V.  What I learned from the Jackson Hole Conference  I have presented today a short course that might be called the “Jackson Hole Seminar.” As any professor will tell you, the test of a seminar is what the students learn. But handing out a test would not be a pleasant way for a visitor to conclude his visit to your campus.
So I will end with some comments on what I learned at Jackson Hole. 1. There is an emerging consensus towards flexible inflation targeting. Some central banks are more transparent about the dual objectives and some are more explicit about the inflation target, but there is a broad agreement about what the targets should be.