US Monetary Policy and the Return to Price Stability

These remarks were prepared for a keynote address at the June 22, 2023 IJCB Annual Research Conference in Dublin. An earlier draft was presented as an invited address at the November 11, 2022 NBER Monetary Economic Program meeting. I would like to thank Aysegul Sahin, Adam Guren, Jon Steinsson, Ellen Meade, John Roberts, and Jane Ihrig for helpful comments on early drafts and Ben Bernanke for several conversations over the past several years that enriched my understanding of this topic. Of course, the views expressed are solely my own and do not necessarily reflect the views of the National Bureau of Economic Research or those of my other institutions.