Fifty Years of the Shadow Open Market Committee

A deep dive into the evolution of Federal Reserve policy since the early 1970s through the lens of the Shadow Open Market Committee (SOMC), a group of private academic economists who act as the Fed's outside watchdogs, providing candid, economically grounded critiques of the Fed's conduct of policy. Contributors examine the SOMC's history, its changing role, and the challenges it faces today, focusing on the importance of transparency and rules versus discretion in the making of policy. The volume is based on a two-day symposium held at the Hoover Institution October 13-14, 2024. For those committed to understanding the most important issues facing the Fed and the contributions of the SOMC to the monetary policy debate, this volume serves as an essential resource.