As president, Kocherlakota serves on the Federal Open Market Committee (FOMC), the policy making arm of the Federal Reserve System, consisting of the presidents of the 12 Federal Reserve banks and the members of the Board of Governors.
Kocherlakota has published more than 30 articles in academic journals. His work includes theoretical and empirical contributions to macroeconomics, monetary economics, financial economics and public finance.
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.
Kocherlakota earned a Ph.D. in Economics from the University of Chicago in 1987 and an A.B. in Mathematics from Princeton in 1983.