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A historical perspective on the Federal Reserve's monetary aggregates

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  • Richard G. Anderson
  • Kenneth A. Kavajecs

Abstract

Data on the monetary aggregates are the fundamental raw material for research in many facets of economics and finance. Money demand modeling, measurement of money stock announcement effects, tests of the rationality of preliminary money stock forecasts and financial market efficiency, and comparison of alternative seasonal adjustment procedures are just a few such areas. Working in the spirit of Friedman and Schwartz, we chronicle the evolution of the Federal Reserve's monetary aggregates. Numerous changes in data sources, definitions, revision procedures, and seasonal adjustment methods suggest caution for all researchers using monetary aggregate time series data. A timeline compiled by Kenneth Kavajecz shows each redefinition, revision and special event that affected the monetary aggregates from 1960-1993.

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Bibliographic Info

Paper provided by Federal Reserve Bank of St. Louis in its series Working Papers with number 1994-006.

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Date of creation: 1994
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Publication status: Published in Federal Reserve Bank of St. Louis Review, March/April 1994, 76(2)
Handle: RePEc:fip:fedlwp:1994-006

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Keywords: Monetary policy - United States ; Money supply;

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