The star turn at the Jackson Hole symposium, the central bankers’ equivalent of Davos, is traditionally the chair of the Federal Reserve, whose speech is widely scrutinised for hints about the direction of US monetary policy.
But the most talked-about session at the gathering in Wyoming this year was not a central banker talking about inflation and interest rates, but an academic discussing debt.
Professor Barry Eichengreen of the University of California at Berkeley bore bleak tidings for his select audience. The huge public debts piled up during the pandemic and the financial crisis “are not going to decline significantly for the foreseeable future”, he warned, citing a paper he and IMF economist Serkan Arslanalp had written.
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