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Working Paper
Some tables of historical U.S. currency and monetary aggregates data
This paper includes revised and extended versions of tables of historical .S. currency and monetary aggregates data compiled for the forthcoming work: Susan B. Carter et.al., editors, Historical Statistics of the United States, Colonial Times to the Present, Millennial Edition. Three volumes. Cambridge University Press, forthcoming. These tables, in part, update and extend tables that previously appeared in the 1976 Bicentennial Edition of Historical Statistics, with new descriptive notes.
Journal Article
Accounting and the economics of the trade deficit
Journal Article
A comprehensive revision of the U.S. monetary services (divisia) indexes
The authors introduce a comprehensive revision of the Divisia monetary aggregates for the United States published by the Federal Reserve Bank of St. Louis, referred to as the Monetary Services Indexes (MSI). These revised MSI are available at five levels of aggregation, including a new broad level of aggregation that includes all of the assets currently reported on the Federal Reserve?s H.6 statistical release. Several aspects of the new MSI differ from those previously published. One such change is that the checkable and savings deposit components of the MSI are now adjusted for the effects ...
Journal Article
On the road to recovery, soft patches turn up often
Journal Article
TIPS for social security?
Journal Article
U.S. currency at home and abroad
Working Paper
Monetary base
This brief essay is a working draft of an article in preparation for the forthcoming International Encyclopedia of the Social Sciences, 2nd ed., examining the role of the monetary base in monetary economics and monetary policymaking. Comments are welcome.
Working Paper
The remarkable stability of monetary base velocity in the United States, 1919-1999
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 demanded is found to be a stable function "...of a small number of variables."
Working Paper
Monetary aggregation theory and statistical index numbers
This paper is the first of two from the Monetary Services Indices (MSI) Project at the Federal Reserve Bank of St. Louis. The second paper, Working Paper 96-008B, summarizes the methodology, construction and data sources for the an extensive new database of monetary services indices, often referred to as Divisia monetary aggregates, for the United States. This paper surveys the microeconomic theory of the aggregation of monetary assets, bringing together results that are not otherwise readily available in a single source. In addition to indices of the flow of monetary services, the Project's ...