The Shadow Open Market Committee was founded in 1973 by Karl Brunner and Allan Meltzer.
The Committee was founded because many monetarist economists believed the Federal Reserve (The Fed) caused a recession by failing to keep money supply growth steady. Its members were academics and from private organisations.
The original objective was to evaluate the policy choices and actions of the Fed’s Open Market Committee, the arm of the Fed which ran monetary policy in the USA.
The Shadow Open Market Committee meets semi-annually. A number of papers are prepared by Shadow Open Market Committee members on macroeconomic and public policy topics.
Based on these papers and the Committee’s deliberations, a policy statement summarises the policy recommendations of the Committee.
These papers are organised by year and downloadable at ShadowFed | Official Site of the Shadow Open Market Committee.
Utopia, you are standing in it! 
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