NBER Reporter: Spring 2000

NBER Profiles

John H. Cochrane | Lawrence H. Goulder | Shang-Jin Wei

NBER Profile: John H. Cochrane

John H. Cochrane directs the NBER's Program on Asset Pricing and is the Sigmund E. Edelstone Professor of Finance and Economics at the University of Chicago. He began his affiliation with the NBER in 1988 as a Faculty Research Fellow, was promoted to Research Associate in the Asset Pricing and Economic Fluctuations and Growth Programs in 1994, and became Director of the Asset Pricing Program in 1999.

Cochrane received an S.B. in physics from MIT in 1979 and a Ph.D. in economics from the University of California, Berkeley in 1986. He joined the University of Chicago's economics department in 1985 as an assistant professor, was promoted to associate professor in 1990, and became a professor in the University's Graduate School of Business in 1994. He received his named professorship in 1997.

In addition to his teaching and research, Cochrane is Editor of the Journal of Political Economy and a consultant to the research department of the Federal Reserve Bank of Chicago. Cochrane's research is split between macroeconomics and asset pricing. Most recently, he has been working on the fiscal theory of the price level, option pricing with imperfect replication, habit persistence and the predictability of returns, and a Ph.D. textbook.

Cochrane lives in the Hyde Park neighborhood near the University of Chicago with his wife, Elizabeth Fama, and children Sally, Eric, Gene, and Lydia. In rare spare time, he flies sailplanes competitively and windsurfs in the frigid waters of Lake Michigan.


NBER Profile: Lawrence H. Goulder

Lawrence H. Goulder is a Research Associate in the NBER's Program in Public Economics. He is also an Associate Professor of Economics at Stanford University, a Senior Fellow of Stanford's Institute for International Studies, and a University Fellow of Resources for the Future, a nonprofit environmental and natural resource research firm located in Washington, D.C.

Goulder graduated from Harvard College with an A.B. in philosophy in 1973. He earned an M.A. in musical composition from the École Normale de Musique de Paris in 1975 and a Ph.D. in economics from Stanford in 1982. He was a faculty member in the economics department at Harvard University before returning to Stanford in 1989.

Goulder has served as a consultant to the U.S. Environmental Protection Agency, the Organization for Economic Cooperation and Development, and the Environmental Defense Fund. His work, particularly in environmental economics, has been published in the leading economic journals.

Goulder lives in Menlo Park, California, with his wife Angela and daughters Maggie, 8, and Elizabeth, 3. He spends much of his free time with his family and especially enjoys family hiking and camping adventures. He also enjoys swimming, playing the piano, and writing music.


NBER Profile: Shang-Jin Wei

Shang-Jin Wei is a Faculty Research Fellow in the NBER's Programs on International Finance and Macroeconomics and on International Trade and Investment. He is also an Associate Professor of Public Policy at Harvard University's Kennedy School of Government and, during 1999-2000, an Advisor at the World Bank.

Wei received his B.A. in world economy from Fudan University in China in 1986. After attending Pennsylvania State University, he transferred to the University of California at Berkeley, where he obtained his M.S. in finance in 1991 and his Ph.D. in economics in 1992.

Wei has been a visiting scholar at the Internal Monetary Fund, the World Bank, the Federal Reserve Bank of San Francisco, the Federal Reserve Board of Governors, the Asian Development Bank, and the Organization for Economic Cooperation and Development. His research interests include trade, finance, and the political economy aspects of international integration.

Outside research, Wei's interests include foreign movies, foreign countries, cycling, chocolate, and their convex combinations.


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