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 ?
Ireland is the Murray and Monti Professor of Economics at Boston College, a Research Associate at the National Bureau of Economic Research, and a member of the Shadow Open Market Committee (SOMC).
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 found that from 1990 to 1994, spending on entitlements and other mandatory programs rose at an 8.8 percent annual rate--even faster than in the 1980s, in part because of an increase in welfare recipients during the recession and the slow-starting recovery.
(1987) "Policy Coordination and the Dollar." Shadow Open Market Committee: Policy Statement and Position Papers (PPS 87-01): 49-51.
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.S.
(2016) "What's the Matter with the Fed?" Speech given at the Shadow Open Market Committee meeting (April 29): http://shadowfed.org/wp-content/uploads/2016/04/FisherSOMC -April2016.pdf.
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.