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


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


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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  • Richard G. Anderson & Robert H. Rasche & Jeffrey Loesel, 2003. "A reconstruction of the Federal Reserve Bank of St. Louis adjusted monetary base and reserves," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 39-69.
  • Handle: RePEc:fip:fedlrv:y:2003:i:sep:p:39-69:n:v.85no.5

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    References listed on IDEAS

    1. 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 127-152, April.
    2. Bennett T. McCallum, 1993. "Specification and Analysis of a Monetary Policy Rule for Japan," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 11(2), pages 1-45, December.
    3. Richard G. Anderson, 2002. "Retail sweep programs and money demand," Monetary Trends, Federal Reserve Bank of St. Louis, issue Nov.
    4. Albert E. Burger & Robert H. Rasche, 1977. "Revision of the monetary base," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 13-28.
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    Cited by:

    1. Telser, Lester G., 2007. "Solvency vs competition: Hobson's choice for the Fed," Journal of International Money and Finance, Elsevier, vol. 26(7), pages 1151-1173, November.
    2. Richard G. Anderson, 2006. "Monetary base," Working Papers 2006-049, Federal Reserve Bank of St. Louis.


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