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John Cochrane named Guggenheim Fellow

April 13, 2012

John H. Cochrane, AQR Capital Management Distinguished Service Professor of Finance at Chicago Booth, has been named a 2012 Guggenheim Fellow by the John Simon Guggenheim Memorial Foundation of New York. 

He is among 181 scholars, artists, writers and scientists who received the honor this year. The winners were selected from nearly 3,000 applicants on the basis of prior achievement and exceptional promise.

Often characterized as “midcareer” awards, Guggenheim Fellowships are intended for men and women who have already demonstrated exceptional capacity for productive scholarship or exceptional creative ability in the arts. They represent “the best of the best,” said Edward Hirsch, Foundation president.

Cochrane is the second member of the Booth faculty to receive a Guggenheim Fellowship. Sidney Davidson, who was a professor of accounting and dean of the school, won the award in 1956.

Cochrane’s research focuses on macroeconomics, monetary economics and several areas of finance. His recent finance publications include the book Asset Pricing, and articles on dynamics in stock and bond markets, the volatility of exchange rates and the term structure of interest rates. He also has researched and written on 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.

Cochrane’s monetary economics publications include articles on the relationship between deficits and inflation, the effects of monetary policy and on the fiscal theory of the price level. The Guggenheim Fellowship was awarded for further work on the fiscal theory. He also has written articles on macroeconomics, health insurance, time-series econometrics and other topics. He writes occasional op-eds, and blogs as “the Grumpy Economist” at

Cochrane is a research associate of the National Bureau of Economic Research and past director of its Asset Pricing program, and adjunct scholar of the CATO Institute. He is a past president and Fellow of the American Finance Association, and a Fellow of the Econometric Society.

Cochrane has been an editor of the Journal of Political Economy, and associate editor of several journals including the Journal of Monetary Economics, Journal of Business and Journal of Economic Dynamics and Control. His recent awards include the TIAA-CREF Institute Paul A. Samuelson Award for his book Asset Pricing, the Chookazian Endowed Risk Management Prize and the Faculty Excellence Award for MBA teaching.

He currently teaches an MBA course in advanced investments and several Ph.D. courses in Asset Pricing and monetary economics.

Cochrane joined the Chicago Booth faculty in 1994 after spending nine years on the faculty of the University of Chicago Department of Economics. He earned a bachelor’s degree in physics at MIT, and a Ph.D. in economics at the University of California at Berkeley.

The Guggenheim Foundation provides Fellowships to assist research and artistic creation in all fields (natural sciences, social sciences, humanities, creative arts) except the performing arts. The Foundation only supports individuals; it does not make grants to institutions or organizations.

This year’s Guggenheim Fellows include two other University of Chicago faculty members, Adrian Johns, a professor in the Department of History, and Don Kulick, a professor in the Department of Comparative Human Development.