News Release

November 11, 2002

Media Contact: (202) 842-0200 ext. 800

Shadow Open Market Committee to hold Press Conference
Top Issues Include Economy, the Fed, IMF, Japan and Argentina

WASHINGTON -- At 11:00 a.m. on Monday, Nov. 18, the Shadow Open Market Committee will hold its semi-annual press conference at the Cato Institute in Washington, D.C. to discuss the U.S. economic recovery and related issues. The press conference is open to guests and the media.

At its last meeting, in April 2002, the SOMC released its statement on public policy issues. At this meeting, the committee will address how the U.S. economic recovery has defied the skeptics; whether the U.S. is "becoming another Japan" and heading toward deflation; why the Fed maintained its low funds rate target while staying clear of an inflation target; and the IMF's proposal for a bankruptcy law for sovereign debtors.

A working session on these issues will be held Sunday, Nov. 17, at 2:00 p.m. at the Cato Institute. This session is also open to guests and the media. The distinguished members of the Shadow Open Market Committee include:

Dr. Anna J. Schwartz, co-chair National Bureau of Economic Research

Dean and Prof. Charles Plosser, co-chair John M. Olin Distinguished Professor of Economics and Public Policy, University of Rochester

Dr. Mickey D. Levy, Bank of America

Dr. W. Lee Hoskins, senior fellow, Pacific Research Institute

Prof. Alan C. Stockman, Department of Economics, University of Rochester

Prof. Gregory D. Hess, Department of Economics, Claremont-McKenna College

Prof. Bennett McCallum, Graduate School of Industrial Administration, Carnegie Mellon University

Lunch will be served following the Monday meeting and a light lunch will be available at the Sunday session. The Cato Institute is located at 1000 Massachusetts Ave., NW, Washington, D.C. 20001. General information: 202-842-0200.