Last updated on: 1/21/2015 | Author:

John H. Cochrane, PhD Biography

Professor of Finance at the University of Chicago Booth School of Business
Not Clearly Pro or Con to the question "Should the Government Allow a Path to Citizenship for Undocumented Immigrants?"

“11 million people are here, working hard, paying taxes, owning property, but scurrying around in semi-legal status. This is a national embarrassment. We criticize other nations for ‘apartheid’ when they deny legal status to people who have been living there for decades, or even generations. Yet one in twenty people living within US borders suffers the same fate.

If you’ve been here x years, have a job, stayed out of trouble, then you should get to stay. If we let everyone else who wants to migrate on these same terms, then we don’t have to worry about the unfairness of letting illegals ‘jump the line.’ Get the terms right, and there will be no lines and no unfairness.

Let’s talk about the deal, not the numbers. For every objection to open immigration, it’s easy enough to find terms of the deal to resolve the matter. The right terms will allow the optimal amount of immigration to settle itself, so that no apparatchik in Washington has to come up with a number. Once we get the terms right, every person who can benefit our society will come, and America will truly be a great nation of great immigrants again.”

“Peregrine: What is the Optimal Number of Immigrants to the US?,”, June 24, 2014

[Editor’s Note: John H. Cochrane expressed a Con E-Verify position in an Aug. 1, 2013 op-ed for the Wall Street Journal titled “Think Government Is Intrusive Now? Wait Until E-Verify Kicks In.”]

Involvement and Affiliations:
  • AQR Capital Management Distinguished Service Professor of Finance, University of Chicago Booth School of Business
  • Senior Fellow, Hoover Institution, Stanford University, 2012-present
  • Co-director, Fama-Miller Center, 2012-present
  • Adjunct Scholar, CATO institute, 2009-present
  • Editorial Board, American Economic Journal: Macroeconomics, 2007-present
  • Board member, CRSP (Center for Research in Security Prices), 2001-present
  • NBER Research Associate, 1998-present
  • Blog: The Grumpy Economist
  • Academic Advisory Board member, Kepos Capital Management, 2010-2013
  • President, American Finance Association, 2009-2010
  • Vice President, President Elect and Program Chair, American Finance Association, 2008-2009
  • TIAA-CREF Fellow, 2005-2008
  • Visiting Professor of Finance, University of California at Los Angeles (UCLA) Anderson Graduate School of Management, 2000-2001
  • Assistant and Associate Professor, University of Chicago Department of Economics, 1985-1994
  • Visiting Associate Professor, University of Chicago Graduate School of Business, 1991-1992
  • PhD, Economics, University of California at Berkeley, 1986
  • SB, Physics, Massachusetts Institute of Technology, 1979
  • Blogger, The Grumpy Economist
  • Recipient, Honorary Doctorate, University of St. Gallen, 2014
  • Recipient, McKinsey Award for Outstanding Teaching, 2013
  • Recipient, Guggenheim Fellowship, 2012
  • Fellow, American Finance Association, 2011
  • Recipient, Fama/DFA Second Prize, Best Journal of Financial Economics Paper, 2006
  • Recipient, Faculty Excellence Award, 2004
  • Recipient, Chookaszian Endowed Risk Management Prize, 2003
  • Fellow, Econometric Society, 2003
  • Recipient, Q-Group/Inquire Prize for Practical Potential, 2001
  • Recipient, TIAA-CREF Institute Paul A. Samuelson Award for Asset Pricing, 2001
  • Recipient, Inquire/Q-Group Scroll Prize, 2000
  • Recipient, TIAA-CREF Institute Paul A. Samuelson Award, Certificate of Excellence
  • Married to Elizabeth Fama; has four children
  • Twitter handle: @JohnHCochrane
Quoted in:
  1. Should E-Verify Be Mandatory for All Employers?