Narayana Kocherlakota
Encyclopedia
Narayana Kocherlakota is an American economist and is the 12th and current president of the Federal Reserve Bank of Minneapolis
.
, 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.
. 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.
. 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
Federal Reserve Bank of Minneapolis
The Federal Reserve Bank of Minneapolis, located in Minneapolis, Minnesota, in the United States, covers the 9th District of the Federal Reserve, including Minnesota, Montana, North and South Dakota, northwestern Wisconsin, and the Upper Peninsula of Michigan...
.
Early life and education
Kocherlakota was born in Baltimore, but lived in WinnipegWinnipeg
Winnipeg is the capital and largest city of Manitoba, Canada, and is the primary municipality of the Winnipeg Capital Region, with more than half of Manitoba's population. It is located near the longitudinal centre of North America, at the confluence of the Red and Assiniboine Rivers .The name...
, Manitoba
Manitoba
Manitoba is a Canadian prairie province with an area of . The province has over 110,000 lakes and has a largely continental climate because of its flat topography. Agriculture, mostly concentrated in the fertile southern and western parts of the province, is vital to the province's economy; other...
for most of his childhood. He entered Princeton University
Princeton University
Princeton University is a private research university located in Princeton, New Jersey, United States. The school is one of the eight universities of the Ivy League, and is one of the nine Colonial Colleges founded before the American Revolution....
at age 15 and graduated four years later with an A.B.
Bachelor of Arts
A Bachelor of Arts , from the Latin artium baccalaureus, is a bachelor's degree awarded for an undergraduate course or program in either the liberal arts, the sciences, or both...
in Mathematics in 1983. He earned a Ph.D.
Doctor of Philosophy
Doctor of Philosophy, abbreviated as Ph.D., PhD, D.Phil., or DPhil , in English-speaking countries, is a postgraduate academic degree awarded by universities...
in economics from the University of Chicago
University of Chicago
The University of Chicago is a private research university in Chicago, Illinois, USA. It was founded by the American Baptist Education Society with a donation from oil magnate and philanthropist John D. Rockefeller and incorporated in 1890...
in 1987.
Academic
Kocherlakota's first faculty position was at the Kellogg Graduate School of Business at Northwestern UniversityNorthwestern University
Northwestern University is a private research university in Evanston and Chicago, Illinois, USA. Northwestern has eleven undergraduate, graduate, and professional schools offering 124 undergraduate degrees and 145 graduate and professional degrees....
. He subsequently was a professor of economics at the University of Iowa
University of Iowa
The University of Iowa is a public state-supported research university located in Iowa City, Iowa, United States. It is the oldest public university in the state. The university is organized into eleven colleges granting undergraduate, graduate, and professional degrees...
, Stanford University
Stanford University
The Leland Stanford Junior University, commonly referred to as Stanford University or Stanford, is a private research university on an campus located near Palo Alto, California. It is situated in the northwestern Santa Clara Valley on the San Francisco Peninsula, approximately northwest of San...
, and the University of Minnesota
University of Minnesota
The University of Minnesota, Twin Cities is a public research university located in Minneapolis and St. Paul, Minnesota, United States. It is the oldest and largest part of the University of Minnesota system and has the fourth-largest main campus student body in the United States, with 52,557...
. Kocherlakota's research in monetary economics, asset pricing, and public finance has appeared in Econometrica
Econometrica
Econometrica is a peer-reviewed academic journal of economics, publishing articles not only in econometrics but in many areas of economics. It is published by the Econometric Society and distributed by Wiley-Blackwell. Econometrica is one of the most highly ranked economics journals in the world...
, the Journal of Political Economy
Journal of Political Economy
The Journal of Political Economy is an academic journal run by economists at the University of Chicago and published every two months by the University of Chicago Press. The journal publishes articles in both theoretical economics and empirical economics...
, the Journal of Economic Theory
Journal of Economic Theory
The Journal of Economic Theory, often referred to as JET, is an important scholarly journal in the field of economics. Although the journal was originally intended as a specialty journal in mathematical economics, JET is now generally regarded as the leading journal in economic theory and one of...
, the Journal of Monetary Economics
Journal of Monetary Economics
The Journal of Monetary Economics is a leading journal on macroeconomics and monetary economics currently published by Elsevier. Its first issue was in October of 1973. Beginning in 2002, the Carnegie-Rochester Conference Series on Public Policy: a bi-annual conference proceedings began to be...
and the Journal of Money, Credit and Banking
Journal of Money, Credit and Banking
The Journal of Money, Credit and Banking is a peer-reviewed economics journal covering monetary and financial issues in macroeconomics. It is published by Wiley-Blackwell on behalf of the Ohio State University.-Replicability:...
.
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. SternGary H. Stern
Gary Hilton Stern is an American economist and banker. On March 16, 1985, he took office as the eleventh chief executive of the Federal Reserve Bank of Minneapolis, and retired from the position on September 1, 2009.-Life and career:...
. 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