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.
This contribution to improving the overall functioning of the financial system may in turn foster a smoother transmission of monetary policy. In the current environment, with many financial market participants in need to adjust their portfolio, the presence of longer-term oriented investors such as private pension funds on financial markets can play an important stabilising force for the financial system as a whole.