Poole, William; Rasche, Robert H.; Wheelock, David C. - 2011
"The Shadow Open Market Committee was formed in 1973 in response to rising inflation and the apparent unwillingness of … stabilization of monetary growth favored by the Shadow would have lowered inflation with less impact on output growth and less … variability in inflation or output than a one-time reduction in monetary growth. We conclude that the Shadow articulated a policy …