Published on 10-24-2024
A retrospective of the Shadow Open Market Committee’s 50-year existence, hosted by the Hoover Institution and Stanford University earlier this month, highlighted the committee’s contributions to the evolution of monetary policy, the influences of the committee in the UK and Europe, and more.
The Shadow Open Market Committee (SOMC) is an independent group of economists that provides external perspectives on policy choices by the Federal Reserve and other leading central banks. The Daniels School’s Dr. Samuel R. Allen Dean Jim Bullard is one of the 11 members of the SOMC; he was named to the committee in May 2024.
At Stanford, Bullard spoke as part of a panel delving into the Fed’s evolving interpretation and implementation of its mandate. The panel looked at the Federal Reserve’s record in maintaining price stability and the evolution of the Fed’s statutory mandate.
Fellow SOMC members Michael Bordo and Mickey Levy have written an assessment of the SOMC’s 50-year history and the evolution of monetary policy since the 1970s. They presented their paper at the meeting.
Find the agenda, slide decks and presented papers on the event site.
While at the Hoover Institution, Bullard also sat down with Central Bank Central Podcast’s Kathleen Hays for a timely discussion of rate cuts and more. Watch their conversation here.
