# John Cochrane

> John H. Cochrane is an American economist, the Rose-Marie and Jack Anderson Senior Fellow at Stanford's Hoover Institution and author of the field-defining textbook Asset Pricing. A physicist-turned-finance scholar, he champions the fiscal theory of the price level, writes the popular free-market blog and Substack The Grumpy Economist, co-stars on Hoover's GoodFellows broadcast, and flies competition sailplanes in his spare time.

- **Role:** Rose-Marie and Jack Anderson Senior Fellow at the Hoover Institution, Stanford University
- **Organizations:** Hoover Institution, Stanford Graduate School of Business, National Bureau of Economic Research, University of Chicago Booth School of Business (former), American Finance Association
- **From:** Chicago, Illinois, USA
- **Nationality:** American
- **Education:** B.S. in Physics, Massachusetts Institute of Technology, Ph.D. in Economics, University of California, Berkeley
- **Known for:** Authored Asset Pricing (2001), a standard graduate finance textbook built around a single fundamental equation, Wrote The Fiscal Theory of the Price Level (2023), a comprehensive synthesis of his monetary-fiscal research, TIAA-CREF Paul A. Samuelson Award for Asset Pricing (2001)

## Career timeline

- **1982-1983** — Junior staff macroeconomist, Council of Economic Advisers
- **1985-1994** — Assistant Professor, University of Chicago economics department
- **1994-2015** — AQR Capital Management Distinguished Service Professor of Finance, University of Chicago Booth School of Business
- **1998-2003** — Editor, Journal of Political Economy
- **1998-2007** — Director, NBER Asset Pricing Program
- **2009-2010** — President, American Finance Association
- **2015-present** — Rose-Marie and Jack Anderson Senior Fellow, Hoover Institution, Stanford
- **2016-present** — Professor of Finance and Economics (by courtesy), Stanford GSB
- **2023** — Published The Fiscal Theory of the Price Level (Princeton University Press)

## Achievements

- Authored Asset Pricing (2001), a standard graduate finance textbook built around a single fundamental equation
- Wrote The Fiscal Theory of the Price Level (2023), a comprehensive synthesis of his monetary-fiscal research
- TIAA-CREF Paul A. Samuelson Award for Asset Pricing (2001)
- Fellow of the Econometric Society (2001)
- Honorary Doctorate, University of St. Gallen (2014)
- Bradley Prize (2023)
- Adam Smith Award, Association of Private Enterprise Education (2024)
- Past President and Fellow of the American Finance Association
- Editor of the Journal of Political Economy (1998-2003)
- Member of the US team at the 2010 World Gliding Championships in Hungary

## Latest updates

- **2023-12** — Moved The Grumpy Economist blog from Blogger to Substack.
- **2023-01** — Published The Fiscal Theory of the Price Level with Princeton University Press.
- **2024** — Received the Adam Smith Award from the Association of Private Enterprise Education.

## Links

- Website: https://www.johnhcochrane.com/
- Twitter/X: https://x.com/johnhcochrane
- YouTube: https://www.youtube.com/@HooverInstitution

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Profile page: https://yespress.io/john-cochrane
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Last updated: 2026-06-02