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Once a year, the eyes of the financial world focus on Jackson Hole, a tranquil valley in the US state of Wyoming. Since 1976, when the first oil price shock triggered a sustained phase of very high inflation, the world’s leading central bankers have met there every August to exchange ideas. Far away from hot cities – the eponymous town of Jackson with 11,000 inhabitants lies in the Rocky Mountains between lakes and forests at an altitude of 1900 meters – the monetary authorities discuss monetary policy issues and sometimes announce trend-setting decisions.
