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Jackson Hole and the central banking priesthood

The attention lavished on the symposium last week revealed an unhealthy obsession

By Paul Wallace  

Janet Yellen, Chair of the Board of Governors of the Federal Reserve. Photo: Yin Bogu/Xinhua News Agency/PA Images

The gathering of central bankers at Jackson Hole in late August has become one of the fixed points in the economic calendar. An informal meeting of monetary policymakers and prominent economists, it has been staged by America’s central bank since the early 1980s at a resort overlooked by mountains in Wyoming—and often offers a juicy story to a news-starved financial press. Mario Draghi, president of the European Central Bank (ECB), notably…

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