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John H. Cochrane

John H. Cochrane

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John H. Cochrane is a senior fellow of the Hoover Institution, an adjunct scholar at the CATO Institute, and the author of The Fiscal Theory of the Price Level (Princeton University Press 2023). He maintains the Grumpy Economist blog.

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  1. John H. Cochrane on fiscal theory, bank failures, central-bank independence, and more
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    John H. Cochrane on fiscal theory, bank failures, central-bank independence, and more

    Apr 4, 2023 John H. Cochrane predicts a period of stubborn inflation, explains why more regulation will not end financial crises, considers factors that may diminish faith in government-debt repayment, and more.

  2. The Liz Truss Tragedy
    cochrane7_ Jeff J MitchellGetty Images_truss Jeff J Mitchell/Getty Images

    The Liz Truss Tragedy

    Oct 25, 2022 John H. Cochrane & Jon Hartley thinks Britain’s short-lived prime minister had the right idea, but failed on execution.

  3. The End of an Economic Illusion
    cochrane6EVA HAMBACHAFP via Getty Images_inflation printing money EVA HAMBACH/AFP via Getty Images

    The End of an Economic Illusion

    Apr 15, 2022 John H. Cochrane shows how the return of inflation is forcing pundits and policymakers to abandon wishful thinking.

  4. Time for Supply
    GettyImages-1291931091 Getty Images

    Time for Supply

    Mar 3, 2022 John H. Cochrane & Jon Hartley explain the reforms needed to fix the US economy's long-ignored but single biggest problem.

  5. Why Isn't the Fed Doing its Job?
    cochrane4_Brooks Kraft Getty Images_fed reserve Brooks Kraft Getty Images

    Why Isn't the Fed Doing its Job?

    Jan 19, 2022 John H. Cochrane thinks the world’s most important central bank has lost its way and should get back to basics.

  1. tbunde7_Johannes SimonGetty Images_vance Johannes Simon/Getty Images

    A Westless World

    Tobias Bunde reflects on this year's Munich Security Conference and America's break from the transatlantic alliance.
  2. broning14_Maja HitijGetty Images_merz Maja Hitij/Getty Images

    Germany’s Last-Chance Election

    Michael Bröning

    With German voters clearly demanding comprehensive change, the far right has been capitalizing on the public's discontent and benefiting from broader global political trends. If the country's democratic parties cannot deliver, they may soon find that they are no longer the mainstream.

    explains why the outcome may decide whether the political “firewall” against the far right can hold.
  3. popescu6_ZinchenkoGlobal Images Ukraine via Getty Images)_ukrainepeace Zinchenko/Global Images Ukraine via Getty Images

    The Only Path to Genuine Peace in Ukraine

    Nicu Popescu

    The Russian and (now) American vision of "peace" in Ukraine would be no peace at all. The immediate task for Europe is not only to navigate Donald’s Trump unilateral pursuit of a settlement, but also to ensure that any deal does not increase the likelihood of an even wider war.

    sees a Korea-style armistice with security guarantees as the only viable option in Ukraine.
  4. asakawa3_PoolGettyImages_hindu_kush_glacial_melt Pool/Getty Images

    Meltdown at the Top of the World

    Masatsugu Asakawa urges development banks to act urgently to avert the catastrophic effects of the Himalayas’ thawing glaciers.
  5. frieda19_AnadoluGettyImages_russia_us_peace_talks Anadolu/Getty Images

    The Economic Consequences of Trump’s Ukrainian Peace

    Gene Frieda

    Rather than engage in lengthy discussions to pry concessions from Russia, US President Donald Trump seems committed to giving the Kremlin whatever it wants to end the Ukraine war. But rewarding the aggressor and punishing the victim would amount to setting the stage for the next war.

    warns that by punishing the victim, the US is setting up Europe for another war.
  6. oneill128in McNameeGetty Images_trump Win McNamee/Getty Images

    There Goes America

    Within his first month back in the White House, Donald Trump has upended US foreign policy and launched an all-out assault on the country’s constitutional order. With US institutions bowing or buckling as the administration takes executive power to unprecedented extremes, the establishment of an authoritarian regime cannot be ruled out.

  7. op_janeway18_DrAfter123Getty Images_AI DrAfter123/Getty Images

    In AI We Trust?

    William H. Janeway

    The rapid advance of AI might create the illusion that we have created a form of algorithmic intelligence capable of understanding us as deeply as we understand one another. But these systems will always lack the essential qualities of human intelligence.

    explains why even cutting-edge innovations are not immune to the world’s inherent unpredictability.
  8. strain36_Michael M. SantiagoGettyImages_ny_stock_exchange Michael M. Santiago/Getty Images

    How Trump Can Achieve Sustained Growth

    Michael R. Strain foresees the US president building on a strong economy, so long as he steers clear of populist policies.
  9. schwarzer9_Telmo PintoSOPA ImagesLightRocket via Getty Images_macronstarmer Telmo Pinto/SOPA Images/LightRocket via Getty Images

    Europe Alone

    Daniela Schwarzer explains what the European Union must do now that America has walked away from the transatlantic relationship.

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