Shadow Monetary Policy Committee



The Shadow Monetary Policy Committee (SMPC) is a group of independent economists, which has met once a quarter since July 1997 at the Institute for Economic Affairs (IEA) to monitor the Monetary Policy Committee’s Bank Rate decisions, and to make rate recommendations of its own.In those months, where there is not a physical gathering the SMPC releases an e-mail poll, carried out in conjunction with the Sunday Times newspaper.

Most members are available for press comment and media appearances, subject to other commitments. Please contact Stephanie Lis, telephone 0207 799 8909, if you would like comment from an SMPC member.

SMPC minutes are distributed by the IEA and Lombard Street Research and are posted monthly on the IEA website. Minutes will be uploaded soon.

SMPC membership

Joint Chairmen: Dr Andrew Lilico, Visiting Professor, Europe Economics & Trevor Williams, Derby University, TW Consultancy

Secretary:  Professor Kent Matthews, Cardiff Business School.

IEA representative: Professor Philip Booth, Senior Academic Fellow at the IEA and Professor of Finance, Public Policy and Ethics at St Mary’s University.

Other current members of the Committee are: Professor Patrick Minford (Cardiff Business School, Cardiff University); Roger Bootle (Capital Economics); Professor Tim Congdon (Buckingham University); Jamie Dannhauser (Ruffers LLP); Anthony Evans (ESCP Europe Business School); Julian Jessop (Chief Economist, IEA); Dr Peter Warburton (Economic Perspectives Ltd); John Greenwood (AMVESCAP); Graeme Leach (Institute of Directors); David B Smith (Beacon Economic Forecasting); Professor Akos Valentinyi (Cardiff Business School, Cardiff University); and Michael Wickens (University of York and Cardiff Business School).

Other IEA Work on Monetary Policy

The IEA has contributed to the debate on macro-economic and monetary policy since its inception. Other IEA publications on monetary policy can be found by searching the website by issue or from the IEA publications (e.g.Were 364 Economists All Wrong? or Money and Asset Prices in Boom and Bust) and recommended books (e.g. Issues in Monetary Policy: the relationship between money and financial markets) sections of the website.