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A reconstruction of the Federal Reserve Bank of St. Louis adjusted monetary base and reserves

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Author Info

  • Richard G. Anderson
  • Robert H. Rasche
  • Jeffrey Loesel

Abstract

This article summarizes a reconstruction of the adjusted monetary base and adjusted bank reserves of the Federal Reserve Bank of St. Louis. The revised figures, based on as much original source data as feasible, include changes to both the monetary (source) base and reserve adjustment magnitude (RAM). The revised figures include the new measure of RAM developed by Anderson and Rasche (2001) that interprets the operation of retail-deposit sweep programs by U.S. banks, beginning in 1994, as economically equivalent to a reduction in statutory reserve requirements. We also present new seasonal adjustment factors that incorporate adjustments for the Y2K-related surge in the monetary base and reserves.

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File URL: http://research.stlouisfed.org/publications/review/03/09/Anderson.pdf
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Bibliographic Info

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

Volume (Year): (2003)
Issue (Month): Sep ()
Pages: 39-69

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Handle: RePEc:fip:fedlrv:y:2003:i:sep:p:39-69:n:v.85no.5

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Related research

Keywords: Money supply ; Federal Reserve Bank of St. Louis ; Bank reserves;

References

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  1. Albert E. Burger & Robert H. Rasche, 1977. "Revision of the monetary base," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 13-28.
  2. Bennett T. McCallum, 1994. "Specification and Analysis of a Monetary Policy Rule for Japan," NBER Working Papers 4449, National Bureau of Economic Research, Inc.
  3. Richard G. Anderson, 2002. "Retail sweep programs and money demand," Monetary Trends, Federal Reserve Bank of St. Louis, issue Nov.
  4. Findley, David F, et al, 1998. "New Capabilities and Methods of the X-12-ARIMA Seasonal-Adjustment Program," Journal of Business & Economic Statistics, American Statistical Association, vol. 16(2), pages 127-52, April.
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Cited by:
  1. Richard G. Anderson, 2006. "Monetary base," Working Papers 2006-049, Federal Reserve Bank of St. Louis.

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