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Working Paper
A historical perspective on the Federal Reserve's monetary aggregates
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 ...
