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 ?
Meltzer was known for his work on monetary economics, both with Karl Brunner and independently, and was one of the originators of the Shadow Open Market Committee and the Carnegie-Rochester Conference on Economic Policy.
Speech given at the Shadow Open Market Committee meeting (April 29): http://shadowfed.
Q: Charles Plosser, the president and chief executive officer of the Federal Reserve Bank of Philadelphia, laid out the issues facing the Fed at a meeting of the Shadow Open Market Committee in New York on March 25.
Levy, in his paper for the Shadow Open Market Committee, complained that policy makers have "left untouched" the structural flaws that "are the sources of the fastest growing spending programs.
He is a member of the Shadow Open Market Committee, a nationally recognized group of economists that monitors and comments on U.
I first discuss how the process could work by drawing on the experience of the Shadow Open Market Committee (SOMC) founded in 1973 by Karl Brunner and Allan Meltzer.