The Great Inflation: Did the Shadow Know Better?

The Shadow Open Market Committee was formed in 1973 in response to rising inflation and the apparent unwillingness of U.S. policymakers to implement policies necessary to maintain price stability. This paper describes how the Committee's policy views differed from those of most Federal Reserve影子公开市场委员会（Shadow Open Market Committee）于1973年成立，以应对持续高企的通胀，以及美国政策制定者明显不愿出台维持物价稳定所需的必要政策。本文阐述了该委员会的政策主张与绝大多数美联储（Federal Reserve）的政策主张有何不同。