John Cochrane

John Cochrane

Formal First Name
1957 - present

John H. Cochrane is the Rose-Marie and Jack Anderson Senior Fellow of the Hoover Institution at Stanford University. He is also a research associate of the National Bureau of Economic Research and an adjunct scholar of the CATO Institute. Cochrane has interests in diverse fields of financial economics and macroeconomics, including asset markets, financial crises and regulations, monetary and fiscal policies, and health insurance. He has worked on the fiscal theory of the price level, on the debate between permanent and temporary shocks in macroeconomic fluctuations, and the cost of near-rational behavior. He is the author of Asset Pricing, a widely used textbook in graduate courses on asset pricing. Cochrane frequently contributes editorial opinion essays to the Wall Street Journal,, and other publications. He maintains the Grumpy Economist blog, which contains a series of news, views, and commentaries from a humorous point of view.

Professional Experience

Academic History


  • 2016-: Professor of Finance and Economics (by Courtesy), Stanford GSB 

  • 2015-: Distinguished Research Fellow, Becker-Friedman Institute, University of Chicago 

  • 2015-: Distinguished Senior Fellow, Booth School of Business, University of Chicago 

  • 2015-: Senior Fellow, SIEPR, Stanford University 

  • 2009-: Adjunct Scholar, CATO institute 

  • 2007-: Editorial Board, American Economic Journal: Macroeconomics 

  • 1998-: NBER Research Associate Past Affiliations and Professional Activities 

  • 2012-2015: Senior Fellow, (nonresident) Hoover Institution, Stanford University 

  • 2012-2015: Co-director, Fama-Miller Center 

  • 2001-2015: CRSP board of directors 

  • 2010-2013: Academic Advisory Board, Kepos Capital Management 

  • 2009-2010: President, American Finance Association 2 

  • 2008-2009: Vice President, President elect and program chair, American Finance Association 

  • 2005-2008: TIAA-CREF Fellow 

  • 1999-2007: Director, NBER Asset Pricing Program 

  • 2003-2006: American Finance Association Board of Directors 

  • 1998-2003: Editor, Journal of Political Economy 

  • 1995-2001: Consultant, Research Department, Federal Reserve Bank of Chicago 

  • 1995-1998: Associate Editor, Journal of Business 

  • 1995-1997: Associate Editor, Journal of Monetary Economics 

  • 1988-1994: Associate Editor, Journal of Economic Dynamics and Control 

  • 1991-1994: Board of Editors, Journal of Applied Econometrics 

  • 1992-1994: Associate Editor, Journal of Money Credit and Banking 

  • 1995-1998: Foreign Editor, Review of Economics Studies 

  • 1994-1999: Editorial Board, Federal Reserve Bank of New York Economic Policy Review 

  • 1988–1992: National Opinion Research Center Research Associate 

  • 1988–1994: National Bureau of Economic Research Faculty Research Fellow. 

  • 1988-1990, 1991-1993,1994-1996, 1997-2001, 2002-: National Science Foundation grants 

  • 1990, 1992: (Summer) Hoover Institution, Visiting scholar



  • 1999: TIAA-CREF Institute Paul A. Samuelson Award, Certificate of Excellence for “By Force of Habit” 

  • 2000: Inquire / Q-group scroll prize 

  • 2001: TIAA-CREF Institute Paul A. Samuelson Award for Asset Pricing 

  • 2001: Q group/Inquire prize for practical potential 

  • 2001: Fellow of the Econometric Society 

  • 2003: Chookaszian Endowed Risk Management Prize 

  • 2004: Faculty excellence award (teaching award voted by MBA students). 

  • 2006: Fama/DFA second prize, best Journal of Financial Economics paper, for “The Risk and Return of Venture Capital” 

  • 2011: Fellow, American Finance Association 

  • 2012: Guggenheim Fellowship 

  • 2013: McKinsey Award for Outstanding Teaching 

  • 2014: Honorary Doctorate, University of St. Gallen



  • John has appeared extensively in the media as he contributed to the debate on the financial crisis.

  • John has also appeared as a guest on Real Vision.