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Author:Anderson, Richard G. 

Working Paper
Defining the adjusted monetary base in an era of financial change

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 importance of the requirements as a constraint on the deposit and lending behavior of banks and other depository institutions. During the same period, depositories' interbank payments activities have come to determine most, if not all of their, demand for Federal Reserve Bank deposits. Our analysis ...
Working Papers , Paper 1996-014

Working Paper
Handicapping currency design: counterfeit deterrence and visual accessibility in the United States and abroad

Despite the increasing use of electronic payments, currency retains an important role in the payments system of every country. Two aspects of currency usage drive currency design worldwide: deterring counterfeiting and making paper currency accessible to the visually impaired. Further, among the world's currencies, only U.S. banknotes are widely owned and used in transactions outside their country of issue (although the euro also has some external circulation). In this article, we compare and contrast major currencies and their design features. We conclude that the designs of the two most ...
Working Papers , Paper 2007-011

Journal Article
Resolving a banking crisis, the Nordic way

The Nordic bank resolution is widely regarded as among the most successful in history. ; Also issued as Monetary Trends, April 2009
Economic Synopses

Journal Article
Editor's introduction

Review , Volume 91 , Issue Jul , Pages 181-186

Journal Article
Bankers' acceptances: yesterday's instrument to restart today's credit markets?

A bankers' acceptance is created when a bank agrees to `accept,' or guarantee, a future payment between two firms.
Economic Synopses

Journal Article
Real output in Switzerland: new estimates for 1914-47

In this article, Felix A, Andrist, Richard G. Anderson, and Marcela Williams provide, for the first time, an estimate of the real gross domestic product of Switzerland between 1914 and 1947. The estimate is obtained from published data on three other measures of Swiss economic activity during this period: net national product, industrial production, and the transport volume of Swiss railroads. These underlying series closely represent the economic growth of Switzerland; but, they also seem unreasonably volatile as proxy measures of total production, and hence, are filtered by moving averages. ...
Review , Volume 82 , Issue May , Pages 43-70

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

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 ...
Review , Volume 85 , Issue Sep

Journal Article
Special report: The monetary services index project of the Federal Reserve Bank of St. Louis: introduction to the St. Louis monetary services index project

Review , Issue Jan , Pages 25-30

Journal Article
Yield curve inversions and cyclical peaks

Monetary Trends , Issue May

Journal Article
A closer look: assistance programs in the wake of the crisis

An unprecedented amount of aid was extended by the Treasury, Fed and FDIC to companies, agencies and individuals. This aid was necessary and, in many cases, will return a profit to taxpayers.
The Regional Economist , Issue Jan , Pages 4-10



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