2 execs out in shakeup at Minneapolis Federal Reserve Bank


Big changes at the Federal Reserve Bank of Minneapolis Wednesday included the exit of two high-profile research executives and the replacement of the bank's research director, the Star Tribune reports.

Gone are Patrick Kehoe and Ellen McGrattan, who were both considered highly-regarded economists with long tenures at the bank, the paper says.

In addition, the bank’s research director, senior vice president Kei-Mu Yi, was given the new title of special policy adviser to the president.

Some experts question Minneapolis Federal Reserve President Narayana Kocherlakota's commitment to retaining top economists at the bank.

The Star Tribune noted there were subtle policy differences between Kocherlakota and the exiting executives.

The bank's spokesman had no comment on why the changes were made.

The Federal Reserve Bank of Minneapolis is one of 12 regional federal branches.

Meanwhile, Reuters says Federal Reserve Chairman Ben Bernanke is getting positive reviews as he prepares to exit from his post at the end of the year.

Bernanke, who helped steer the U.S. economy through one of its worst recessions in decades, scored an 8 out of 10 in a survey of 53 economists who graded his performance, Reuters says.

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