A database containing monetary services indexes.
Historical Monetary Data
We often receive requests for monetary aggregates data that cover time periods prior to January 1959, the beginning date for the Board of Governors currently published monetary aggregates. Various data are available for these years, but not all data are consistent with the current definitions of the Board’s monetary aggregates. This section discusses available data. The problem is not one of finding data, the problem is one of constructing monetary aggregates that are consistent with currently published definitions.
Some common sources of historical monetary data are:
- Banking and Monetary Statistics
Originally published by the Federal Reserve Board, now out of print.
by Milton Friedman and Anna J. Schwartz (Princeton University Press, 1963).
by Milton Friedman and Anna J. Schwartz (1970) (out of print).
by Nathan S. Balke and Robert J. Gordon, in R.J. Gordon, ed., The American Business Cycle (University of Chicago Press for the National Bureau of Economic Research, 1986), pp. 781-850.
Historical (Pre-1959) Monetary Aggregates
Robert H. Rasche, in articles from 1987 and 1990, produced monetary aggregates for 1948-1958 that are consistent with current Federal Reserve Board definitions. The official measures of the money stock in the United States currently published by the Board of Governors of the Federal Reserve System start with January, 1959. Excerpts from Rasche’s two articles are below. For a history of the Federal Reserve’s definitions of monetary aggregates, see Anderson and Kavajecz (1994) and Kavajecz (1994).
The attached files contain data that provide measures of M1, M2 and M3 series for the period 1948-58. These data follow the methods in Rasche (1990). The M1 component differs slightly from that produced by the method in Rasche (1987) because it omits the "shift adjustment" for flows into the checkable deposit component of M1. These data are constructed via a Rats program, available here as a zipped file.
- Data Program
- Program (.PRG)
- Program to graph data (.PRG)
- M2 and M3 data
- M2 and M3 data
- M2 — charts of levels and growth rates
- M3 — charts of levels and growth rates
from Robert H. Rasche Paper "M1 — Velocity and Money-Demand Functions: Do Stable Relationship Exist?"
Reprinted from Journal of Monetary Economics, 1987, 27, pp. 70-72, Copyright 1987, with permission from Elsevier.
from Robert H. Rasche Paper "Demand Functions for Measures of U. S. Money and Debt"
Reprinted from Financial Sectors in Open Economies: Empirical Analysis and Policy Issues published by the Board of Governors of the Federal Reserve System, 1990.
Retail Deposit Sweep Programs
Monetary Trends cover page (November 1995).
Monetary Trends cover page (November 2002).
Richard G. Anderson and Robert H. Rasche
Publications & Resources
A graphical review of U.S. monetary and financial conditions. The cover contains an essay on a current topic concerning money, financial markets, or a related issue.
A graphical review of U.S. monetary and financial conditions. The cover contains a calendar of recent and upcoming economic news, with estimates of market expectations.
by Ann-Marie Meulendyke, published by the Federal Reserve Bank of New York.
by M.A. Akhtar, published by the Federal Reserve Bank of New York.
published by the Federal Reserve Bank of New York.