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Eighty years of observations on the adjusted monetary base: 1918-1997

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  • Richard G. Anderson
  • Robert H. Rasche

Abstract

Recent trends in empirical macroeconomic research - embedding long-run relationships in models via cointegration, modeling the correlation between seasonal cycles and business cycles, building endogenous growth models, and the interest of policymakers in inflation targeting - have increased the importance of long-time series of macroeconomic data. Among the more important of such data are quantitative measures of monetary policy, such as the adjusted monetary base. Previously published data for the Federal Reserve Bank of St. Louis adjusted monetary base begin in 1935 (seasonally unadjusted), and in 1950 (seasonally adjusted). In this analysis, the authors develop a consistent time series for the adjusted monetary base that begins in 1918, shortly after the founding of the Federal Reserve System.

Suggested Citation

  • Richard G. Anderson & Robert H. Rasche, 1999. "Eighty years of observations on the adjusted monetary base: 1918-1997," Review, Federal Reserve Bank of St. Louis, issue Jan, pages 3-22.
    • Handle: RePEc:fip:fedlrv:y:1999:i:jan:p:3-22:n:1
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    File URL: https://files.stlouisfed.org/files/htdocs/publications/review/99/01/9901ra.pdf
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    References listed on IDEAS

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    1. Anatol Balbach & Albert E. Burger, 1976. "Derivation of the monetary base," Review, Federal Reserve Bank of St. Louis, vol. 58(Nov), pages 2-8.
    2. Richard G. Anderson & Robert H. Rasche, 1996. "A revised measure of the St. Louis adjusted monetary base," Review, Federal Reserve Bank of St. Louis, vol. 78(Mar), pages 3-13.
    3. Leonall C. Andersen & Jerry L. Jordan, 1968. "The monetary base-explanation and analytical use," Review, Federal Reserve Bank of St. Louis, vol. 50(Aug), pages 7-11.
    4. Barsky, Robert B & Miron, Jeffrey A, 1989. "The Seasonal Cycle and the Business Cycle," Journal of Political Economy, University of Chicago Press, vol. 97(3), pages 503-534, June.
    5. J. Joseph Beaulieu & Jeffrey K. MacKie-Mason & Jeffrey A. Miron, 1992. "Why Do Countries and Industries with Large Seasonal Cycles Also Have Large Business Cycles?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 107(2), pages 621-656.
    6. Richard G. Anderson & Robert H. Rasche, 2000. "The domestic adjusted monetary base," Working Papers 2000-002, Federal Reserve Bank of St. Louis.
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    Cited by:

    1. Allan H. Meltzer, 2005. "Origins of the Great Inflation," Review, Federal Reserve Bank of St. Louis, vol. 87(Mar), pages 145-176.

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    Money supply;

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