A narrative history by a Fed insider of how monetary policy is shaped in the US, with special emphasis on the performances of former Chairman Ben Bernanke and current Chairwoman Janet Yellen in facing the prelude, outbreak, and aftermath of the 2008 financial crisis

This Economic Letter is adapted from remarks by Janet L. Yellen, President and CEO of the Federal Reserve Bank of San Francisco, delivered at the conference, "The Euro and the Dollar in a Globalized Economy" at the University of California, Santa Cruz on May 27, 2006.

Speech to the Certified Financial Analysts Institute, Annual Conference, Vancouver, British Columbia, May 13, 2008