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 analysis addresses changing views of the role and effectiveness of monetary policy, inflation targeting as an …

inflation targeting. The record suggests that the reform was adopted when the FOMC became convinced that its earlier gradualist … strategy using finely tuned interest rate moves had proved inadequate for fighting inflation and reversing inflation …