A key message from Jackson Hole: policy must globalise
Setting policy in isolation is becoming untenable and spillovers must be considered more, remarks suggest
This year’s Jackson Hole conference revealed the previous consensus that central banks should focus on ‘keeping their own houses in order’ to achieve the best global results may be losing momentum.
Bank of England Mark Carney highlighted several reasons why the age of central banks setting policy largely in isolation is becoming “increasingly untenable”.
Globalisation has sensitised economies to international developments, Carney said, a point echoed by other policy-makers. In the US, for
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