The article discusses the recent acquisition of Paramount by the Ellison brothers and their ambitions to buy Warner Bros. Discovery, highlighting the implications of political influence on media mergers. It critiques the regulator...
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John H. Cochrane is the author of 'The Grumpy Economist,' a publication that offers news, views, and commentary from a free market perspective. The site moved from Blogger to Substack in December 2023, and it has tens of thousands of subscribers. For posts dating back to 2011, readers can visit his Blogger page.
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The post argues that a new Fed-Treasury Accord could strengthen the Fed's independence by clarifying roles and responsibilities in fiscal and monetary policy.
The essay discusses the concept of central bank independence, arguing that it is not an absolute virtue and must be balanced with accountability and limitations. The author critiques the Federal Reserve's expansion into fiscal and...
John H. Cochrane reflects on his recent lecture in Switzerland, discussing the country's unique monetary policy and economic situation. He highlights Switzerland's low inflation and interest rates, the Swiss National Bank's (SNB) ...
The blog post reviews three papers presented at the NBER Asset Pricing Program at Stanford. Kent Daniel, Alexander Klos, and Simon Rottke discuss inefficiencies in the security lending market, revealing that high short-sale fees c...
Insights from the NBER meeting reveal how companies adjust prices based on dollar costs rather than percentages, challenging conventional economic models and highlighting the complexities of market dynamics.
The post examines the 1951 Treasury-Fed Accord, highlighting its significance for Fed independence and its lessons for current economic policy amid crises.
The manuscript provides a comprehensive framework for understanding inflation through the lens of fiscal theory and interest rate targeting, emphasizing the need for fiscal-monetary coordination.
P.J. O'Rourke humorously outlines a satirical yet practical approach to balancing the federal budget by cutting wasteful spending and rethinking tax policies.
The blog post discusses the history of Brazilian inflation from 1947 to the present, focusing on the various stabilization plans implemented to combat hyperinflation, particularly the successful Plano Real in 1994. It highlights t...
The post discusses the complexities of causation in economics, emphasizing that while the causality revolution has improved empirical work, it often fails to capture the majority of variation in outcomes like wages and employment....
The blog post discusses insights from a correspondence with a CEO of a large retailer regarding the impact of tariffs on pricing and consumer behavior. The CEO indicates that while there has been no immediate effect from tariffs, ...
This essay discusses Tom Sowell's book 'Knowledge and Decisions,' emphasizing the importance of information and incentives in economic and social decision-making. It critiques the traditional view of economics as a machine for pro...
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John H. Cochrane critiques an op-ed by Neale Mahoney and Bharat Ramamurti advocating for price and rent controls, arguing that such measures are fundamentally flawed. He emphasizes that price controls create inefficiencies, distor...
The post discusses the concept of central bank independence, particularly in light of recent political pressures on the Federal Reserve (Fed) from President Trump. It argues that while Fed independence is important, it should not ...
John H. Cochrane's keynote discusses asset pricing trends, stock price volatility, and investor strategies in the context of historical research and market behavior.
The post argues that self-interest, as highlighted by Adam Smith, drives economic prosperity more effectively than philanthropy, linking it to the principles of freedom and societal benefit.
The author discusses three main desires regarding U.S. monetary policy: lower interest rates to reduce debt costs, increased accountability for the Federal Reserve, and the implications of the U.S. dollar's reserve currency status...
5.7War and Oil
2026-03-15 • economics geopolitics oil market analysis u.s. energy policy
The post examines the economic consequences of current oil price trends amid geopolitical tensions, highlighting the importance of market signals and the risks of government intervention.
Cochrane critiques Trump's op-ed on tariffs, arguing that while they may boost investment, they contradict basic economic principles regarding trade deficits and efficiency.
The 2020s surpass the 1950s in economic prosperity and living standards, challenging the nostalgic view of the past as the best era for the U.S. economy.
The op-ed discusses President Trump's monetary policy desires, arguing that they are not as irrational as commonly perceived. It outlines three main points: the need for lower interest rates to reduce debt costs, the call for less...
John H. Cochrane introduces a series of videos addressing key economic issues while inviting audience engagement for future topics.