John H. Cochrane
| John H. Cochrane | |
|---|---|
| Born |
26 November 1957 (age 59) Chicago, Illinois, United States |
| Nationality | United States |
| Institution | University of Chicago Booth School of Business |
| Field | Financial economics, Macroeconomics |
| Alma mater |
University of California at Berkeley (Ph.D.) MIT (B.S.) |
| Information at IDEAS / RePEc | |
John Howland Cochrane (born 26 November 1957) is an economist, specializing in financial economics and macroeconomics. He is a Senior Fellow of the Hoover Institution at Stanford University.
Cochrane received his Ph.D. in Economics from the University of California at Berkeley in 1986, after having obtained a B.S. in Physics from MIT in 1979 and having served as a junior economist on the Council of Economic Advisers (1984–1985). He was hired by the University of Chicago economics department in 1986 and moved to the business school in 1993. Prior to joining the Hoover Institution, he was the AQR Capital Management Distinguished Service Professor of Finance at the University of Chicago Booth School of Business.
Cochrane has served as head of the National Bureau of Economic Research asset pricing group, and was the editor of the Journal of Political Economy from 1998 to 2003. He was elected Fellow of the Econometric Society in 2001, served as vice-president of the American Finance Association in 2008, and was elected president of this learned society for the 2010 term.
The central idea of Cochrane's research is that macroeconomics and finance should be linked, and a comprehensive theory needs to explain both of the following:
That is a standard general equilibrium logic, but many financial economists do not view it as a priority and prefer to explain prices without an ultimate reference to choices of households and firms. Similarly, many macroeconomists choose not to worry about asset prices.
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