Fifty Years of the Shadow Open Market Committee: A Retrospective on Its Role

by Fifty Years

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Fifty Years of the Shadow Open Market Committee: A Retrospective on Its Role in Monetary Policy is a deep dive into the fifty-year history of the Shadow Open Market Committee (SOMC), a group of private academic economists that acts as the Federal Reserve's outside watchdogs, providing candid, economically grounded critiques of the Fed's conduct of policy. The volume, based on a two-day symposium held at the Hoover Institution October 1314, 2024, examines the evolution of the Fed's monetary and credit policies and critical issues it faces today. Contributors discuss how the SOMC evolved in its approach to monetary policy-from a strong emphasis on controlling the money supply to rein in the high and variable inflation of the 1970s, to a broader focus on rules-based policies as the best strategy to avoid major policy mistakes and maintain a credible monetary policy. The SOMC has also critiqued the rising frequency of Fed interventions in credit markets, including its participation in rescuing failing banks. Readers will find thought-provoking analyses from leading monetary economists, including rigorous discussions about rules versus discretion and assessments of the Taylor rule, a key policymaking tool. Chapters by leading economic and financial scholars address many of the pressing central bank policy issues of today, including the Fed's evolving interpretation of its dual mandate (price stability and maximum employment), the expanded role of the Fed in financial markets and t

• Publisher: Hoover Institution Press
• Year: 2025
• Binding: Hardcover
• ISBN: 9780817926748
• Condition: Fine

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