Top economists gathering in the Rockies this year face seismic questions not just about near-term policy, but about the role of the world's most important central bank in a democratic society.

The big picture: At the Kansas City Federal Reserve's annual economic symposium, there is often a gap between the formal topic of discussion — this year, that's "Labor Markets in Transition: Demographics, Productivity, and Macroeconomic Policy"— and what people are really talking about in the hallways and during coffee breaks. • This year, hard questions abound in Jackson Hole, Wyoming: Short-term tactical issues, the medium-term framework for monetary policy, and how independent from politics the Fed can and should be, with a president determined to bring it more squarely under his thumb. • It'

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