John H. Cochrane

Rose-Marie and Jack Anderson Senior Fellow
Research Team: 
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

Interest Rate Graphs

by John H. Cochranevia Grumpy Economist
Wednesday, April 10, 2013
Analysis and Commentary

Fun Debt Graphs

by John H. Cochranevia Grumpy Economist
Thursday, March 21, 2013
Analysis and Commentary

Growth in the UK?

by John H. Cochranevia Grumpy Economist
Monday, March 18, 2013
Analysis and Commentary

GMO Salmon

by John H. Cochranevia Grumpy Economist
Thursday, March 14, 2013
Analysis and Commentary

Monetary Policy With Large Debts

by John H. Cochranevia Grumpy Economist
Sunday, March 3, 2013
Analysis and Commentary

Treasury Needs a Better Long Game

by John H. Cochranevia Wall Street Journal
Sunday, March 3, 2013

Sooner or later, the Federal Reserve will want to raise interest rates. Maybe next year. Maybe when unemployment declines below 6.5%. Maybe when inflation creeps up to 3%. But it will happen.


Analysis and Commentary

Two Cents On The Minimum Wage

by John H. Cochranevia Grumpy Economist
Tuesday, February 19, 2013
Analysis and Commentary

Notable & Quotable

by John H. Cochranevia Wall Street Journal
Tuesday, February 19, 2013

Prof. John H. Cochrane, writing in the Jan. 25 issue of the Hoover Digest:

Analysis and Commentary

Three Views of Consumption and The Slow Economy

by John H. Cochranevia Grumpy Economist
Sunday, February 3, 2013
Federal Reserve building

A Regulatory Giant

by John H. Cochranevia Hoover Digest
Friday, January 25, 2013

The Fed is too big and powerful to remain so unaccountable. By John H. Cochrane.

Pages

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. . .