Summers and Stansbury warn of ‘black hole’ as central bankers debate solutions

Economists say they hope for revolutionary thinking at Jackson Hole conference

Jackson Hole
Every August, central bankers convene at Jackson Hole in rural Wyoming
Shepard Humphries/Pixabay

Economists Larry Summers and Anna Stansbury warn monetary policy is being sucked into a “black hole”, and central bankers may not have the tools to escape. The intervention comes as the annual Jackson Hole conference is set to kick off.

“Black hole monetary economics – interest rates stuck at zero with no real prospect of escape – is now the confident market expectation in Europe and Japan, with essentially zero or negative yields over a generation. The United States is only one recession away

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account

.