The Shadow Open Market Committee, a group of private economists warned this week in the statement excerpted here that the Fed's tight-money policy could throw the economy into recession.

The committee's members, in addition to the three pictured at right, are Charles D. Plosser of the University of Rochester, William Poole of Brown University, Robert H. Rasche of Michigan State University, and Anna J. Schwartz of the National Bureau of Economic Research. The chairman is Allan H. Meltzer of Carnegie Mellon University.

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