Publications

The global economic scenario is defined by low growth, inflation & interest rates below what central banks would like, and a global pandemic. All of this has a lot to do with action against climate change.

In the shadow of the spectacular Teton Mountains in Jackson Hole, Wyoming, the Federal Reserve Bank of Kansas City held its forty-third Economic Policy Symposium from August 22 to 24. This year, a decade on from the Great Recession, the discussion focused on "Challenges for Monetary Policy."

The US Federal Reserve closed the summer with its famous annual symposium at Jackson Hole, where renowned economists delve into topics of key importance to monetary policy. The meeting addressed one of the growing concerns about digitisation, namely the ever greater concentration of economic activity in a small number of large companies.

This year's symposium at Jackson Hole focused on the changes to market structures (i.e. competition, concentration... among others) brought by new technologies. Showcasing research insights from leading academics, it centered on the evidence, causes and implications to the economy and future monetary policy.

Jackson Hole yielded very few headlines. Janet Yellen and Mario Draghi have eschewed any bombastic statements. They have not even offered fresh clues on the next moves for monetary policy, which has left the markets waiting for the meetings scheduled for September.

Monetary policy symposiums are going to become a summer classic. The Jackson Hole Congress, organised by the United States Federal Reserve for the end of August, is a major benchmark. This is not just true for the academic world because of the topics for discussion, but also for the markets, which are eager for clues about the central banks’ next moves.