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 ?
Paper prepared for the Shadow Open Market Committee (20 September).
A member of the Shadow Open Market Committee since 1991, he currently serves as co-chair of the nationally recognized group of economists that monitors and comments on U.
At the twice-annual meeting held in Washington on Sunday and Monday, the six-member Shadow Open Market Committee (SOMC) welcomed the recent series of measures by the Bank of Japan and the Finance Ministry to increase money growth despite a depreciation of the yen against the U.
Poole was an adjunct scholar at the Cato Institute and a member of the Shadow Open Market Committee.