Minneapolis Federal Reserve

The Federal Reserve Bank of Minneapolis said Narayana Kocherlakota will succeed Gary Stern as the bank’s president and chief executive.

Kocherlakota is currently a professor of economics at the University of Minnesota, and has worked as a consultant for the Minneapolis Fed. Kocherlakota entered Princeton University at age 15 and he received his Ph.D. in economics from the University of Chicago in 1987 on the topic of pricing financial assets, incorporating new kinds of consumer preferences and analyzing how risky payoffs influence attitudes.

He has big shoes to fill, succeeding Stern, the Fed’s resident expert on the too-big-to-fail problem. Stern literally wrote the book on the issue. He retired from the Minneapolis Fed on Sept. 1.

Kocherlakota begins his new job Oct. 8.

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