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|12th President of the Federal Reserve Bank of Minneapolis|
October 8, 2009
|Preceded by||Gary H. Stern|
October 12, 1963 |
|Alma mater||University of Chicago (Ph.D.)
Princeton University (A.B.)
Early life and education
Kocherlakota was born in Baltimore, Maryland, to a Jewish mother and an Indian American father, but lived in Winnipeg, Manitoba for most of his childhood. He entered Princeton University at age 15 and graduated four years later with an A.B. in Mathematics in 1983. He earned a Ph.D. in economics from the University of Chicago in 1987.
Kocherlakota's first faculty position was at the Kellogg Graduate School of Business at Northwestern University. He subsequently was a professor of economics at the University of Iowa, Stanford University, and the University of Minnesota. Kocherlakota's research in monetary economics, asset pricing, and public finance has appeared in Econometrica, the Journal of Political Economy, the Journal of Economic Theory, the Journal of Monetary Economics and the Journal of Money, Credit and Banking.
He is one of the founders of the New Dynamic Public Finance. His contributions include articles on optimal taxation and optimal unemployment insurance. He has written a graduate textbook on the subject.
Minneapolis Fed presidency
On October 8, 2009 Kocherlakota assumed the presidency of the Federal Reserve Bank of Minneapolis following the retirement of Gary H. Stern. Kocherlakota had been a consultant at the Minneapolis Fed since 1999.
In January 2011, Kocherlakota contested the idea that the Federal Reserve caused the housing bubble in the 2000s. He noted that "land prices started to rise in 1996 and that prices grew 11% per year between 1996 and 2001, when the Fed's target rate was between 4.75% and 6.5% ...[,] 'hardly ... loose monetary policy.'"
In August 2011, he was one of the three governors who voted against the statement promising to keep the short term interest rate near zero for two more years.
- Reuters: "FED FOCUS-How a Fed inflation hawk changed his mind" by Ann Saphir October 9, 2012
- Serres, Chris (2009-12-13). "New chief rocks Minneapolis Fed". Minneapolis Star Tribune. p. D1.
- Jon Hilsenrath; Mark Whitehouse (2009-10-01). "Unconventional Thinker Gets Fed Post". Wall Street Journal. p. A2.
- Serres, Chris (2009-10-01). "U economics chair is new head of Minneapolis Federal Reserve". Minneapolis Star Tribune. p. D1.
- Goldstein, Steve, "Kocherlakota: Fed didn't cause housing bubble", MarketWatch, Jan. 11, 2011, 2:00 p.m. EST. Retrieved 2011-01-11.
- Appelbaum, Binyamin (2011-08-09). "Its Forecast Dim, Fed Vows to Keep Rates Near Zero". New York Times.
- Minneapolis Fed: Federal Reserve Bank of Minneapolis names Narayana Kocherlakota new president September 30, 2009