Our discussions here in Jackson Hole have been wide-ranging, but a common theme throughout has been digital disruption. Just about everything is being disrupted—from production, to consumption, to financial intermediation. We are in the early stages of what many are calling the fourth industrial revolution. That is because the deployment of digital technologies will alter the economy as fundamentally as did the steam engine, the internal combustion engine and the computer chip. I will use my time today to offer some preliminary thoughts on what all this might mean for monetary policy. Let us begin with the obvious. ... (full story)