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This analysis examines the long-run demand for the adjusted monetary base in the United States, 1919-1999. When the "price"of the base is measured by the inverse of the yield on long-term, high-quality corporate bonds and an appropriate functional form is selected, the quantity of base money...
Persistent link: https://www.econbiz.de/10005360599
This paper examines how recent changes in the U.S. financial system have affected the appropriate definition, construction and interpretation of the St. Louis adjusted monetary base and adjusted reserves. Since 1990, reductions in statutory reserve requirements have significantly reduced the...
Persistent link: https://www.econbiz.de/10005360645
Since January 1994, the Federal Reserve Board has permitted depository institutions in the United States to implement so-called retail sweep programs. The essence of these programs is computer software that dynamically reclassifies customer deposits between transaction accounts, which are...
Persistent link: https://www.econbiz.de/10005352800
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...
Persistent link: https://www.econbiz.de/10005414822
Persistent link: https://www.econbiz.de/10005414898
Persistent link: https://www.econbiz.de/10005415046
Since January 1994, the Federal Reserve Board has permitted depository institutions in the United States to implement so-called “retail sweep programs.” The essence of these programs is computer software that dynamically reclassifies customer deposits from transaction accounts, which are...
Persistent link: https://www.econbiz.de/10005415222