Minneapolis Fed searches for new research director

The Federal Reserve Bank of Minneapolis is looking for a new director of research after Sam Schulhofer-Wohl left last month to take a position with the Chicago Fed.

Schulhofer-Wohl, a former journalist, had been at the Minneapolis Fed for six years and was promoted to research director in 2013 by former President Narayana Kocherlakota.

"We are grateful for Sam's many contributions to the research department, the bank, and the Federal Reserve System," said David Wargin, a spokesman for the Minneapolis Fed. "We wish him every success in his future endeavors."

The opening is posted on the bank's website.

The director of research is something like a chief economist, someone who guides the bank's army of research economists and advises President Neel Kashkari on monetary policy.

The bank is looking for someone who can help Kashkari prepare for Federal Open Market Committee meetings and lead the Minneapolis Fed's policy initiatives. So far, the major policy initiative of Kashkari's presidency has been the effort to end the problem of too-big-to-fail financial institutions.

Before Schulhofer-Wohl, the position was held by Kei-Mu Yi, who is now a professor at the University of Houston.