In this article, you will learn what is the federal reserve’s Jackson Hole economic symposium. The financial headlines right now are dominated by talk of Jackson Hole, shorthand for an annual gathering of central bankers in Wyoming that inevitably makes big-time economic news. The meat of the event consists of a series of papers on important economic ideas related to the year's topic. This year, it is "Reassessing Constraints on the Economy and Policy."
What is the Federal Reserve’s Jackson Hole Economic Symposium?
The Federal Reserve's Jackson Hole Economic Symposium is a three-day annual international conference put on by the Federal Reserve Bank of Kansas City at Jackson Hole in the United States attended by central bank leaders from around the world. Central bankers discuss world events and financial trends and the discussions at Jackson hole are watched for economic news and specifically the likely direction of global interest rates.
The event is held at vacation destination Jackson Lake Lodge in Grand Teton National Park, in Wyoming in the county of Teton. It was held in a few different locations in the late 1970's but Jackson Hole has been the location since 1981. placed there to get Paul Volcker to attend because of the great fly fishing there in late August. Top economists from the Fed attend as well as other policy makers such as foreign central bankers. Economic papers are published and presentations are given.
Who's there?
The list of attendees this year has not yet been released, but in the past, the lineup has typically included:
- Most Fed governors and reserve bank presidents
- The governor or a top deputy from dozens of other global central banks
- Top economists from international organizations and the current U.S. administration
- Leading academic and private sector economists
Why is Jackson Hole Held?
In the early 1980s, the Kansas City Fed leaders learned that the best way to ensure Fed chairman Paul Volcker would accept an invitation was to locate the event somewhere with good fly fishing in late August. Jackson Hole it was.
Four decades later, the symposium has become entrenched as the premier event on the Fed's annual calendar, in no small part through network effects. Influential policy makers and thinkers want to be there because they know other influential policy makers and thinkers will be there.
It also helps that the setting is gorgeous, the weather is usually great, and the Kansas City Fed has done an excellent job over the years of curating the topics, papers and guest lists.
Bottom Line
The 2022 meeting was the first in-person meeting since 2020. Despite acknowledging the risk of recession, the majority of central bankers expressed their determination to increase interest rates for the purpose of curbing inflation. This article is about what is the federal reserve’s Jackson Hole economic symposium.
