Annual big time meeting of the global movers and $haker$ in the states!





August 30, 2012, 14:56 PM

Who’s In and Who’s Not at Fed Jackson Hole Meeting


By Jon Hilsenrath

One of the more notable dignitaries scheduled to attend the Federal Reserve’s annual meeting in Jackson Hole this year is Hu Xiaolian, vice governor of the People’s Bank of China. The Jackson Hole meeting always attracts central bankers from around the world, but top Chinese officials have tended not to attend.

The attendance of Ms. Hu — who is also the administrator of China’s massive foreign exchange holdings — is a sign of China’s continuing efforts to work more closely with global financial policy makers. It is also a reminder that the Fed’s monetary policy decisions have important consequences for Chinese policy makers, who tie their currency to the dollar. Because of that link, the Fed’s easy money policies have in the past caused inflation problems in China.

Fed officials include Chairman Ben Bernanke, vice chair Janet Yellen and the heads of ten of the Fed’s 12 regional Fed banks also are here. The two regional bank presidents not attending are the New York Fed’s William Dudley and Richard Fisher of the Dallas Fed, who is at a family wedding.

The big no-show on the Jackson Hole guest list is Mario Draghi, president of the European Central Bank, who pulled out earlier this week. Mr. Draghi is wrestling with tough decisions back home ahead of a Sept. 6 policy meeting and likely figured he could live without the attention heaped on central bankers in Jackson Hole. Bank of Israel governor Stanley Fischer will take the place of Mr. Draghi on a panel on which Mr. Draghi was scheduled to participate Saturday. Sorry, currency traders — no weekend headlines from Mr. Draghi to trade on when Asia opens.

Many other top foreign central bankers are scheduled to be here, including Charles Bean, deputy governor of the Bank of England, Bundesbank president Jens Weidmann and Masaaki Shirakawa from the Bank of Japan. Officials will also be here from a long list of monetary authorities in Sweden, Iraq, Malaysia, Turkey, Poland, Malta, Denmark, Mexico, Hong Kong, Portugal, Albania, Ireland, Korea, France, Finland, Luxembourg, South Africa, Norway, Italy, Spain, Nigeria, Iceland, Hungary, the Czech Republic, New Zealand, Brazil, Jordan, Colombia, Peru and Austria.

Also in attendance are research directors from the Fed’s 12 regional banks. They weren’t invited last year to make space for others. The Wall Street presence is pretty small, and includes Jan Hatzius, chief U.S. economist from Goldman Sachs, Joseph LaVorgna, economist from Deutsche Bank, Dean Maki, economist from Barclays, Julia Coronado, chief U.S. economist of BNP Paribas, and Diane Swonk, economist from Mesirow Financial.

A few Fed critics are on hand — including John Taylor, the Stanford professor. Mitt Romney economic adviser Glenn Hubbard is also here. Some observers think he could be on Mr. Romney’s short list for future Fed chairman if elected. Another possible Republican successor to Fed Chairman Bernanke is here — Martin Feldstein, the Harvard professor and former adviser to Ronald Reagan. President Barack Obama has a contingent including Alan Krueger, chairman of Mr. Obama’s Council of Economic Advisers.

Is that the making for an economic smackdown over cocktails? Probably not. But it sure would be interesting.

For the top scholars.

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