Read about it in the Wall Street Journal.

Many of his papers have been highly theoretical works focusing on imperfections in financial markets. “He’s probably the most abstract thinker ever to head a Federal Reserve bank,” said Robert Lucas, a Nobel Prize-winning economist who is serving as a consultant to the Minneapolis Fed.

Mr. Kocherlakota’s colleagues say he is a pragmatic person who is hard to identify fully with any one camp.

“He believes in the freshwater world, but he’s not that radical,” says Luigi Pistaferri, a frequent co-author with whom Mr. Kocherlakota worked for three years at Stanford University. “He agrees that there are market failures, and his attitude is, ‘How do we make the best of a world in which there are such failures?’ “

I once took Narayana to see The Bad Plus in Minneapolis on a visit there.  Narayana is Canadian I believe and that night they busted out Tom Sawyer.  I don’t think he was all that into it.

I assume this means we will need a new macro co-editor at Theoretical Economics.  Volunteers?