Who We Are
Careers at the BankPresident
Narayana Kocherlakota
How to pronounce his name:
Nair-ah-yah-nah Koach-er-lah-ko-tah
Narayana Kocherlakota became the 12th president of the Federal Reserve Bank of Minneapolis on Oct. 8, 2009. As president, Kocherlakota serves on the Federal Open Market Committee, the policymaking arm of the Federal Reserve System, consisting of the presidents of the 12 Federal Reserve banks and the members of the Board of Governors. The FOMC meets every six to eight weeks in Washington, D.C, to determine monetary policy for the nation. The Federal Reserve Bank of Minneapolis is responsible for the Ninth Federal Reserve District, which includes Montana, North and South Dakota, Minnesota, northwestern Wisconsin and the Upper Peninsula of Michigan. In addition to participation in monetary policymaking, the Federal Reserve Bank of Minneapolis supervises numerous banking organizations, and provides a variety of payments services to financial institutions and the U.S. government.
Prior to becoming president of the Federal Reserve Bank of Minneapolis, Kocherlakota was a professor of economics at the University of Minnesota, where he previously chaired the economics department, and a consultant to the Federal Reserve Bank of Minneapolis. He was also a research associate at the National Bureau of Economic Research. From 1996 to 1998, he was a Research staff member at the Minneapolis Fed.
Narayana Kocherlakota was born Oct. 12, 1963, in Baltimore, Maryland. He earned a Ph.D. in economics from the University of Chicago in 1987 and an A.B. in mathematics from Princeton in 1983.
Career
- 2005–2009: Professor, University of Minnesota
- 1999–2009: Consultant, Federal Reserve Bank of Minneapolis
- 2006–2008: Chair, Department of Economics, University of Minnesota
- 2002–2005: Professor, Stanford University
- 1998–2002: Professor, University of Minnesota.
- 1996–1998: Research Economist, Federal Reserve Bank of Minneapolis.
- 1993–1995: Associate Professor (with tenure), University of Iowa
- 1990–1993: Assistant Professor, University of Iowa
- 1987–1990: Assistant Professor, Kellogg Graduate School of Management, Northwestern University
Kocherlakota has published more than 30 articles in academic journals, including Econometrica, Journal of Political Economy, Journal of Economic Theory, Journal of Monetary Economics and Journal of Money, Credit and Banking. His work includes theoretical and empirical contributions to macroeconomics, monetary economics, financial economics and public finance.
Kocherlakota has authored a book from Princeton University Press titled The New Dynamic Public Finance, which describes an approach to tax design pioneered by him and others over the past decade.
As chair of the economics department at the University of Minnesota, Kocherlakota led a recruiting effort that increased the number of professors from 15 to 25, and according to U.S. News and World Report improved the department’s national rank from 15 to 10 among graduate economics programs.
View Narayana Kocherlakota’s speeches, articles and research
Press Release: Federal Reserve Bank of Minneapolis names Narayana Kocherlakota new president, September 30, 2009
