The new Jackson Hole consensus: A more volatile world is here to stay

As many of the world's most powerful economic policymakers took to the lectern at an annual economic symposium in Jackson Hole, Wyoming, in the last few days, a recurring — and disturbing — theme emerged from the proceedings.

Many of these leaders believe that the extraordinary economic volatility of the last few years — with whipsawing growth, supply disruptions and inflation — are likely to persist for many years to come.

Why it matters: We may be entering a more inherently volatile period in the world economy. Geopolitics, pandemic, and climate change are...