Shadow Open Market Committee

1. Shadow Open Market Committee
   Monetary Policy Indicators
2. CPI Inflation Measures
   (3 month moving average)
   
3. CPI Inflation Measures
   (12 month moving average)
   
4. PCE Inflation Rates
   (3 month moving average)
   
5. PCE Inflation Rates
   (12 month moving average)
   
6. Inflation Measures Annualized Rates of Growth
   (through 9/04)
   
7. Federal Reserve's Central Tendency Forecasts
   
8. Federal Funds Rate
   
9. Interest Rates on Treasury Securities
   
10. Monetary Growth Measures
    (3 month moving average)
    
11. Monetary Growth Measures
    (12 month moving average)
    
12. Monetary Growth Measures
    Annualized Rates of Growth
    (through 9/04)
    
13. Monetary Policy Indicators
    The Taylor Rule
    
14. Key Assumptions for
    Taylor Rule Calculations
    
15. Taylor Rules for the Funds Rate
    
16. Potential and Actual GDP
    
17. Federal Funds Targets for 2004Q4
    Taylor Rule Calculations
    
18. Monetary Policy Indicators
    The McCallum Rule
    
19. Key Assumptions for
    McCallum Rule Calculations
    
20. McCallum Rules
    
21. Base Velocity Growth
    (Quarterly and 4 year moving average)
    
22. Nominal GDP Growth
    (Quarterly and 4 quarter moving average)
    
23. Real GDP Growth
    (Quarterly and 10 year moving average)
    
24. Productivity Growth in the Business Sector
    (One and 10 year moving average)
    
25. Monetary Base Growth Targets
    McCallum Rule Calculations
    
26. Definition of Monetary Variables
    
27. Definition of Price Indexes
    
28. Other Variables Used