Dutkowsky, Donald H.; Cynamon, Barry Z.; Jones, Barry E. - In: Economic Inquiry 44 (2006) 1, pp. 142-152
This study focuses on sweep programs in establishing conceptually appropriate and reliable measures of narrow money. We propose the aggregates M1RS = M1 + holdings of funds swept in retail sweep programs, and M1S = M1RS + holdings of funds swept in commercial demand deposit sweep programs. Based...