John H. Cochrane

John H. Cochrane conducts research 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, option pricing when investors can't perfectly hedge, and monetary economics including the fiscal theory of the price level.

Cochrane is vice-president of the American Finance Association, a research associate and past director of the asset pricing program of the National Bureau of Economic Research and a Fellow of the Econometric Society. He has been an editor of the Journal of Political Economy, and associate editor of a number of journals including the Journal of Monetary Economics, the Journal of Business, and the Journal of Economic Dynamics and Control. His recent publications include the book, Asset Pricing, and numerous articles on his research topics.

Recent awards include the TIAA-CREF Institute Paul A. Samuelson Award for his book Asset Pricing, the Chookaszian Endowed Risk Management Prize, and the 2004 Faculty Excellence Award for MBA teaching. He was at the department of Economics at the University of Chicago before joining Chicago Booth in 1994.

Cochrane earned a bachelor's degree in physics at Massachusetts Institute of Technology in 1979 and his PhD in economics at the University of California at Berkeley in 1986.

In addition to conducting research and teaching, Cochrane windsurfs and is a competition sailplane pilot.

Selected Publications

Asset Pricing (Princeton University Press, 2004).

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With Monika Piazzesi, "Bond Risk Premia," American Economic Review 95, 138-160 (2005).

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"The Risk and Return of Venture Capital," Journal of Financial Economics 75, 3-52 (2005).

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"Money as Stock," Journal of Monetary Economics 52, 501-528 (2005).

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With John Y. Campbell, "By Force of Habit: A Consumption-Based Explanation of Aggregate Stock Market Behavior," Journal of Political Economy 107, 205-251 (1995).

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