Shadow Open Market Committee

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Shadow Open Market Committee

An organization that meets bi-annually to evaluate and critique the policies of the Federal Reserve, as well as to discuss macroeconomics generally. The SOMC consists of various monetarist economists from academia and the private sector. It is frequently critical of the Federal Reserve, blaming it for both recessions and inflation throughout the 1970s and 1980s. It is not widely thought to have much influence on the policies the Fed actually adopts. See also: Federal Open Market Committee.
References in periodicals archive ?
Unlike the SOMC, the CMR should have a definite lifespan.
1) In Meltzer's account, the goal of forming the SOMC was to demonstrate that inflation could be controlled if the Federal Reserve controlled money growth.
It is essentially the rule the SOMC followed for its early history (Meltzer 2000b).
The SOMC started with 12 members to mimic the number of voting members on the FOMC.
Our guilds support allowed SOMC to purchase items, such as a Breast Prone Board, EMT/Heart Care Equipment, IV Ultrasound Machines and Breast Pumps for Maternity and donations toward the SOMC Cancer Compassion Fund and Pediatric Nursery, Lavender said.
SOMC is supported by a total of six guilds, including a newly formed Pediatric Guild.
In August 1998, SOMC signed the contract and went live with Agfa's IMPAX in November, installing a centralized archive and two portable CR units in the ER and ICU.
In early 2000, two SOMC satellite centers that offered imaging services also went online.
Subsequently, SOMC purchased a commercially available system, but Marquez says it was not GUI-based, did not offer HL7 interfaces and was not expandable.
12) The SOMC meeting was on Sunday, February 3,1980, so the members of the committee were not aware of the attachment to Volcker's February 1 Joint Economic Committee testimony.
Not with HireSystems," added Suzanne Gibson, Executive Recruiter at SOMC.
We are excited that HireSystems Express can help SOMC meet their growth needs, we look forward to a lengthy relationship," said Mark Lange, Vice President, Sales & Marketing, HireSystems.