Seminar Series

What if governments can't pay their debts?


John H. Cochrane


University of Chicago Booth School of Business

Time & Place

Tue, 27 Nov 2012 18:00:00 NZDT in University of Canterbury


In this lecture, Professor Cochrane, will tackle issues around government debt and deficits, inflation, the Euro and central banks within the context of the emerging "fiscal theory of the price level".


John H. Cochrane is the AQR Capital Management Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. His recent finance publications include the book Asset Pricing, and articles on dynamics in stock and bond markets, the volatility of exchange rates, the term structure of interest rates, the returns to venture capital, liquidity premiums in stock prices, the relation between stock prices and business cycles, and option pricing when investors can't perfectly hedge. His monetary economics publications include articles on the relationship between deficits and inflation, the effects of monetary policy, and on the fiscal theory of the price level. He has also written articles on macroeconomics, health insurance, time-series econometrics and other topics. He was a co-author of The Squam Lake Report. He writes occasional op-eds, and blogs as "the Grumpy Economist" at