Federal Reserve Bank of Minneapolis President Narayana Kocherlakota will become the inaugural Lionel W. McKenzie Professor of Economics at the University of Rochester in New York starting Jan. 1, 2016, the Bank announced Monday.
"I am truly honored to have been selected to serve as the first Lionel McKenzie Professor at the University of Rochester," Kocherlakota said in a release. "The university has a long, rich academic history with eight Nobel prize winners among its faculty and alumni, and I am excited to become a member of such a distinguished institution."
In December, Kocherlakota announced he would not seek reappointment as president of the Fed Bank when his term expires on Feb. 29, 2016.