Turkish Central Bank Governor Erdem Basci attended the conference, but his Brazilian counterpart, Alexandre Tombini, canceled in order to stay home and deal with the crisis.
Tombini was replaced in Jackson Hole by his deputy, Luiz Pereira, who argued that a tapering of the Fed's bond purchases might actually be a net benefit for emerging economies if it signaled that the U.S. economy was picking up steam. A stronger United States should spell stronger demand for exports from emerging economies, including Brazil.
Landau argued that central banks in advanced economies had cooperated successfully during the 2007-2009 financial crisis, when they coordinated on interest rates cuts and set up currency swap lines. As a result, they could do so again in the future with an eye toward moderating the spillovers from their actions.
But, he acknowledged it would be difficult to get agreement to subordinate national priorities in advance, a point echoed by others.
"How much should domestic monetary policy restrain itself for the stability of global (conditions)?" asked Allan Meltzer, a Fed historian and professor at Carnegie Mellon University. "That's a fundamental problem for monetary policy."
There was also discussion about the need for emerging market nations to develop tools to control credit flows. Without such tools, these countries could lose the ability to control domestic financial conditions with monetary policy.
But Terrence Checki of the New York Fed cautioned that monetary policy may not be the best way to deal with financial excesses, and others said domestic priorities should not be subordinated to international obligations.
Don Kohn, a former Fed Vice Chairman and a candidate for the top job when Fed Chair Ben Bernanke's term ends in January, countered the claim that monetary policy might be too loose globally, citing elevated jobless rates in rich countries.
"One of the ways that monetary policy of the United States was transmitted was by resistance to exchange rate appreciation in other countries," he said, voicing a familiar Fed argument that emerging economies could better absorb easy U.S. policy if they allowed their own exchange rates to fluctuate.