News Release

November 5, 2003

Media Contact: (202) 789-5200

Shadow Open Market Committee to Hold Press Conference
Top issues include economy, monetary policy, deflation, budget and current account deficits, employment growth

WASHINGTON-At 11:00 a.m. on Monday, Nov. 10, the Shadow Open Market Committee (SOMC) 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.

The SOMC released its last statement on public policy issues at its meeting in May 2003. At Monday's meeting, the Committee will address a number of important topics including the state of the labor market and the prospects for employment growth; why deflation may actually be desirable; whether we should worry about the current account deficit; what is the appropriate monetary policy going forward; the desirability of inflation-targeting and whether it "ties the hands" of the Federal Reserve in unhelpful ways; how should we assess the current debate over budget deficits; and what should be done about government-sponsored enterprises, such as Freddie Mac and Fannie Mae.

A working session on these and other related issues will be held Sunday, Nov. 9, 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

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.