The SOMC is a collection of individuals, so we do not always agree fully on all issues. There are certain similarities of viewpoint across individuals, however, that give a recognizable flavor to most of the committee’s analyses and positions. Three leading examples are beliefs that governmental interference with market allocations is often harmful, that inflation rates should be kept low—close to zero when correctly measured—and that inflation rates are determined primarily by central-banks’ monetary policy stances. In addition, the writings of the SOMC have, over the years, exhibited a fairly consistent leaning toward the position that floating exchange-rate arrangements are often preferable (for major economies) to exchange-rate values set by central-bank or government actions at specified par values—or even ones fixed more firmly by (e.g.) currency-board arrangements.
The Wall Street Journal is an important newspaper that similarly features writings by a number of individuals in various capacities, but whose editorial and op-ed writings convey a reasonably consistent position on many economic issues. Among these, it seems, are preferences for minimal amounts of government regulation of markets and near-zero inflation, together with an assignment of inflation responsibility to monetary policy. Thus the Wall Street Journal (henceforth, WSJ) positions on inflation and market regulations are broadly similar to those of the SOMC.
