Interviews

John Cochrane: Insurance Vs Incentives

interview with John H. Cochranevia Luis Garicano
Saturday, July 11, 2020

Hoover Institution fellow John Cochrane discusses capitalism after the coronavirus and what to do with the huge government debt now being racked up.

Analysis and Commentary

A Little Financial-Econometric History

by John H. Cochranevia The Grumpy Economist
Monday, July 6, 2020

The issues that have cropped up in applying present value ideas to government finance, in my last post, caused me to write up a little financial-econometric history, which seems worth passing on to blog readers. The lessons of the 1980s and 1990s are fading with time, and we should avoid having to re-learn such hard-won lessons. (Warning: this post uses mathjax to display equations.)

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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. . .