SpeechbyChairYellenonInflationDynamicsandMonetary.pdf

For release on delivery 5:00 p.m. EDT September 24, 2015 Inflation Dynamics and Monetary Policy Remarks by Janet L. Yellen Chair Board of Governors of the Federal Reserve System at The Philip Gamble Memorial Lecture University of Massachusetts, Amherst Amherst, Massachusetts September 24, 2015 I would like to thank Michael Ash for his kind introduction and the University of Massachusetts for the honor of being invited to deliver this year’s Philip Gamble Memorial Lecture. In my remarks today, I will discuss inflation and its role in the Federal Reserve’s conduct of monetary policy. I will begin by reviewing the history of inflation in the United States since the 1960s, highlighting two key points: that inflation is now much more stable than it used to be, and that it is currently run