From the FINANCIAL TIMES:
The mood at the annual gathering of the world’s central bankers at Jackson Hole a few weeks ago was grim, particularly for central bankers from the developed world. That was in stark contrast to last year, when the mood was one of relief.
The elite group has good reason for their anxiety. They know better than most the limits of monetary policy.
It is hard for any central banker to walk the tightrope between instilling confidence in the future and maintaining credibility. And many of them believe that Ben Bernanke, Federal Reserve’s chairman, may have lost his balance by trying to suggest that monetary policy at this point can make a significant difference…
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