The Shadow Open Market Committee was formed in 1973 in response to rising inflation and the apparent unwillingness of U … favored by the Shadow would have lowered inflation with less impact on output growth and less variability in inflation or … outperformed the policies actually implemented by the Federal Reserve during the Great Inflation era …

The Shadow Open Market Committee was formed in 1973 in response to rising inflation and the apparent unwillingness of U … favored by the Shadow would have lowered inflation with less impact on output growth, and with less variability in output and … inflation, than a one-time reduction in monetary growth. We conclude that the Shadow articulated a sensible policy that would …

"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 …