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Response to Tansy_Gold (Original post)

Fri Nov 22, 2013, 09:17 AM

18. Is This The Biggest Scandal In The History Of The Minneapolis Federal Reserve?

http://www.businessinsider.com/scandal-rocks-kocherlakota-fed-2013-11


Minneapolis Fed President Narayana Kocherlakota

Two top economists are out at the Federal Reserve Bank of Minneapolis after the pair "differed philosophically" from bank President Narayana Kocherlakota, the Star Tribune's Adam Belz reports.
Patrick Kehoe, a faculty member at the University of Minnesota, was the bank's top-ranked research economist. Ellen McGrattan, who joined the Minneapolis Fed in 1992 and was the bank's third-ranked economist, will go on unpaid leave and take a position at "the U" as well.

The departure of the two star economists has "raised eyebrows" in the academic community, according to the report.

The Minneapolis Fed has long been seen as a stalwart of research, joining with the nearby university to foster an academic brain trust. From the Star Tribune:

McGrattan said she does not know why Kocherlakota would fire Kehoe or let her leave — “It’s absolutely mysterious to us,” she said — but the circle of advisers to the president has shrunk since he arrived and she has been frozen out.



Read more: http://www.businessinsider.com/scandal-rocks-kocherlakota-fed-2013-11#ixzz2lNs5xkJ4

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