The lecture was delivered to former colleagues at Trinity College Dublin.
"When inflation has been far from target for a sustained period and the process of monetary tightening has been under way for some time, there are three primary inputs into monetary policy decisions."
Lane's lecture discussed the conceptual issues involved in analysing underlying inflation. He also reviewed the recent data flows that are relevant for this analysis and concluded with some remarks on the role of underlying inflation in the setting of monetary policy over the coming months.