The Swiss National Bank has named John H. Cochrane as the speaker for its 2025 Karl Brunner Distinguished Lecture Series, where he will examine how fiscal policy contributed to the global surge in inflation following the coronavirus pandemic. Cochrane is a Senior Fellow at the Hoover Institution at Stanford University and previously served as a Professor of Finance at the University of Chicago from 1985 to 2015. His research focuses on the interaction between financial markets and the macroeconomy and includes work on the fiscal theory of the price level, the subject of his 2023 book ‘The Fiscal Theory of the Price Level’. The ninth lecture will be held at 5.30 pm on 2 October 2025 in the Audi Max room at ETH Zurich, will be conducted in English, and will be open to the general public without prior registration.