Sweep-Adjusted Monetary Aggregates for the United States

Welcome

Welcome to our website, Sweep-Adjusted Monetary Aggregates for the United States! It contains time series data on measures of the money stock adjusted for retail and commercial demand deposit sweep programs. Sweep programs have had significant effects on banking and monetary policy. They have also led to distortion of the monetary aggregate measures. For a brief introduction to sweep programs, visit the "sweep programs" section.

This website contains monthly time series of our "S measures," or sweep-adjusted measures of money. We provide the monetary aggregates M1AS, M1RS, M1S, M2S, M2MS, and MZMS. They follow the detailed descriptions put forth in Cynamon, Dutkowsky, and Jones (2006). Each of these measures adjusts the corresponding monetary aggregate by adding swept funds within retail and commercial demand deposit sweep programs that are not already included in the measure. We encourage researchers, policymakers, and practitioners to utilize these measures wherever the monetary aggregates are used, in order to gauge and predict activity within financial markets, the macroeconomy, or elsewhere.

As part of a continuing research agenda on the effects of retail and commercial demand deposit sweep programs, this website also provides papers that we have published in this area. Our thanks here go out to our co-authors Thomas Elger, Adrian Fleissig, Birger Nilsson, and David VanHoose.

Feel free to contact any of us regarding any questions, comments, or suggestions about any aspect of this webpage. Our e-mail addresses are provided in the "contact us" section.

Barry Z. Cynamon, Donald H. Dutkowsky, and Barry E. Jones


Reference
Cynamon, Barry Z., Donald H. Dutkowsky, and Barry E. Jones. "Redefining the Monetary Aggregates: A Clean Sweep." Eastern Economic Journal, 2006, vol. 32, issue 4, pages 661-672.