Jerome Powell, Chairman of the Board of Governors, Federal Reserve System delivered his remarks on August 26, 2022. Unsurprisingly, inflation remained the overwhelming factor and was used almost 44 times in his speech. Powell said that the Federal Open Market Committee’s (FOMC) overarching focus right now is to bring inflation back down to our 2 percent goal. Currently, it is almost 9%. What that means is that the rate hikes may continue till the inflation numbers slide down. “While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain,” said Powell during the Jackson Hole Economic Policy Symposium 2022 speech.
Jackson Hole Economic Policy Symposium 2022 is happening amidst the changing macroeconomic conditions across countries. The strong winds of inflation is blowing across nations and central bankers are determined to fight it out. Amidst the inflationary environment and rising rates, the Federal Reserve Bank of Kansas City is hosting this year’s Jackson Hole Economic Policy Symposium 2022 being held between August 25 and 27.
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Inflation in the US is already at a four-decade high while UK inflation is expected to cross 18% in 2023. Central bankers including US Fed have been raising interest rates so as to tame inflation but the downside to it is a slowdown in economic growth.
International central bankers, Federal Reserve officials, other policymakers, and academics will be there in Wyoming’s Jackson Hole valley to discuss some of the most burning economic issues of 2022. This year’s theme of the Jackson Hole Economic Policy Symposium is to explore the emergence of economic constraints during the pandemic and how supply considerations have returned to center stage.
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After the outbreak of the Covid-19 pandemic, bottlenecks and shortages have limited economic supply. But, the historic levels of fiscal and monetary accommodation have led to a surge in demand, resulting in an imbalance that has pushed inflation up globally.
The 2022 event, which marks the symposium’s 45th year, will focus on the theme ‘Reassessing Constraints on the Economy and Policy.’
Aug. 25, 2022
Opening Reception and Dinner
host: Esther L. George
President and Chief Executive Officer
Aug. 26, 2022
8:00 a.m. – 2:00 p.m.
chair: Peter Blair Henry
Dean Emeritus, Stern School of Business, New York University
speaker: Jerome Powell
Chairman of the Board of Governors, Federal Reserve System
Reassessing Economic Constraints: Maximum Employment
author: Nicola Fuchs-Schündeln
Professor, Goethe University Frankfurt
discussant: Stephanie Aaronson
Vice President and Director of Economic Studies, Brookings Institute
Reassessing Economic Constraints: Potential Output
author: John Fernald
discussant: Janice C. Eberly
Professor, Northwestern University
An End to Pre-Pandemic Trends or Just a Temporary Interruption?
panelist: Jason Furman
Professor, Harvard University
panelist: Gita Gopinath
First Deputy Managing Director, International Monetary Fund
panelist: Valerie A. Ramey
Professor, University of California-San Diego
speaker: Agustín Carstens
General Manager, Bank for International Settlements
Aug. 27, 2022
8:00 a.m. – 12:00 p.m.
chair: Kristin J. Forbes
Professor, Massachusetts Institute of Technology
Reassessing Constraints on Policy: Fiscal Constraints
author: Francesco Bianchi
Professor, Johns Hopkins University
discussant: Ethan Ilzetzki
Associate Professor, London School of Economics
Reassessing Constraints on Policy: Central Bank Balance Sheets
author: Viral Acharya
Professor, New York University
discussant: Wenxin Du
Associate Professor, University of Chicago
The Outlook for Policy Post-Pandemic
panelist: François Villeroy De Galhau
Governor, Banque de France
panelist: Thomas J. Jordan
Chairman of the Governing Board, Swiss National Bank
panelist: Chang Yong Rhee
Governor, Bank of Korea
panelist: Isabel Schnabel
Member of the Executive Board, European Central Bank