John H. Cochrane

Rose-Marie and Jack Anderson Senior Fellow
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Biography: 

John H. Cochrane is the Jack and Rose-Marie 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

Featured

Deficits

by John H. Cochrane via Grumpy Economist
Wednesday, February 14, 2018

The graph is federal surplus (up) or deficit (down), not counting interest costs, divided by potential GDP. I made it for another purpose, but it is interesting in these fiscally ... interesting .. times.Taking interest costs out is a way of assessing overall fiscal stability. If you pay the...

Analysis and Commentary

Stock Gyrations

by John H. Cochrane via Grumpy Economist
Wednesday, February 7, 2018

Is this 1929, the beginning of the end? Or 2007? Is it 1974, annus horribilis in which the stock market drifted down 40% having something to do with stagflation, and did not recover until the 1980s? Is it 1987, a quick dip followed by recovery in a year? 

Analysis and Commentary

Truck Automation

by John H. Cochrane via Grumpy Economist
Sunday, February 4, 2018

Two bits from Marginal Revolution on truck automation are so good they merit passing on here. Dan Hanson writes this amazing comment: I wonder how many of the people making predictions about the future of truck drivers have ever ridden with one to see what they do?

Featured

Convexification And Complication

by John H. Cochrane via Grumpy Economist
Friday, February 2, 2018

From Richard Rubin at WSJ: The new tax law’s treatment of deductions gives people more reasons to concentrate giving in certain years, both inside and outside donor-advised funds.

Featured

9 Hour Railway Station

by John H. Cochrane via The Grumpy Economist
Wednesday, January 31, 2018

China builds a railway station in 9 hours (HT Marginal Revolution). Yes, it's basically a propaganda video, but interesting nonetheless as a reflection on infrastructure. 

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No More Hot Air

by David R. Henderson, John H. Cochrane via Hoover Digest
Friday, January 26, 2018

If the climate is changing, political rhetoric won't help. Hard economic data can.

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Let's End Tax Anarchy

by John H. Cochrane via Hoover Digest
Friday, January 26, 2018

The tax code doesn’t need revision. It needs revolution. 

Featured

News Comments

by John H. Cochrane via Grumpy Economist
Friday, January 26, 2018

The tariff and the wall were the big news this week, with some lessons for looming infrastructure.

Featured

Right Answer, Wrong Reason

by John H. Cochrane via Grumpy Economist
Friday, January 12, 2018

Sometimes it is not good to get to the right answer for the wrong reasons. This thought comes to mind reading to recent WSJ articles, Walmart raises wages and Tax reform releases the bulls.

In the News

National Fellows

by John H. Cochrane via Grumpy Economist
Friday, January 12, 2018

Are you a young economist or other professor, and would you like to spend a year at Stanford with no teaching? The Hoover National Fellows program may be for you. Information and application instructions here. It's ideal for someone from a few years after PhD to a few years after tenure who wants a break to bring a research project to fruition.

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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. . .