Narayana Kocherlakota is the Lionel W. McKenzie Professor of Economics at the University of Rochester, and he previously served as president and CEO of the Federal Reserve Bank of Minneapolis. He joins the show to discuss to discuss what it is like working as a Fed president and a member of the Federal Open Market Committee. He also shares some of his thoughts on the drawbacks of current proposals on establishing monetary rules. David's blog: macromarketmusings.blogspot.com/ Narayana's website: https://sites.google.com/site/kocherlakota009/ David's Twitter: @davidbeckworth Narayana's Twitter: @kocherlakota009 Related links: Narayana's profile, speeches, and articles as Fed president: https://www.minneapolisfed.org/about/more-about-the-fed/presidents-of-the-minneapolis-fed/narayana-kocherlakota Narayana's Bloomberg archive: https://www.bloomberg.com/view/contributors/APvwpZqjDaA/narayana-kocherlakota/articles Narayana's Brookings article: Rules vs. Discretion: A Reconsideration https://www.brookings.edu/bpea-articles/rules-versus-discretion-a-reconsideration/ Responses to the Brookings article by John Taylor and George Selgin: https://economicsone.com/2016/09/17/kocherlakota-on-the-fed-and-the-taylor-rule/ http://www.alt-m.org/2016/09/22/rules-discretion-audacity-critique-kocherlakota/

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“What did the council decide on item 42?” — answered with the speaker and the moment.