Faculty & Research

John Cochrane

John H. Cochrane

Distinguished Senior Fellow

John H. Cochrane is a Distinguished Senior Fellow at the University of Chicago Booth School of Business. His recent finance 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 perfectly hedge. His 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. He has also written articles on macroeconomics, health insurance, time-series econometrics and other topics. He was a coauthor of The Squam Lake Report. He writes occasional Op-eds, and blogs as The Grumpy Economist at johnhcochrane.blogspot.com.

Cochrane is a Research Associate of the National Bureau of Economic Research and past director of its asset pricing program, and an 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. He 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. Recent awards include the TIAA-CREF Institute Paul A. Samuelson Award for his book Asset Pricing, the Chookaszian Endowed Risk Management Prize, and the Faculty Excellence Award for MBA teaching.

Cochrane earned a Bachelor's degree in Physics at MIT, and earned his Ph.D. in Economics at the University of California at Berkeley. He was at the Economics Department of the University of Chicago before joining the Booth School in 1994, and visited UCLA Anderson School of Management in 2000-2001.

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

For more information, please see, Cochrane's website.


Other Interests

Flying sailplanes, windsurfing.


Research Activities

Finance; macroeconomics; monetary economics.

"Discount Rates,” Journal of Finance (2011).

“Determinacy and Identification with Taylor Rules,” Journal of Political Economy (2011).

“Understanding Policy in the Great Recession: Some Unpleasant Fiscal Arithmetic,” European Economic Review (2011).

Asset Pricing (Princeton University Press, 2004).

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

Book Reviews
Date Posted: Jun  22, 2005
Books reviewed: Der-Horng Lee, Urban and Regional Transportation Modeling: Essays in Honor of David Boyce Richard Netzer, The Property Tax, Land Use and Land Use Regulation Eric Sheppard and Robert B. McMaster, Scale and Geographic Inquiry: Nature, Society, and Method Laura A. Reese and David Fasenfest, Critical Evaluations of Economic Development Policies Tracy M. Gordon, Planned Developments in California: Private Communities and Public Life Alberto Alesina and Enrico ...

Book Reviews
Date Posted: Nov  10, 2004
Books reviewed: Attractors, Bifurcations, & Chaos: Nonlinear Phenomena in Economics, by Tonu Puu. Geography and History: Bridging the Divide, by Alan R.H. Baker. Progress: Geographical Essays, edited by Robert David Sack. Political Ecology: An Integrative Approach to Geography and Environment-Development Studies, edited by Karl S. Zimmerer and Thomas J. Bassett. Handbook of Transport and the Environment, edited by David A. Hensher and Kenneth J. Button. Emerging Nodes in the ...

Book Reviews
Date Posted: Aug  20, 2004
Books reviewed: Walter Isard, History of Regional Science and the Regional Science Association International: The Beginnings and Early History Robert E. Lang, Edgeless Cities: Exploring the Elusive Metropolis Lori G. Kletzer, Imports, Exports, and Jobs: What Does Trade Mean for Employment and Job Loss? Wei-Bin Zhang, Theory of Interregional Dynamics: Models of Capital, Knowledge and Economic Structures Matthew P. Drenna, The Information Economy and American Cities Zoltan J ...

Book Reviews
Date Posted: Feb  28, 2004
Books Reviewed: Michael L. Lahr and Ronald E. Miller (eds.), Regional Science Perspectives in Economic Analysis: A Festschrift in Memory of Benjamin H. Stevens Graham Clarke and Moss Madden (eds.), Regional Science in Business Luis Suarez-Villa, Invention and the Rise of Technocapitalism Sam Bass Warner, Jr., Greater Boston: Adapting Regional Traditions to the Present Jameson W. Doig, Empire on the Hudson: Entrepreneurial Vision and Political Power at the Port of New York ...

Book Reviews
Date Posted: Feb  16, 2003
Books reviewed: Gordon L. Clark, Maryann P. Feldman, and Meric S. Gertler (eds.), The Oxford Handbook of Economic Geography Peter Meusburger and Heike Jons (eds.), Transformations in Hungary: Essays in Economy and Society Allen J. Scott (ed.), Global City-Regions: Trends, Theory, Policy James O. Wheeler, Yuko Aoyama, and Barney Warf (eds.), Cities in the Telecommunications Age: The Fracturing of Geographies Barry Bluestone and Mary Huff Stevenson, The Boston Renaissance: ...