John H. Cochrane

Rose-Marie and Jack Anderson Senior Fellow

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,, and other publications. He maintains the Grumpy Economist blog.

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Recent Commentary

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First Principles and the Future

by John H. Cochranevia Hoover Digest
Monday, April 20, 2020

Economic freedom underlies every other freedom. We must defy every threat to this essential liberty.

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Hazardous Handouts

by Troy Senik interview with John H. Cochranevia Hoover Digest
Monday, April 20, 2020

Hoover fellow John H. Cochrane argues that large doses of “stimu-lend,” rather than stimulus, will get workers and businesses back on their feet without incubating a second disease: moral hazard.


The Economics Of Lockdowns With John Cochrane

interview with John H. Cochranevia Cato Institute
Friday, April 17, 2020

Hoover Institution fellow John Cochrane explains the dangers of and lessons learned from our pandemic response. 

The Grumpy Economist
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The Grumpy Economist: COVID Quandaries

interview with John H. Cochranevia The Grumpy Economist | A Podcast with John H. Cochrane
Thursday, April 16, 2020

The virus creates uncertainties around unemployment, civil liberties, and monetary policy.

Analysis and Commentary

Weisbach Advice

by John H. Cochranevia Grumpy Economist
Thursday, April 16, 2020

Mike Weisbach is writing an excellent book of advice, A Field Guide to Economics: A Young Scholar’s Introduction to Research, Publishing, and Professional Development. As a good scholar, he is circulating the manuscript. It's really half advice and half a meditation on how the profession works and how it should work.

Analysis and Commentary

Real Time Labor Market Survey

by John H. Cochranevia Grumpy Economist
Thursday, April 16, 2020

Alex Blick and Adam Blandin are putting together a real-time labor market survey.


Ready To Reopen?

by John H. Cochranevia Grumpy Economist
Thursday, April 16, 2020

Are we ready to reopen? No but not for the usual reason. Once we have testing we can reopen, says conventional wisdom. I doubt that. Who is going to give these tests, and what are they going to do with the information?


The Surprising Reason To Keep The Electoral College

by John H. Cochranevia PolicyEd
Wednesday, April 15, 2020

Many people believe we should abolish the Electoral College, but it serves important purposes. The Electoral College system requires candidates to broaden their national appeal and discourages extreme policy positions. Abolishing the Electoral College would worsen political polarization and partisanship.


John Cochrane On The John Batchelor Show

interview with John H. Cochranevia The John Batchelor Show
Wednesday, April 15, 2020

Hoover Institution fellow John Cochrane discusses his Grumpy Economist blog post "Still needed -- the back to work plan."

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GoodFellows: A Return to Normalcy?

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Bill Whalenvia Hoover Podcasts
Wednesday, April 15, 2020


The question on everyone’s mind: when will society revert to its pre-coronavirus existence, and is such a restoration remotely possible?


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. . .