Jackson Hole 2009

Jackson Hole Conference 2009 has started. The theme for this year is Financial Stability and Macroeconomic Policy.

The papers/speeches/comments have not been put on the website till now. I have only located two speeches/papers so far – by Bernanke and Brian Madigan (of Fed).

Much of the discussion in blogs/media in coming days is going to centre around conference proceedings and papers presented. WSJ Blog is one of the best sources to keep you updated. Here are a few links:

Dispatches from Jackson Hole
Too Early to Declare Crisis Over, Bank of Israel’s Fischer Says
Should the Fed Get Into the CDS Business?
Bernanke: Economy on Cusp of Recovery
After Crisis, Mood Improves at Jackson Hole

However, one should be wary of the papers presented at Jackson Hole conference. I have been a big fan of the conference as some of the best papers have been presented here. However, you realise the same papers are being criticised severely right now for not being accepted (like Raghu Rajan’s 2005 paper, Borio-White 2003 paper etc). Moreover, it is being seen as a place where economists presented papers which appealed to Greenspan and his beliefs to get into the cosy club. 

But then I think economists have always reacted a bit too adversely. Either we like a paper or not like it. One should instead grab the broad message of the paper and always see both sides of the view.  Economic research is still evolving and we still don’t know so many things. A paper which claims something can easily be discarded by other paper. There is too much bickering on what works and what doesn’t. The authors could also put a disclaimer towards the end or as I suggested categorise them.

Update:

Most of the papers/speeches have been uploaded on the conference webpage. Happy reading.

One Response to “Jackson Hole 2009”

  1. world cities Says:

    it was good.. thanks

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