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

The Surplus Process

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

How should we model surpluses and deficits? In finishing up a recent article and chapter 5 and 6 of a Fiscal Theory of the Price Level update, a bunch of observations coalesced that are worth passing on in blog post form.

Analysis and CommentaryPolitics

The Filibuster And Partisanship

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

The Wall Street Journal reports that the movement among Senate Democrats to get rid of the filibuster entirely is gaining steam. I think this is a bad idea and will lead to more polarized politics.

Analysis and Commentary

Magical Monetary Theory Full Review

by John H. Cochranevia The Grumpy Economist
Sunday, July 5, 2020

I read Stephanie Kelton's book, The Deficit Myth: Modern Monetary Theory and the Birth of the People’s Economy,” and wrote this review for the Wall Street Journal. Now that 30 days have passed I can post the whole thing. 

Analysis and Commentary

New "Fiscal Theory Of The Price Level" Draft.

by John H. Cochranevia The Grumpy Economist
Wednesday, July 1, 2020

I posted a new draft of The fiscal theory of the price level, a slowly emerging book manuscript. It's heavily revised through Chapter 6.

Analysis and Commentary

Rethinking Production Under Uncertainty

by John H. Cochranevia The Grumpy Economist
Tuesday, June 30, 2020

Even at my age, I get a little tingle when a paper is finally published. "Rethinking production under uncertainty" is now out at RAPS (free access for a while) and on my website.

Interviews

John Cochrane: Interview And Goodfellows

interview with John H. Cochranevia The Grumpy Economist
Monday, June 29, 2020

Hoover Institution fellow John Cochrane discusses COVID-19 and the economy.

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John Cochrane – COVID-19 Interview

interview with John H. Cochranevia Policy@McCombs
Thursday, June 25, 2020

Hoover Institution fellow John Cochrane discusses the history of pandemics as well as the current response to COVID-19 and its effect on the economy.

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GoodFellows: Condoleezza Rice On COVID, Russia, And Putin

interview with Condoleezza Rice, John H. Cochrane, Niall Ferguson, H. R. McMastervia Hoover Podcasts
Wednesday, June 24, 2020

This week on GoodFellows, we tackle a very complex geopolitical topic: Russia and the effects the COVID-19 crisis has had on that country’s economy, internal politics, international relations and aspirations, and ability to influence other countries and regions. To help us, we are fortunate to have one of the world’s foremost experts on the subject, someone who has years of direct experience in dealing with Russia and with Vladimir Putin himself: Hoover fellow (and soon to be director of the Hoover Institution) Condoleezza Rice, the former secretary of state and national security director under George W. Bush.

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Condoleezza Rice On COVID, Russia, And Putin

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Condoleezza Ricevia GoodFellows: Conversations From The Hoover Institution
Tuesday, June 23, 2020

This week on GoodFellows, we tackle a very complex geopolitical topic: Russia and the effects the COVID-19 crisis has had on that country’s economy, internal politics, international relations and aspirations, and ability to influence other countries and regions. To help us, we are fortunate to have one of the world’s foremost experts on the subject, someone who has years of direct experience in dealing with Russia and with Vladimir Putin himself: Hoover fellow (and soon to be director of the Hoover Institution) Condoleezza Rice, the former secretary of state and national security director under George W. Bush.

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GoodFellows: The Politics Of A Pandemic

interview with John H. Cochrane, Niall Ferguson, H. R. McMaster, Francis Fukuyamavia Hoover Podcasts
Wednesday, June 17, 2020

Our guest this week is Francis Fukuyama, the Olivier Nomellini Senior Fellow at the Freeman Spogli Institute for International Studies. His new article in Foreign Affairs, "The Pandemic and Political Order” provides the topic for this edition of GoodFellows.

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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. . .