Policy Statements and Position Papers, March 1978

The Shadow Open Market Committee (SOMC) was founded in 1973 by Meltzer and Karl Brunner. The main purpose of the SOMC is to encourage the Federal Reserve to adopt policies that keep the inflation rate close to zero. The SOMC would monitor the actions of the Federal Reserve and government, predict the consequences of current policies and propose alternatives that were more likely to achieve higher growth and greater stability.

Meltzer authored an article which provides a brief history of the SOMC, included in this series, titled “The Shadow Open Market Committee: Origins and Operations” which provides more in depth information.

Digitized versions of position papers and policy statements can be accessed via the SOMC website at:

http://shadowfed.org/archives/