Minneapolis Fed names macroeconomist as president


The Federal Reserve Bank of Minneapolis has named Narayana Kocherlakota as its president and chief executive officer. Kocherlakota succeeds Gary Stern, who retired in September after almost 25 years in charge.

He will serve out the remainder of Stern's tenure, due to end on 28 February 2011, following which he may be reappointed for another five year term.

In a statement, Jim Hynes, chairman of the Minneapolis Fed's board of directors, said: "He is one of the most respected macroeconomists in th

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