Economic policy

Jackson Hole Economic Policy Symposium 2022: Powell mentions inflation 44 times and warns of pain for households and businesses

Jerome Powell, Chairman of the Board of Governors of the Federal Reserve, delivered his address on August 26, 2022. Unsurprisingly, inflation remained the dominant factor and was used almost 44 times in his speech. Powell said the Federal Open Market Committee’s (FOMC) primary goal right now is to get inflation back to our 2% target. Currently, it is close to 9%. This means that rate hikes can continue until inflation figures come down. “While higher interest rates, slower growth and looser labor market conditions will reduce inflation, they will also cause hardship for households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain,” Powell said during the 2022 Jackson Hole Economic Policy Symposium keynote.

The 2022 Jackson Hole Economic Policy Symposium is taking place against the backdrop of changing macroeconomic conditions from country to country. The strong wind of inflation is blowing through nations and central bankers are determined to fight it. Amid the inflationary environment and rising rates, the Federal Reserve Bank of Kansas City is hosting the 2022 Jackson Hole Economic Policy Symposium this year to be held August 25-27.

Also Read: Jackson Hole Economic Policy Symposium 2022: A Historic Event Amid a Shifting Economic Scenario?

Inflation in the United States has already reached its highest level in four decades, while inflation in the United Kingdom is expected to exceed 18% in 2023. Central bankers, including the American Fed, have raised interest rates interest in controlling inflation, but the downside is slower economic growth. .

International central bankers, Federal Reserve officials, other policymakers and academics will be in the Jackson Hole Valley of Wyoming to discuss some of the most burning economic issues of 2022. The theme of this year of the Jackson Hole Economic Policy Symposium is to explore the emergence of constrained economics during the pandemic and how supply considerations have returned to center stage.

Also Read: Tesla Stock Begins Trading at Split-Adjusted Price

After the outbreak of the Covid-19 pandemic, bottlenecks and shortages limited economic supply. But historic levels of fiscal and monetary accommodation have led to a surge in demand, leading to an imbalance that has driven inflation higher globally.

The 2022 event, which marks the 45th year of the symposium, will focus on the theme “Reassessing Constraints on Economics and Politics”.

Agenda

August 25, 2022
6:00 p.m.
Opening reception and dinner
host: Esther L. George
President and CEO

August 26, 2022
8:00 a.m. – 2:00 p.m.
Friday session
President: Peter Blair Henry
Dean Emeritus, Stern School of Business, New York University

8:00 a.m.
Opening remarks
speaker: Jerome Powell
Chairman of the Board of Governors, Federal Reserve System

8:30 am
Reassessing Economic Constraints: Maximum Employment
Author: Nicola Fuchs-Schündeln
Professor, Goethe University Frankfurt
commentator: Stephanie Aaronson
Vice President and Director of Economic Studies, Brookings Institute
9:05
General discussion
9:55 a.m.
Reassessing Economic Constraints: Potential Production
Author: John Fernand
Professor, INSEAD
Speaker: Janice C. Eberly
Professor, Northwestern University
10:30 a.m.
General discussion
10:55
End of pre-pandemic trends or simple temporary interruption?
panelist: Jason Furman
Professor, Harvard University
panelist: Gita Gopinath
First Deputy Managing Director, International Monetary Fund
panelist: Valérie A. Ramey
Professor, University of California-San Diego
11:55 a.m.
General discussion
1:00 p.m.
Lunch address
speaker: Agustin Carstens
Managing Director, Bank for International Settlements

August 27, 2022
8:00 a.m. – 12:00 p.m.
Saturday session
Chair: Kristin J. Forbes
Professor, Massachusetts Institute of Technology
8:00 a.m.
Reassessing Constraints on Policy: Budget Constraints
Author: Francesco Bianchi
Professor, Johns Hopkins University
commentator: Ethan Ilzetzki
Associate Professor, London School of Economics
8:35 am
General discussion
09:00
Reassessing Constraints on Policy: Central Bank Balance Sheets
Author: Viral Acharya
Professor, New York University
Speaker: Wenxin Du
Associate Professor, University of Chicago
10:00 a.m.
General discussion
10:25 a.m.
The outlook for post-pandemic policy
panelist: François Villeroy De Galhau
Governor, Bank of France
panelist: Thomas J. Jordan
Chairman of the Executive Board, Swiss National Bank
panelist: Chang Yong Rhee
Governor, Bank of Korea
panelist: Isabel Schnabel
Member of the Executive Board, European Central Bank
11:25 a.m.
General discussion