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.

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