Shadow Open Market Committee (SOMC)
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The Shadow Open Market Committee (SOMC) was founded in 1973 by Prof. Karl Brunner of the University of Rochester, Prof. Allan Meltzer of Carnegie-Mellow University, and Dr. Anna Schwartz.
The SOMC is an independent group of economists that provides external perspectives on policy choices by the Federal Reserve and other leading central banks. The Committee addresses a wide range of macroeconomic issues, including monetary policy, banking and financial regulations, and fiscal policy matters that bear on monetary policy decisions. Its research and policy recommendations are intended to improve policy discussions among policy makers, journalists and the general public with the hope that wiser policy decisions will result and improve economic performance.
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