Global factors are increasingly important to central banks, but influence rather than dictate policy, Bank of England (BoE) governor Mark Carney said at the Jackson Hole symposium on August 29.

While inflation in different countries appears to co-move strongly, much of that movement is defined by common shocks such as movements in the oil price, Carney argued. Core inflation exhibits much less co-movement, and the stance of policy reflects this.

"In other words, domestic economic conditions –