Sweep-Adjusted Monetary Aggregates for the United States

Data

The methods used to create these data are described in our paper "Redefining the Monetary Aggregates: A Clean Sweep". Other useful sources of information and data include the FRED website of the Federal Reserve Bank of St. Louis and the Federal Reserve Board Data on OCD Sweep Account Programs. We also thank Treasury Strategies, Inc. for their continuing help. All findings and interpretations, though, do not necessarily conform to those of the Federal Reserve System or Treasury Strategies, Inc.

We encourage the use of these data wherever monetary aggregate data are used.

Please cite the source of the data as follows:

Cynamon, Barry Z., Donald H. Dutkowsky, and Barry E. Jones. "Sweep-Adjusted Monetary Aggregates for the United States." Online document available at http://www.sweepmeasures.com, December 27, 2007.

We also request that you include a citation of the following article:

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.

M1AS M1AS Money Stock Monthly Billions of $ SA 2013-07-31
M1ASNS M1AS Money Stock Monthly Billions of $ NSA 2013-07-31
M1RS M1RS Money Stock Monthly Billions of $ SA 2013-07-31
M1RSNS M1RS Money Stock Monthly Billions of $ NSA 2013-07-31
M1S M1S Money Stock Monthly Billions of $ SA 2013-07-31
M1SNS M1S Money Stock Monthly Billions of $ NSA 2013-07-31
M2MS M2MS Money Stock Monthly Billions of $ SA 2013-07-31
M2MSNS M2MS Money Stock Monthly Billions of $ NSA 2013-07-31
M2S M2S Money Stock Monthly Billions of $ SA 2013-07-31
M2SNS M2S Money Stock Monthly Billions of $ NSA 2013-07-31
MZMS MZMS Money Stock Monthly Billions of $ SA 2013-07-31
MZMSNS MZMS Money Stock Monthly Billions of $ NSA 2013-07-31

Note: We generate the seasonally adjusted data by adding our sweeps components to the seasonally adjusted versions of the conventional aggregates.

Definitions of the Money Measures


Notes:

Retail Sweeps denote total funds swept into money market deposit accounts (MMDA), within retail sweep programs. Demand Deposit (DD) sweeps into overnight instruments refer to total swept funds into overnight instruments as linked investment accounts, within Demand Deposit sweep programs. DD sweeps into offshore instruments and DD sweeps into money market mutual funds (MMMF) are defined in a corresponding fashion. Total Demand Deposit sweeps equal the sum of DD sweeps into overnight instruments, offshore instruments, MMMF, and MMDA.

As of this revision, M2MS and M2S are actually calculated as follows: M2MS = M2M + Total Demand Deposit Sweeps and M2S = M2 + Total Demand Deposit Sweeps, which has the effect that Total Demand Deposit Sweeps into MMDA are double counted in M2MS and M2S. We decided to make this change due to data limitations with respect to Demand Deposit Sweeps into MMDA. Demand Deposit Sweeps into MMDA represent a very small fraction of the total, so the effect of this double counting should be small.

Definitions of the conventional (non sweep-adjusted) monetary aggregates are as follows. M1A equals the sum of currency and coin held by the public, travelers checks, and demand deposits. M1 equals the sum of currency and coin held by the public, travelers checks, demand deposits, and other checkable deposits. M2 equals the sum of M1, savings deposits including MMDA, small denomination time deposits, and retail MMMF. M2M equals M2 minus small denomination time deposits. MZM equals M2M plus institution only MMMF.