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

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Author Info
Richard G. Anderson
Robert H. Rasche

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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.

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Publisher Info
Article provided by Federal Reserve Bank of St. Louis in its journal Review.

Volume (Year): (1999)
Issue (Month): Jan ()
Pages: 3-22
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Handle: RePEc:fip:fedlrv:y:1999:i:jan:p:3-22:n:1

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Keywords: Money supply

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Beaulieu, J Joseph & MacKie-Mason, Jeffrey K & Miron, Jeffrey A, 1992. "Why Do Countries and Industries with Large Seasonal Cycles also Have Large Business Cycles?," The Quarterly Journal of Economics, MIT Press, vol. 107(2), pages 621-56, May. [Downloadable!] (restricted)
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  2. Anatol Balbach & Albert E. Burger, 1976. "Derivation of the monetary base," Review, Federal Reserve Bank of St. Louis, issue Nov, pages 2-8. [Downloadable!]
  3. Richard G. Anderson & Robert H. Rasche, 1996. "A revised measure of the St. Louis adjusted monetary base," Working Papers 1996-004, Federal Reserve Bank of St. Louis. [Downloadable!]
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  4. Robert B. Barsky & Jeffrey A. Miron, 1989. "The Seasonal Cycle and the Business Cycle," NBER Working Papers 2688, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Allan H. Meltzer, 2005. "Origins of the Great Inflation," Review, Federal Reserve Bank of St. Louis, issue Mar, pages 145-176. [Downloadable!]
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This page was last updated on 2008-7-28.


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