The Shadow Open Market Committee (SOMC) was founded in 1973 by Prof. Karl Brunner of the University of Rochester and Prof. Allan Meltzer of Carnegie-Mellon University. The SOMC is an independent organization whose members are drawn from academic institutions and private organizations. The original objective of the SOMC was to evaluate the policy choices and actions of the Federal Reserve’s Open Market Committee (FOMC).
Over the years the Committee has broadened its scope to cover a wide range of macroeconomic policy issues ranging from monetary and fiscal policy to issues pertaining to international trade and tax policy. The Committee’s deliberations are intended to improve policy discussions among policy makers, journalists and the general public with the hope that wiser policy decisions will result.
Since 1973, the SOMC has met on a regular basis to discuss economic policy. At each meeting a number of papers are prepared by Committee members on a variety of macroeconomic and public policy topics. Based on these papers and the Committee’s deliberations, a Policy Statement is prepared that summarizes the most important policy recommendations of the Committee. Each of these publications can be viewed in the interactive SOMC Archives. The views and opinions expressed by the Committee are its own and do not necessarily reflect the views of the organizations with which the members are affiliated or the sponsoring organizations.
The Shadow Open Market Committee has partnered with e21 in order to advance these goals and ideals.