Jackson Hole in the wake of policy rules

Symposium heralds a move to relying on incoming data and judgement, rather than rules or even formal models, to hit inflation targets, writes Barry Eichengreen

L to R: Christine Lagarde, Kazuo Ueda and Jerome Powell
L to R: ECB president Christine Lagarde, BoJ governor Kazuo Ueda and Fed chair Jerome Powell at Jackson Hole, Wyoming, on August 25, 2023
Photo: Newscom/Alamy Live News

The Federal Reserve Bank of Kansas City’s annual Jackson Hole Symposium continues to attract the best and brightest central bankers and monetary economists. That a hundred of the best and brightest were caught in a vicious hailstorm on their Friday afternoon collective walk in the woods tells us something about their forecasting ability. That said, their willingness to change course – specifically, to turn back as the weather continued to worsen – tells us something important about the

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