25
1/1/1913 12.1 0 0.093 1.001 0 1/1/1913 #DIV/0! 2/1/1913 12 0 0.093093 0 2/1/1913 #DIV/0! 3/1/1913 12 0 0.093186093 0 3/1/1913 #DIV/0! 4/1/1913 12 0 0.093279279093 0 4/1/1913 #DIV/0! 5/1/1913 11.9 0 0.093372558372093 0 5/1/1913 #DIV/0! 6/1/1913 11.9 0 0.093465930930465 0 6/1/1913 #DIV/0! 7/1/1913 12 0 0.093559396861396 0 7/1/1913 #DIV/0! 8/1/1913 12 0 0.093652956258257 0 8/1/1913 #DIV/0! 9/1/1913 12.2 0 0.093746609214515 0 9/1/1913 #DIV/0! 10/1/1913 12.2 0 0.09384035582373 0 10/1/1913 #DIV/0! 11/1/1913 12.1 0 0.093934196179553 0 11/1/1913 #DIV/0! 12/1/1913 11.9 0 0.094028130375733 0 12/1/1913 #DIV/0! 1/1/1914 11.8 0 0.094122158506109 0 1/1/1914 #DIV/0! 2/1/1914 11.8 0 0.094216280664615 0 2/1/1914 #DIV/0! 3/1/1914 11.7 0 0.094310496945279 0 3/1/1914 #DIV/0! 4/1/1914 11.7 0 0.094404807442225 0 4/1/1914 #DIV/0! 5/1/1914 11.6 0 0.094499212249667 0 5/1/1914 #DIV/0! 6/1/1914 11.6 0 0.094593711461916 0 6/1/1914 #DIV/0! 7/1/1914 11.6 0 0.094688305173378 0 7/1/1914 #DIV/0! 8/1/1914 12 0 0.094782993478552 0 8/1/1914 #DIV/0! 9/1/1914 12.1 0 0.09487777647203 0 9/1/1914 #DIV/0! 10/1/1914 11.7 0 0.094972654248502 0 10/1/1914 #DIV/0! 11/1/1914 11.7 0 0.095067626902751 0 11/1/1914 #DIV/0! 12/1/1914 11.6 0 0.095162694529654 0 12/1/1914 #DIV/0! 1/1/1915 11.8 0 0.095257857224183 0 1/1/1915 #DIV/0! 2/1/1915 11.8 0 0.095353115081407 0 2/1/1915 #DIV/0! 3/1/1915 11.8 0 0.095448468196489 0 3/1/1915 #DIV/0! 4/1/1915 11.8 0 0.095543916664685 0 4/1/1915 #DIV/0! 5/1/1915 11.9 0 0.09563946058135 0 5/1/1915 #DIV/0! 6/1/1915 11.8 0 0.095735100041931 0 6/1/1915 #DIV/0! 7/1/1915 11.9 0 0.095830835141973 0 7/1/1915 #DIV/0! 8/1/1915 11.8 0 0.095926665977115 0 8/1/1915 #DIV/0! 9/1/1915 11.8 0 0.096022592643092 0 9/1/1915 #DIV/0! 10/1/1915 12.1 0 0.096118615235735 0 10/1/1915 #DIV/0! 11/1/1915 12.3 0 0.096214733850971 0 11/1/1915 #DIV/0! 12/1/1915 12.8 0 0.096310948584822 0 12/1/1915 #DIV/0! 1/1/1916 13.3 0 0.096407259533407 0 1/1/1916 #DIV/0! 2/1/1916 13.5 0 0.09650366679294 0 2/1/1916 #DIV/0! 3/1/1916 13.9 0 0.096600170459733 0 3/1/1916 #DIV/0! 4/1/1916 14.1 0 0.096696770630193 0 4/1/1916 #DIV/0! 5/1/1916 14.2 0 0.096793467400823 0 5/1/1916 #DIV/0! 6/1/1916 14.3 0 0.096890260868224 0 6/1/1916 #DIV/0! 7/1/1916 14.4 0 0.096987151129092 0 7/1/1916 #DIV/0! 8/1/1916 14.7 0 0.097084138280221 0 8/1/1916 #DIV/0! 9/1/1916 15 0 0.097181222418501 0 9/1/1916 #DIV/0! 10/1/1916 15.7 0 0.09727840364092 0 10/1/1916 #DIV/0! 11/1/1916 16.8 0 0.097375682044561 0 11/1/1916 #DIV/0! 12/1/1916 17.1 0 0.097473057726605 0 12/1/1916 #DIV/0! 1/1/1917 17.6 0 0.097570530784332 0 1/1/1917 #DIV/0! 2/1/1917 18 0 0.097668101315116 0 2/1/1917 #DIV/0! 3/1/1917 18.5 0 0.097765769416431 0 3/1/1917 #DIV/0! date ppi base excess reserves circulating currency population (billions) pop. multiplier circulating currency per person (billions) date ppi/ccpp

Adjusted PPI

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Page 1: Adjusted PPI

1/1/1913 12.1 0 0.093 1.001 0 1/1/1913 #DIV/0!2/1/1913 12 0 0.093093 0 2/1/1913 #DIV/0!3/1/1913 12 0 0.093186093 0 3/1/1913 #DIV/0!4/1/1913 12 0 0.093279279093 0 4/1/1913 #DIV/0!5/1/1913 11.9 0 0.093372558372093 0 5/1/1913 #DIV/0!6/1/1913 11.9 0 0.093465930930465 0 6/1/1913 #DIV/0!7/1/1913 12 0 0.093559396861396 0 7/1/1913 #DIV/0!8/1/1913 12 0 0.093652956258257 0 8/1/1913 #DIV/0!9/1/1913 12.2 0 0.093746609214515 0 9/1/1913 #DIV/0!

10/1/1913 12.2 0 0.09384035582373 0 10/1/1913 #DIV/0!11/1/1913 12.1 0 0.093934196179553 0 11/1/1913 #DIV/0!12/1/1913 11.9 0 0.094028130375733 0 12/1/1913 #DIV/0!

1/1/1914 11.8 0 0.094122158506109 0 1/1/1914 #DIV/0!2/1/1914 11.8 0 0.094216280664615 0 2/1/1914 #DIV/0!3/1/1914 11.7 0 0.094310496945279 0 3/1/1914 #DIV/0!4/1/1914 11.7 0 0.094404807442225 0 4/1/1914 #DIV/0!5/1/1914 11.6 0 0.094499212249667 0 5/1/1914 #DIV/0!6/1/1914 11.6 0 0.094593711461916 0 6/1/1914 #DIV/0!7/1/1914 11.6 0 0.094688305173378 0 7/1/1914 #DIV/0!8/1/1914 12 0 0.094782993478552 0 8/1/1914 #DIV/0!9/1/1914 12.1 0 0.09487777647203 0 9/1/1914 #DIV/0!

10/1/1914 11.7 0 0.094972654248502 0 10/1/1914 #DIV/0!11/1/1914 11.7 0 0.095067626902751 0 11/1/1914 #DIV/0!12/1/1914 11.6 0 0.095162694529654 0 12/1/1914 #DIV/0!

1/1/1915 11.8 0 0.095257857224183 0 1/1/1915 #DIV/0!2/1/1915 11.8 0 0.095353115081407 0 2/1/1915 #DIV/0!3/1/1915 11.8 0 0.095448468196489 0 3/1/1915 #DIV/0!4/1/1915 11.8 0 0.095543916664685 0 4/1/1915 #DIV/0!5/1/1915 11.9 0 0.09563946058135 0 5/1/1915 #DIV/0!6/1/1915 11.8 0 0.095735100041931 0 6/1/1915 #DIV/0!7/1/1915 11.9 0 0.095830835141973 0 7/1/1915 #DIV/0!8/1/1915 11.8 0 0.095926665977115 0 8/1/1915 #DIV/0!9/1/1915 11.8 0 0.096022592643092 0 9/1/1915 #DIV/0!

10/1/1915 12.1 0 0.096118615235735 0 10/1/1915 #DIV/0!11/1/1915 12.3 0 0.096214733850971 0 11/1/1915 #DIV/0!12/1/1915 12.8 0 0.096310948584822 0 12/1/1915 #DIV/0!

1/1/1916 13.3 0 0.096407259533407 0 1/1/1916 #DIV/0!2/1/1916 13.5 0 0.09650366679294 0 2/1/1916 #DIV/0!3/1/1916 13.9 0 0.096600170459733 0 3/1/1916 #DIV/0!4/1/1916 14.1 0 0.096696770630193 0 4/1/1916 #DIV/0!5/1/1916 14.2 0 0.096793467400823 0 5/1/1916 #DIV/0!6/1/1916 14.3 0 0.096890260868224 0 6/1/1916 #DIV/0!7/1/1916 14.4 0 0.096987151129092 0 7/1/1916 #DIV/0!8/1/1916 14.7 0 0.097084138280221 0 8/1/1916 #DIV/0!9/1/1916 15 0 0.097181222418501 0 9/1/1916 #DIV/0!

10/1/1916 15.7 0 0.09727840364092 0 10/1/1916 #DIV/0!11/1/1916 16.8 0 0.097375682044561 0 11/1/1916 #DIV/0!12/1/1916 17.1 0 0.097473057726605 0 12/1/1916 #DIV/0!

1/1/1917 17.6 0 0.097570530784332 0 1/1/1917 #DIV/0!2/1/1917 18 0 0.097668101315116 0 2/1/1917 #DIV/0!3/1/1917 18.5 0 0.097765769416431 0 3/1/1917 #DIV/0!

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 2: Adjusted PPI

4/1/1917 19.7 0 0.097863535185848 0 4/1/1917 #DIV/0!5/1/1917 20.8 0 0.097961398721034 0 5/1/1917 #DIV/0!6/1/1917 21 0 0.098059360119755 0 6/1/1917 #DIV/0!7/1/1917 21.2 0 0.098157419479874 0 7/1/1917 #DIV/0!8/1/1917 21.5 0 0.098255576899354 0 8/1/1917 #DIV/0!9/1/1917 21.3 0 0.098353832476254 0 9/1/1917 #DIV/0!

10/1/1917 21.1 0 0.09845218630873 0 10/1/1917 #DIV/0!11/1/1917 21.2 0 0.098550638495038 0 11/1/1917 #DIV/0!12/1/1917 21.2 0 0.098649189133534 0 12/1/1917 #DIV/0!

1/1/1918 21.6 4.833 4.833 0.098747838322667 48.9428435304858 1/1/1918 0.441331120995162/1/1918 21.1 4.873 4.873 0.09884658616099 49.2986170717462 2/1/1918 0.4280038924680653/1/1918 21.8 4.936 4.936 0.098945432747151 49.8860822875338 3/1/1918 0.4369956308524894/1/1918 22.1 5.026 5.026 0.099044378179898 50.7449296200446 4/1/1918 0.43551149179785/1/1918 22.1 4.999 4.999 0.099143422558078 50.4219026438351 5/1/1918 0.4383015880243086/1/1918 22.2 5.08 5.08 0.099242565980636 51.1877131531566 6/1/1918 0.4336978277106527/1/1918 22.7 5.104 5.104 0.099341808546616 51.3781667021387 7/1/1918 0.4418219149702578/1/1918 23.2 5.246 5.246 0.099441150355163 52.7548201249024 8/1/1918 0.4397702417536759/1/1918 23.7 5.429 5.429 0.099540591505518 54.5405639838803 9/1/1918 0.434538960891652

10/1/1918 23.5 5.578 5.578 0.099640132097024 55.9814593036516 10/1/1918 0.4197818401362611/1/1918 23.5 5.581 5.581 0.099739772229121 55.9556120418985 11/1/1918 0.41997574760514912/1/1918 23.5 5.634 5.634 0.09983951200135 56.4305642832452 12/1/1918 0.416440989001015

1/1/1919 23.2 5.617 5.617 0.099939351513351 56.2040869281568 1/1/1919 0.4127813699679092/1/1919 22.4 5.583 5.583 0.100039290864864 55.8080725256405 2/1/1919 0.401375625178753/1/1919 22.6 5.607 5.607 0.100139330155729 55.9919862783225 3/1/1919 0.4036291887853544/1/1919 22.9 5.648 5.648 0.100239469485885 56.3450707487564 4/1/1919 0.4064241946223035/1/1919 23.3 5.661 5.661 0.100339708955371 56.4183418402967 5/1/1919 0.4129862601413436/1/1919 23.4 5.638 5.638 0.100440048664326 56.1329875380922 6/1/1919 0.4168671760810997/1/1919 24.3 5.681 5.681 0.100540488712991 56.5045990199764 7/1/1919 0.4300534898302548/1/1919 24.9 5.719 5.719 0.100641029201704 56.825730473583 8/1/1919 0.4381817847739859/1/1919 24.3 5.73 5.73 0.100741670230905 56.8781516810922 9/1/1919 0.42722907270698

10/1/1919 24.4 5.777 5.777 0.100842411901136 57.2874040900931 10/1/1919 0.42592259830149211/1/1919 24.9 5.88 5.88 0.100943254313037 58.2505491824685 11/1/1919 0.42746378101949512/1/1919 26 5.921 5.921 0.10104419756735 58.5981198579305 12/1/1919 0.443700242653455

1/1/1920 27.2 5.997 5.997 0.101145241764918 59.2909749915697 1/1/1920 0.4587544732375792/1/1920 27.1 6.117 6.117 0.101246387006683 60.4169707270271 2/1/1920 0.448549466712623/1/1920 27.3 6.216 6.216 0.101347633393689 61.3334499470124 3/1/1920 0.4451078493641764/1/1920 28.5 6.197 6.197 0.101448981027083 61.084891511583 4/1/1920 0.4665638146315745/1/1920 28.8 6.229 6.229 0.10155043000811 61.3389820161524 5/1/1920 0.4695219753144276/1/1920 28.7 6.27 6.27 0.101651980438118 61.6810412642864 6/1/1920 0.4652969439511947/1/1920 28.6 6.303 6.303 0.101753632418556 61.9437345889832 7/1/1920 0.4617093268555788/1/1920 27.8 6.31 6.31 0.101855386050975 61.9505776242612 8/1/1920 0.4487448070074649/1/1920 26.8 6.312 6.312 0.101957241437026 61.9083050015494 9/1/1920 0.432898300144532

10/1/1920 24.9 6.294 6.294 0.102059198678463 61.6700903152222 10/1/1920 0.40376136750774111/1/1920 23 6.231 6.231 0.102161257877141 60.9918097082691 11/1/1920 0.37709981241762912/1/1920 20.8 6.136 6.136 0.102263419135018 60.0019053919823 12/1/1920 0.346655658084808

1/1/1921 19.6 6.062 6.062 0.102365682554153 59.2190649126292 1/1/1921 0.3309744932466852/1/1921 18.1 5.987 5.987 0.102468048236707 58.4279695283125 2/1/1921 0.3097831423224333/1/1921 17.7 5.885 5.885 0.102570516284944 57.3751621143378 3/1/1921 0.3084958603642334/1/1921 17 5.756 5.756 0.102673086801229 56.0614293319474 4/1/1921 0.3032387900661735/1/1921 16.6 5.721 5.721 0.10277575988803 55.6648766813574 5/1/1921 0.2982131819858956/1/1921 16.1 5.639 5.639 0.102878535647918 54.8122109678775 6/1/1921 0.293730169166782

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 3: Adjusted PPI

7/1/1921 16.1 5.558 5.558 0.102981414183566 53.9709038185547 7/1/1921 0.2983088823957218/1/1921 16.1 5.478 5.478 0.10308439559775 53.140923689129 8/1/1921 0.3029680118882399/1/1921 16.1 5.396 5.396 0.103187479993347 52.2931658021679 9/1/1921 0.307879619698461

10/1/1921 16.2 5.326 5.326 0.103290667473341 51.5632257035674 10/1/1921 0.31417739637028211/1/1921 16.2 5.272 5.272 0.103393958140814 50.9894397583654 11/1/1921 0.31771284557685712/1/1921 16 5.253 5.253 0.103497352098955 50.7549216812576 12/1/1921 0.315240364283891

1/1/1922 15.7 5.237 5.237 0.103600849451054 50.5497785756498 1/1/1922 0.310584941069612/1/1922 16 5.224 5.224 0.103704450300505 50.3739230559767 2/1/1922 0.317624656356833/1/1922 16 5.259 5.259 0.103808154750805 50.6607598663553 3/1/1922 0.3158262932140884/1/1922 16.1 5.286 5.286 0.103911962905556 50.869985054602 4/1/1922 0.316493114411555/1/1922 16.6 5.304 5.304 0.104015874868462 50.9922163968474 5/1/1922 0.3255398798673586/1/1922 16.6 5.321 5.321 0.10411989074333 51.1045484394235 6/1/1922 0.3248243161697587/1/1922 17.1 5.34 5.34 0.104224010634074 51.2357945881447 7/1/1922 0.3337510452888878/1/1922 17 5.347 5.347 0.104328234644708 51.2517059088495 8/1/1922 0.3316962762221869/1/1922 17.1 5.384 5.384 0.104432562879352 51.5548010271468 9/1/1922 0.331685888788433

10/1/1922 17.2 5.429 5.429 0.104536995442232 51.9337673426833 10/1/1922 0.3311910704745611/1/1922 17.3 5.421 5.421 0.104641532437674 51.8054339774586 11/1/1922 0.33394180246665912/1/1922 17.3 5.49 5.49 0.104746173970112 52.4124155748784 12/1/1922 0.33007446442312

1/1/1923 17.6 5.568 5.568 0.104850920144082 53.1039688764647 1/1/1923 0.3314253222945112/1/1923 17.8 5.618 5.618 0.104955771064226 53.527309103967 2/1/1923 0.3325405348777533/1/1923 18 5.617 5.617 0.10506072683529 53.4643169640937 3/1/1923 0.3366731499083534/1/1923 17.9 5.638 5.638 0.105165787562125 53.6105907700204 4/1/1923 0.3338892510397385/1/1923 17.5 5.675 5.675 0.105270953349687 53.9085077072389 5/1/1923 0.32462408521936/1/1923 17.3 5.683 5.683 0.105376224303037 53.9305715078293 6/1/1923 0.3207828049344617/1/1923 17 5.713 5.713 0.10548160052734 54.1611046043924 7/1/1923 0.3138783842052838/1/1923 16.9 5.72 5.72 0.105587082127867 54.1732935954514 8/1/1923 0.3119618335596089/1/1923 17.2 5.722 5.722 0.105692669209995 54.1380972092895 9/1/1923 0.317706031179992

10/1/1923 17.1 5.665 5.665 0.105798361879205 53.5452524914137 10/1/1923 0.31935604380130811/1/1923 17 5.712 5.712 0.105904160241084 53.9355582160038 11/1/1923 0.31519095309846512/1/1923 16.9 5.728 5.728 0.106010064401325 54.0326056054012 12/1/1923 0.312774107608659

1/1/1924 17.2 5.712 5.712 0.106116074465727 53.8278486907736 1/1/1924 0.3195371990214462/1/1924 17.2 5.755 5.755 0.106222190540192 54.1788864523785 2/1/1924 0.3174668422747723/1/1924 17 5.799 5.799 0.106328412730733 54.5385739434055 3/1/1924 0.3117059866222554/1/1924 16.7 5.812 5.812 0.106434741143463 54.6062304240117 4/1/1924 0.3058259079655615/1/1924 16.5 5.813 5.813 0.106541175884607 54.5610647877209 5/1/1924 0.3024134529668016/1/1924 16.4 5.851 5.851 0.106647717060491 54.8628715294606 6/1/1924 0.2989271166966437/1/1924 16.5 5.869 5.869 0.106754364777552 54.9766748388176 7/1/1924 0.3001272821314728/1/1924 16.7 5.897 5.897 0.106861119142329 55.1837754211213 8/1/1924 0.3026251805455159/1/1924 16.7 5.916 5.916 0.106967980261472 55.3062700215426 9/1/1924 0.301954913855067

10/1/1924 16.9 5.918 5.918 0.107074948241733 55.26969750795 10/1/1924 0.30577333985895411/1/1924 17.1 5.979 5.979 0.107182023189975 55.7836083146379 11/1/1924 0.30654166190810712/1/1924 17.5 5.99 5.99 0.107289205213165 55.8304070581837 12/1/1924 0.313449263978362

1/1/1925 17.7 5.978 5.978 0.107396494418378 55.6628969350886 1/1/1925 0.3179856057553182/1/1925 17.9 5.974 5.974 0.107503890912796 55.5700816898424 2/1/1925 0.3221157762536083/1/1925 17.9 5.955 5.955 0.107611394803709 55.3380058948436 3/1/1925 0.323466661122824/1/1925 17.5 5.935 5.935 0.107719006198513 55.0970549158477 4/1/1925 0.317621332514575/1/1925 17.5 5.939 5.939 0.107826725204711 55.079109457555 5/1/1925 0.3177248174915736/1/1925 17.7 5.943 5.943 0.107934551929916 55.0611448672979 6/1/1925 0.3214608058488167/1/1925 18 5.954 5.954 0.108042486481846 55.1079505283362 7/1/1925 0.3266316353162968/1/1925 17.9 5.979 5.979 0.108150528968328 55.2840569254263 8/1/1925 0.3237823161955299/1/1925 17.8 5.996 5.996 0.108258679497296 55.38585938645 9/1/1925 0.321381670288838

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 4: Adjusted PPI

10/1/1925 17.8 6.019 6.019 0.108366938176793 55.5427707127833 10/1/1925 0.3204737497170511/1/1925 18 6.017 6.017 0.10847530511497 55.4688460532352 11/1/1925 0.32450648031734512/1/1925 17.8 6.039 6.039 0.108583780420085 55.616041149392 12/1/1925 0.32005154685834

1/1/1926 17.8 6.041 6.041 0.108692364200505 55.5788812253282 1/1/1926 0.3202655326550232/1/1926 17.6 6.066 6.066 0.108801056564706 55.7531350478426 2/1/1926 0.3156773154531523/1/1926 17.3 6.061 6.061 0.10890985762127 55.6515280836826 3/1/1926 0.3108629824860554/1/1926 17.3 6.063 6.063 0.109018767478892 55.6142776166858 4/1/1926 0.3110711986450325/1/1926 17.3 6.074 6.074 0.109127786246371 55.6595181568802 5/1/1926 0.3108183572706976/1/1926 17.3 6.085 6.085 0.109236914032617 55.7046128031691 6/1/1926 0.3105667399776957/1/1926 17.1 6.107 6.107 0.10934615094665 55.8501597644679 7/1/1926 0.3061763846713138/1/1926 17.1 6.105 6.105 0.109455497097596 55.7760931326863 8/1/1926 0.306582964843399/1/1926 17.2 6.091 6.091 0.109564952594694 55.5925946733352 9/1/1926 0.309393725928211

10/1/1926 17.1 6.081 6.081 0.109674517547288 55.4458787327517 10/1/1926 0.30840885546104811/1/1926 17 6.048 6.048 0.109784192064836 55.0898985204373 11/1/1926 0.30858651870076212/1/1926 16.9 6.039 6.039 0.109893976256901 54.9529665382437 12/1/1926 0.307535717625703

1/1/1927 16.4 6.058 6.058 0.110003870233157 55.0707896654894 1/1/1927 0.2977985262171972/1/1927 16.6 6.068 6.068 0.110113874103391 55.1065889690022 2/1/1927 0.3012343952070343/1/1927 16.5 6.098 6.098 0.110223987977494 55.3237104907247 3/1/1927 0.2982446378531734/1/1927 16.3 6.122 6.122 0.110334211965471 55.485962975073 4/1/1927 0.2937679933089165/1/1927 16.2 6.125 6.125 0.110444546177437 55.4576953954771 5/1/1927 0.292114554787676/1/1927 16.2 6.126 6.126 0.110554990723614 55.411338374718 6/1/1927 0.2923589372710667/1/1927 16.2 6.113 6.113 0.110665545714338 55.2385113229329 7/1/1927 0.2932736529645478/1/1927 16.4 6.118 6.118 0.110776211260052 55.2284640394291 8/1/1927 0.2969483270128899/1/1927 16.6 6.123 6.123 0.110886987471312 55.2183817022181 9/1/1927 0.300624529156261

10/1/1927 16.7 6.114 6.114 0.110997874458784 55.0821358500003 10/1/1927 0.30318359559399511/1/1927 16.6 6.125 6.125 0.111108872333242 55.1261107360504 11/1/1927 0.30112771930315512/1/1927 16.6 6.113 6.113 0.111219981205576 54.9631454144999 12/1/1927 0.302020560774179

1/1/1928 16.6 6.112 6.112 0.111331201186781 54.899254969376 1/1/1928 0.3023720451080772/1/1928 16.5 6.094 6.094 0.111442532387968 54.682892334004 2/1/1928 0.3017397086316823/1/1928 16.5 6.087 6.087 0.111553974920356 54.5655141768442 3/1/1928 0.3023887935248684/1/1928 16.7 6.128 6.128 0.111665528895276 54.878171093848 4/1/1928 0.3043104328575585/1/1928 16.8 6.119 6.119 0.111777194424171 54.7428304272842 5/1/1928 0.3068895025863846/1/1928 16.7 6.091 6.091 0.111888971618596 54.4378942078657 6/1/1928 0.3067716017124527/1/1928 16.8 6.045 6.045 0.112000860590214 53.9727995672934 7/1/1928 0.3112679003996038/1/1928 16.8 6.011 6.011 0.112112861450804 53.6156148564422 8/1/1928 0.3133415525492459/1/1928 17 6.034 6.034 0.112224974312255 53.7669982726926 9/1/1928 0.316179079103139

10/1/1928 16.7 6.036 6.036 0.112337199286567 53.7310885292985 10/1/1928 0.31080702917257711/1/1928 16.5 6.038 6.038 0.112449536485854 53.695196874018 11/1/1928 0.30729005498784212/1/1928 16.5 6.043 6.043 0.11256198602234 53.6859752883239 12/1/1928 0.30734283788989

1/1/1929 16.5 6.038 6.038 0.112674548008362 53.587967351348 1/1/1929 0.3079049423878732/1/1929 16.4 6.069 6.069 0.112787222556371 53.8092867475901 2/1/1929 0.3047801037937843/1/1929 16.6 6.071 6.071 0.112900009778927 53.7732460066905 3/1/1929 0.3087036999390854/1/1929 16.5 6.012 6.012 0.113012909788706 53.1974622301144 4/1/1929 0.3101651715757895/1/1929 16.3 6.006 6.006 0.113125922698494 53.0912796707728 5/1/1929 0.3070184049259846/1/1929 16.4 6.012 6.012 0.113239048621193 53.0912266855167 6/1/1929 0.3089022617078457/1/1929 16.6 6.065 6.065 0.113352287669814 53.5057573576887 7/1/1929 0.3102469868621468/1/1929 16.6 6.081 6.081 0.113465639957484 53.5933169043825 8/1/1929 0.3097401123654399/1/1929 16.6 6.058 6.058 0.113579105597441 53.3372750924046 9/1/1929 0.311226997840463

10/1/1929 16.4 6.063 6.063 0.113692684703039 53.3279693045893 10/1/1929 0.30753093008903811/1/1929 16.1 6.171 6.171 0.113806377387742 54.2236748207459 11/1/1929 0.29691827514870312/1/1929 16.1 6.008 6.008 0.11392018376513 52.7386789718208 12/1/1929 0.305278788052361

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 5: Adjusted PPI

1/1/1930 15.9 5.909 5.909 0.114034103948895 51.8178316431387 1/1/1930 0.30684417884372/1/1930 15.7 5.903 5.903 0.114148138052844 51.7135023023089 2/1/1930 0.3035957593477293/1/1930 15.5 5.912 5.912 0.114262286190896 51.7406066085786 3/1/1930 0.2995712848374314/1/1930 15.5 5.915 5.915 0.114376548477087 51.7151468439785 4/1/1930 0.2997187660853515/1/1930 15.3 5.895 5.895 0.114490925025564 51.488797026347 5/1/1930 0.297152019150326/1/1930 15 5.909 5.909 0.11460541595059 51.5595179423943 6/1/1930 0.2909259162732867/1/1930 14.5 5.884 5.884 0.11472002136654 51.2900880762575 7/1/1930 0.2827056950739028/1/1930 14.5 5.868 5.868 0.114834741387907 51.099518569717 8/1/1930 0.283760011950359/1/1930 14.5 5.829 5.829 0.114949576129295 50.7091909016138 9/1/1930 0.285944219227102

10/1/1930 14.3 5.805 5.805 0.115064525705424 50.4499537490932 10/1/1930 0.28344921922266411/1/1930 14 5.81 5.81 0.11517959023113 50.4429646636278 11/1/1930 0.2775411812798312/1/1930 13.7 5.914 5.914 0.115294769821361 51.2946078053951 12/1/1930 0.267084603745797

1/1/1931 13.5 6.02 6.02 0.115410064591182 52.1618285313737 1/1/1931 0.2588099455117872/1/1931 13.2 6.008 6.008 0.115525474655773 52.0058456189148 2/1/1931 0.253817620748373/1/1931 13.1 6.025 6.025 0.115641000130429 52.1008984115022 3/1/1931 0.251435203603094/1/1931 12.9 6.067 6.067 0.115756641130559 52.411679716563 4/1/1931 0.2461283452421655/1/1931 12.6 6.089 6.089 0.11587239777169 52.5491844226569 5/1/1931 0.2397753673712096/1/1931 12.4 6.159 6.159 0.115988270169462 53.1001970371793 6/1/1931 0.233520790729237/1/1931 12.4 6.185 6.185 0.116104258439631 53.271086548612 7/1/1931 0.2327716741554458/1/1931 12.4 6.24 6.24 0.116220362698071 53.6911076091796 8/1/1931 0.2309507207461669/1/1931 12.3 6.336 6.336 0.116336583060769 54.4626619873335 9/1/1931 0.22584279855547

10/1/1931 12.1 6.528 6.528 0.11645291964383 56.0569886952242 10/1/1931 0.21585176588393711/1/1931 12.1 6.395 6.395 0.116569372563473 54.8600362116374 11/1/1931 0.22056128350555612/1/1931 11.8 6.29 6.29 0.116685941936037 53.9053796510291 12/1/1931 0.218902085031039

1/1/1932 11.6 6.454 6.454 0.116802627877973 55.2556061216592 1/1/1932 0.2099334495482622/1/1932 11.4 6.518 6.518 0.116919430505851 55.7477912080134 2/1/1932 0.2044924068374813/1/1932 11.4 6.437 6.437 0.117036349936357 55.000006438174 3/1/1932 0.207272703009864/1/1932 11.3 6.454 6.454 0.117153386286293 55.0901702852026 4/1/1932 0.2051182623233835/1/1932 11.1 6.565 6.565 0.117270539672579 55.981664434474 5/1/1932 0.1982792064532576/1/1932 11 6.553 6.553 0.117387810212252 55.8235134308354 6/1/1932 0.1970495822271897/1/1932 11.1 6.639 6.639 0.117505198022464 56.4996282013906 7/1/1932 0.1964614698071028/1/1932 11.2 6.683 6.683 0.117622703220487 56.8172624588687 8/1/1932 0.1971231895959079/1/1932 11.3 6.689 6.689 0.117740325923707 56.8114615576512 9/1/1932 0.198903525629824

10/1/1932 11.1 6.72 6.72 0.117858066249631 57.0177350930451 10/1/1932 0.19467627014447911/1/1932 11 6.732 6.732 0.11797592431588 57.0624899871526 11/1/1932 0.19277111816320312/1/1932 10.8 6.68 6.68 0.118093900240196 56.565156933705 12/1/1932 0.190930257873371

1/1/1933 10.5 6.965 6.965 0.118211994140436 58.9195711538843 1/1/1933 0.1782090363926182/1/1933 10.3 6.997 6.997 0.118330206134577 59.131140125306 2/1/1933 0.1741890986402953/1/1933 10.4 7.643 7.643 0.118448536340711 64.5259134145422 3/1/1933 0.1611755564494834/1/1933 10.4 7.032 7.032 0.118566984877052 59.308246788023 4/1/1933 0.1753550402049695/1/1933 10.8 6.836 6.836 0.118685551861929 57.5975752124618 5/1/1933 0.1875078935208946/1/1933 11.2 6.793 6.793 0.118804237413791 57.1780952251746 6/1/1933 0.1958792078661067/1/1933 11.9 6.784 6.784 0.118923041651205 57.0452950564208 7/1/1933 0.2086061609152928/1/1933 12 6.827 6.827 0.119041964692856 57.3495239062507 8/1/1933 0.2092432366067489/1/1933 12.2 6.942 6.942 0.119161006657549 58.2573124776487 9/1/1933 0.20941577084732

10/1/1933 12.3 7.053 7.053 0.119280167664206 59.129695557231 10/1/1933 0.20801730643268711/1/1933 12.3 7.109 7.109 0.119399447831871 59.5396388265578 11/1/1933 0.20658506236207712/1/1933 12.2 7.213 7.213 0.119518847279702 60.3503143158658 12/1/1933 0.202153048220209

1/1/1934 12.4 7.218 7.218 0.119638366126982 60.3318169051133 1/1/1934 0.2055300277049852/1/1934 12.7 7.232 7.232 0.119758004493109 60.3884477752477 2/1/1934 0.210305124040723/1/1934 12.7 7.735 7.735 0.119877762497602 64.5240605000007 3/1/1934 0.196825802678675

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 6: Adjusted PPI

4/1/1934 12.7 7.94 7.94 0.1199976402601 66.167967826615 4/1/1934 0.1919357722044425/1/1934 12.7 8.019 8.019 0.12011763790036 66.7595545514467 5/1/1934 0.1902349421791466/1/1934 12.9 8.091 8.091 0.12023775553826 67.291675262729 6/1/1934 0.1917027618889587/1/1934 12.9 8.221 8.221 0.120357993293798 68.3045618742764 7/1/1934 0.1888600065065088/1/1934 13.2 8.33 8.33 0.120478351287092 69.1410524049266 8/1/1934 0.1909140740683819/1/1934 13.4 8.307 8.307 0.120598829638379 68.8812654725497 9/1/1934 0.194537657054807

10/1/1934 13.2 8.362 8.362 0.120719428468018 69.2680549114375 10/1/1934 0.19056403441495311/1/1934 13.2 8.501 8.501 0.120840147896486 70.3491360113374 11/1/1934 0.18763556666669912/1/1934 13.3 8.519 8.519 0.120960988044382 70.4276654624735 12/1/1934 0.188846242632971

1/1/1935 13.6 8.654 8.654 0.121081949032427 71.4722555191311 1/1/1935 0.1902836268593722/1/1935 13.7 8.897 8.897 0.121203030981459 73.4057550207719 2/1/1935 0.1866338680955363/1/1935 13.7 8.798 8.798 0.12132423401244 72.5164273371622 3/1/1935 0.1889227103853644/1/1935 13.8 8.805 8.805 0.121445558246453 72.5016223494298 4/1/1935 0.1903405682908635/1/1935 13.8 9.114 9.114 0.121567003804699 74.9710012977032 5/1/1935 0.184071171001196/1/1935 13.8 9.305 9.305 0.121688570808504 76.4656856282985 6/1/1935 0.1804731087756437/1/1935 13.7 9.33 9.33 0.121810259379312 76.5945335601556 7/1/1935 0.178863939281528/1/1935 13.9 9.608 9.608 0.121932069638692 78.7979735640538 8/1/1935 0.1764004754348279/1/1935 13.9 9.685 9.685 0.12205400170833 79.3501226051074 9/1/1935 0.175173012260794

10/1/1935 13.9 9.933 9.933 0.122176055710039 81.3007093924693 10/1/1935 0.17097021789686311/1/1935 13.9 10.247 10.247 0.122298231765749 83.7869840966074 11/1/1935 0.16589688899618512/1/1935 14 10.324 10.324 0.122420529997514 84.3322602851794 12/1/1935 0.166010017431732

1/1/1936 13.9 10.256 10.256 0.122542950527512 83.6931047918374 1/1/1936 0.1660829770214912/1/1936 13.9 10.301 10.301 0.122665493478039 83.9763466312078 2/1/1936 0.1655227996645713/1/1936 13.7 10.025 10.025 0.122788158971518 81.6446804314856 3/1/1936 0.1678002770982334/1/1936 13.7 9.95 9.95 0.122910947130489 80.952919429028 4/1/1936 0.1692341684108245/1/1936 13.5 10.273 10.273 0.123033858077619 83.4973409800657 5/1/1936 0.1616817953906226/1/1936 13.7 10.264 10.264 0.123156891935697 83.3408495349092 6/1/1936 0.164385173374817/1/1936 13.9 10.725 10.725 0.123280048827633 86.9970453612931 7/1/1936 0.1597755411379118/1/1936 14 10.317 10.317 0.12340332887646 83.6039035083761 8/1/1936 0.1674562958486439/1/1936 14 9.872 9.872 0.123526732205337 79.9179240295122 9/1/1936 0.175179725574829

10/1/1936 14 10.133 10.133 0.123650258937542 81.948878126639 10/1/1936 0.17083821426286311/1/1936 14.2 10.369 10.369 0.12377390919648 83.7737134369746 11/1/1936 0.16950424443919512/1/1936 14.5 10.417 10.417 0.123897683105676 84.0774398591055 12/1/1936 0.172460056161304

1/1/1937 14.8 10.29 10.29 0.124021580788782 82.9694310825198 1/1/1937 0.1783789500169072/1/1937 14.9 10.298 10.298 0.124145602369571 82.9509850002077 2/1/1937 0.1796241479225683/1/1937 15.1 9.609 9.609 0.12426974797194 77.323726464543 3/1/1937 0.1952828800474864/1/1937 15.2 9.745 9.745 0.124394017719912 78.3397801487691 4/1/1937 0.1940265848478885/1/1937 15.1 9.206 9.206 0.124518411737632 73.9328415093955 5/1/1937 0.2042394109535356/1/1937 15 9.167 9.167 0.12464293014937 73.5460887273306 6/1/1937 0.2039537419265357/1/1937 15.2 9.189 9.189 0.124767573079519 73.6489439779638 7/1/1937 0.2063844935040478/1/1937 15.1 9.091 9.091 0.124892340652598 72.7906927878596 8/1/1937 0.2074441033829329/1/1937 15.1 9.277 9.277 0.125017232993251 74.2057696997726 9/1/1937 0.203488220135614

10/1/1937 14.7 9.392 9.392 0.125142250226244 75.0505922901357 10/1/1937 0.19586787460879411/1/1937 14.4 9.396 9.396 0.12526739247647 75.0075483671051 11/1/1937 0.19198067812485912/1/1937 14.1 9.417 9.417 0.125392659868947 75.1000896690612 12/1/1937 0.187749442938532

1/1/1938 14 9.481 9.481 0.125518052528816 75.5349514192263 1/1/1938 0.185344661470672/1/1938 13.8 9.456 9.456 0.125643570581345 75.2605163658411 2/1/1938 0.1833630788940943/1/1938 13.7 9.568 9.568 0.125769214151926 76.0758510301424 3/1/1938 0.1800834274541584/1/1938 13.5 10.087 10.087 0.125894983366078 80.1223347452136 4/1/1938 0.1684923441500995/1/1938 13.5 10.539 10.539 0.126020878349444 83.6289997184145 5/1/1938 0.1614272566389126/1/1938 13.5 10.793 10.793 0.126146899227793 85.558979777301 6/1/1938 0.157785892668879

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 7: Adjusted PPI

7/1/1938 13.6 11.068 11.068 0.126273046127021 87.6513265457018 7/1/1938 0.1551602301524668/1/1938 13.4 11.033 11.033 0.126399319173148 87.2868625572772 8/1/1938 0.1535168020411669/1/1938 13.5 11.137 11.137 0.126525718492321 88.0216301690149 9/1/1938 0.153371392623358

10/1/1938 13.4 11.487 11.487 0.126652244210814 90.697169020391 10/1/1938 0.14774441302558611/1/1938 13.4 11.703 11.703 0.126778896455024 92.310316048158 11/1/1938 0.14516254058765512/1/1938 13.3 11.816 11.816 0.126905675351479 93.1085230607242 12/1/1938 0.142844065857708

1/1/1939 13.3 11.902 11.902 0.127032581026831 93.6924992296751 1/1/1939 0.1419537327891832/1/1939 13.3 11.793 11.793 0.127159613607858 92.7417099297576 2/1/1939 0.1434090444318253/1/1939 13.2 11.924 11.924 0.127286773221466 93.678233002682 3/1/1939 0.1409078670348334/1/1939 13.1 12.51 12.51 0.127414059994687 98.1838268125327 4/1/1939 0.1334231963173785/1/1939 13.1 12.855 12.855 0.127541474054682 100.790743523072 5/1/1939 0.1299722528289646/1/1939 13 12.954 12.954 0.127669015528736 101.465496121761 6/1/1939 0.1281223716129057/1/1939 13 13.21 13.21 0.127796684544265 103.367313847836 7/1/1939 0.1257650945552958/1/1939 12.9 13.501 13.501 0.127924481228809 105.538829396163 8/1/1939 0.122229894663489/1/1939 13.6 14.259 14.259 0.128052405710038 111.352847460657 9/1/1939 0.122134281342066

10/1/1939 13.7 14.653 14.653 0.128180458115748 114.315397334344 10/1/1939 0.11984387334919511/1/1939 13.6 14.553 14.553 0.128308638573864 113.421825387246 11/1/1939 0.11990637563420212/1/1939 13.7 14.523 14.523 0.128436947212438 113.074939222735 12/1/1939 0.121158588226289

1/1/1940 13.7 14.808 14.808 0.12856538415965 115.178748127192 1/1/1940 0.1189455539564562/1/1940 13.6 14.972 14.972 0.12869394954381 116.338025626475 2/1/1940 0.1169007289470893/1/1940 13.5 15.143 15.143 0.128822643493354 117.54921021149 3/1/1940 0.1148455185339944/1/1940 13.5 15.458 15.458 0.128951466136847 119.874557948768 4/1/1940 0.1126177249868965/1/1940 13.5 15.837 15.837 0.129080417602984 122.69095726596 5/1/1940 0.1100325590478176/1/1940 13.4 16.371 16.371 0.129209498020587 126.701211991332 6/1/1940 0.1057606299844767/1/1940 13.4 16.581 16.581 0.129338707518607 128.198281226945 7/1/1940 0.1045255823381788/1/1940 13.4 16.357 16.357 0.129468046226126 126.340054374739 8/1/1940 0.1060629589429669/1/1940 13.4 16.657 16.657 0.129597514272352 128.528699748013 9/1/1940 0.104256870459838

10/1/1940 13.6 17.085 17.085 0.129727111786624 131.699532693686 10/1/1940 0.10326536261621811/1/1940 13.7 17.285 17.285 0.129856838898411 133.108122349431 11/1/1940 0.10292384685613112/1/1940 13.8 17.415 17.415 0.129986695737309 133.975249553185 12/1/1940 0.10300409998133

1/1/1941 13.9 17.547 17.547 0.130116682433047 134.855882211945 1/1/1941 0.1030729974251642/1/1941 13.9 17.295 17.295 0.13024679911548 132.786372620688 2/1/1941 0.1046794164617043/1/1941 14 17.38 17.38 0.130377045914595 133.305674155134 3/1/1941 0.1050217861222294/1/1941 14.4 17.17 17.17 0.13050742296051 131.563397778496 4/1/1941 0.1094529348067185/1/1941 14.6 17.351 17.351 0.13063793038347 132.817474596149 5/1/1941 0.1099252944267576/1/1941 15 17.162 17.162 0.130768568313854 131.239488367036 6/1/1941 0.1142948680053497/1/1941 15.3 17.264 17.264 0.130899336882168 131.887604713694 7/1/1941 0.1160078692248138/1/1941 15.6 17.288 17.288 0.13103023621905 131.939012695503 8/1/1941 0.1182364463799859/1/1941 15.8 17.615 17.615 0.131161266455269 134.300319568868 9/1/1941 0.117646778881252

10/1/1941 15.9 17.713 17.713 0.131292427721724 134.912578793523 10/1/1941 0.11785409590557311/1/1941 15.9 16.67 16.67 0.131423720149446 126.841638488426 11/1/1941 0.12535315839089312/1/1941 16.2 16.967 16.967 0.131555143869595 128.972531981103 12/1/1941 0.125608141137941

1/1/1942 16.5 17.154 17.154 0.131686699013465 130.263725406664 1/1/1942 0.1266661148258232/1/1942 16.7 17.279 17.279 0.131818385712478 131.081866210142 2/1/1942 0.1274012987671963/1/1942 16.8 17.33 17.33 0.131950204098191 131.337424738683 3/1/1942 0.1279147968176344/1/1942 17 17.286 17.286 0.132082154302289 130.87309251815 4/1/1942 0.1298968311430595/1/1942 17 17.324 17.324 0.132214236456591 131.029762484677 5/1/1942 0.1297415158024736/1/1942 17 17.671 17.671 0.132346450693048 133.520769975045 6/1/1942 0.1273210153235147/1/1942 17 17.651 17.651 0.132478797143741 133.236415038163 7/1/1942 0.1275927455353018/1/1942 17.1 18.184 18.184 0.132611275940884 137.122577782195 8/1/1942 0.1247059403095659/1/1942 17.2 18.72 18.72 0.132743887216825 141.02344290568 9/1/1942 0.121965537400075

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 8: Adjusted PPI

10/1/1942 17.2 19.435 19.435 0.132876631104042 146.263491469636 10/1/1942 0.11759598945148111/1/1942 17.3 20.108 20.108 0.133009507735146 151.177162763732 11/1/1942 0.11443527371285212/1/1942 17.4 20.964 20.964 0.133142517242881 157.455337589547 12/1/1942 0.110507527190714

1/1/1943 17.5 21.211 21.211 0.133275659760124 159.15134119896 1/1/1943 0.1099582313800472/1/1943 17.7 21.214 21.214 0.133408935419884 159.014836099487 2/1/1943 0.1113103684798693/1/1943 17.8 21.71 21.71 0.133542344355304 162.570157838761 3/1/1943 0.1094911897523914/1/1943 17.9 21.716 21.716 0.133675886699659 162.452634773174 4/1/1943 0.1101859629731035/1/1943 17.9 21.598 21.598 0.133809562586359 161.40849415049 5/1/1943 0.1108987485089286/1/1943 17.9 21.981 21.981 0.133943372148945 164.106664236862 6/1/1943 0.1090753997300457/1/1943 17.8 22.398 22.398 0.134077315521094 167.052867317262 7/1/1943 0.1065530947529018/1/1943 17.8 22.876 22.876 0.134211392836615 170.447526968508 8/1/1943 0.1044309666240499/1/1943 17.8 23.581 23.581 0.134345604229452 175.524909320631 9/1/1943 0.101410107937927

10/1/1943 17.8 23.34 23.34 0.134479949833681 173.55747104952 10/1/1943 0.10255968753382711/1/1943 17.7 23.899 23.899 0.134614429783515 177.536687845679 11/1/1943 0.09969770313269212/1/1943 17.8 24.705 24.705 0.134749044213299 183.340818068391 12/1/1943 0.097086945436014

1/1/1944 17.8 24.988 24.988 0.134883793257512 185.255762731216 1/1/1944 0.0960833808221432/1/1944 17.8 24.89 24.89 0.135018677050769 184.344866530139 2/1/1944 0.0965581539374733/1/1944 17.9 25.155 25.155 0.13515369572782 186.121436521118 3/1/1944 0.0961737687747164/1/1944 17.9 25.498 25.498 0.135288849423548 188.470817134187 4/1/1944 0.0949749158632645/1/1944 17.9 26.141 26.141 0.135424138272971 193.030580318762 5/1/1944 0.0927314209512336/1/1944 18 26.927 26.927 0.135559562411244 198.635931844572 6/1/1944 0.0906180459539647/1/1944 17.9 26.922 26.922 0.135695121973656 198.400647041879 7/1/1944 0.0902214799542548/1/1944 17.9 27.238 27.238 0.135830817095629 200.528868061094 8/1/1944 0.0892639557240539/1/1944 17.9 27.937 27.937 0.135966647912725 205.469506153688 9/1/1944 0.087117550117685

10/1/1944 17.9 28.609 28.609 0.136102614560638 210.201692982568 10/1/1944 0.08515630747790611/1/1944 18 29.548 29.548 0.136238717175198 216.884015151158 11/1/1944 0.08299366823993412/1/1944 18 29.692 29.692 0.136374955892373 217.7232601522 12/1/1944 0.082673757445195

1/1/1945 18.1 29.775 29.775 0.136511330848266 218.11376253518 1/1/1945 0.08298421791282/1/1945 18.1 29.964 29.964 0.136647842179114 219.278984008573 2/1/1945 0.082543250014753/1/1945 18.1 30.467 30.467 0.136784490021293 222.737241592649 3/1/1945 0.0812616689987664/1/1945 18.2 30.672 30.672 0.136921274511314 224.011937585824 4/1/1945 0.0812456701912475/1/1945 18.3 31.279 31.279 0.137058195785826 228.216925085445 5/1/1945 0.0801868660404946/1/1945 18.3 31.727 31.727 0.137195253981612 231.254355229026 6/1/1945 0.0791336447777447/1/1945 18.3 31.656 31.656 0.137332449235593 230.506338277666 7/1/1945 0.079390441654398/1/1945 18.2 32.122 32.122 0.137469781684829 233.6658981073 8/1/1945 0.0778889865719419/1/1945 18.1 32.657 32.657 0.137607251466513 237.320342147427 9/1/1945 0.076268219724528

10/1/1945 18.2 32.942 32.942 0.13774485871798 239.152301629244 10/1/1945 0.07610213188838711/1/1945 18.4 33.352 33.352 0.137882603576698 241.886932323901 11/1/1945 0.07606859875903212/1/1945 18.4 33.731 33.731 0.138020486180275 244.391256207738 12/1/1945 0.075289109297591

1/1/1946 18.4 33.336 33.336 0.138158506666455 241.288074142843 1/1/1946 0.0762573950882762/1/1946 18.5 32.956 32.956 0.138296665173121 238.299310823911 2/1/1946 0.0776334599375763/1/1946 18.8 32.807 32.807 0.138434961838294 236.984931872353 3/1/1946 0.0793299382009924/1/1946 19 32.809 32.809 0.138573396800133 236.762616473356 4/1/1946 0.0802491553903665/1/1946 19.1 32.93 32.93 0.138711970196933 237.398401545652 5/1/1946 0.0804554701111886/1/1946 19.4 33.202 33.202 0.13885068216713 239.120179186703 6/1/1946 0.0811307521848787/1/1946 21.5 33.329 33.329 0.138989532849297 239.795035760987 7/1/1946 0.0896599044753788/1/1946 22.2 33.377 33.377 0.139128522382146 239.900485022927 8/1/1946 0.092538370640979/1/1946 21.4 33.551 33.551 0.139267650904528 240.910216996481 9/1/1946 0.088829773460013

10/1/1946 23.1 33.641 33.641 0.139406918555433 241.315139510979 10/1/1946 0.09572544866771211/1/1946 24.1 33.83 33.83 0.139546325473988 242.428454386683 11/1/1946 0.0994107728029312/1/1946 24.3 34.192 34.192 0.139685871799462 244.777797206916 12/1/1946 0.099273709777928

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 9: Adjusted PPI

1/1/1947 24.5 33.707 33.707 0.139825557671262 241.06465628585 1/1/1947 0.1016324847345032/1/1947 24.7 33.279 33.279 0.139965383228933 237.765933492052 2/1/1947 0.1038836793700123/1/1947 25.3 33.282 33.282 0.140105348612162 237.549817545731 3/1/1947 0.1065039757192384/1/1947 25.1 33.153 33.153 0.140245453960774 236.39268912968 4/1/1947 0.1061792566107275/1/1947 25 33.137 33.137 0.140385699414735 236.042560874416 5/1/1947 0.1059131027361676/1/1947 25 33.295 33.295 0.140526085114149 236.93110053521 6/1/1947 0.105515907128817/1/1947 25.3 33.409 33.409 0.140666611199263 237.504832988931 7/1/1947 0.106524148084098/1/1947 25.6 33.467 33.467 0.140807277810463 237.679475950448 8/1/1947 0.1077080799578059/1/1947 26.1 34.064 34.064 0.140948085088273 241.677635979704 9/1/1947 0.107995098074329

10/1/1947 26.4 34.12 34.12 0.141089033173361 241.833112273691 10/1/1947 0.10916619213882611/1/1947 26.7 34.077 34.077 0.141230122206535 241.287053127136 11/1/1947 0.11065657959663312/1/1947 27.2 34.525 34.525 0.141371352328741 244.214965983465 12/1/1947 0.111377285542122

1/1/1948 27.7 34.144 34.144 0.14151272368107 241.278657578177 1/1/1948 0.1148050154043362/1/1948 27.2 33.467 33.467 0.141654236404751 236.258377083578 2/1/1948 0.1151281928529373/1/1948 27.2 33.249 33.249 0.141795890641156 234.484933587699 3/1/1948 0.1159989240410074/1/1948 27.4 33.002 33.002 0.141937686531797 232.510482637794 4/1/1948 0.1178441491719065/1/1948 27.5 32.961 32.961 0.142079624218329 231.989633850312 5/1/1948 0.1185397793150716/1/1948 27.7 33.155 33.155 0.142221703842547 233.121943446169 6/1/1948 0.1188219332359697/1/1948 28 33.222 33.222 0.14236392554639 233.35967923401 7/1/1948 0.1199864522093468/1/1948 28.2 33.324 33.324 0.142506289471936 233.842310563862 8/1/1948 0.1205940872376849/1/1948 28.1 33.688 33.688 0.142648795761408 236.160423368354 9/1/1948 0.118986914061255

10/1/1948 27.8 33.554 33.554 0.142791444557169 234.986067295972 10/1/1948 0.11830488641262811/1/1948 27.8 33.618 33.618 0.142934236001726 235.199074346289 11/1/1948 0.11819774409090312/1/1948 27.6 33.826 33.826 0.143077170237728 236.417871165587 12/1/1948 0.116742443639842

1/1/1949 27.3 33.335 33.335 0.143220247407966 232.753403260396 1/1/1949 0.1172915180512212/1/1949 26.8 32.827 32.827 0.143363467655374 228.977441302631 2/1/1949 0.1170420974552663/1/1949 26.8 32.721 32.721 0.143506831123029 228.010051813827 3/1/1949 0.1175386777328684/1/1949 26.5 32.59 32.59 0.143650337954152 226.870332949732 4/1/1949 0.1168068105487895/1/1949 26.3 32.602 32.602 0.143793988292106 226.727141984348 5/1/1949 0.1159984630416056/1/1949 26 32.611 32.611 0.143937782280398 226.563168358896 6/1/1949 0.1147582821529667/1/1949 26 32.893 32.893 0.144081720062679 228.29405413602 7/1/1949 0.1138882048347578/1/1949 26 32.903 32.903 0.144225801782741 228.135323869195 8/1/1949 0.1139674451068689/1/1949 26.1 33.014 33.014 0.144370027584524 228.676274101779 9/1/1949 0.114135146300239

10/1/1949 26 33.008 33.008 0.144514397612109 228.406307920937 10/1/1949 0.11383223272887911/1/1949 26 33.009 33.009 0.144658912009721 228.185042604094 11/1/1949 0.11394261299199412/1/1949 25.9 33.324 33.324 0.14480357092173 230.132446236511 12/1/1949 0.112543886894515

1/1/1950 25.9 32.799 32.799 0.144948374492652 226.280564475476 1/1/1950 0.1144596755803442/1/1950 26.1 32.813 32.813 0.145093322867145 226.15099958835 2/1/1950 0.1154096159093193/1/1950 26.1 32.831 32.831 0.145238416190012 226.049008666192 3/1/1950 0.1154616875075184/1/1950 26.1 32.828 32.828 0.145383654606202 225.802550423709 4/1/1950 0.1155877112593485/1/1950 26.4 32.884 32.884 0.145529038260808 225.96177637804 5/1/1950 0.1168339195379316/1/1950 26.6 32.786 32.786 0.145674567299069 225.063307946476 6/1/1950 0.1181889675518587/1/1950 27.3 32.774 32.774 0.145820241866368 224.756176375257 7/1/1950 0.1214649601193588/1/1950 27.9 32.746 32.746 0.145966062108234 224.33981931854 8/1/1950 0.1243649035857739/1/1950 28.4 32.9 32.9 0.146112028170342 225.169689395072 9/1/1950 0.126127100305098

10/1/1950 28.6 32.976 32.976 0.146258140198513 225.46437384779 10/1/1950 0.12684930888153411/1/1950 29 32.906 32.906 0.146404398338711 224.761007001107 11/1/1950 0.12902593909386212/1/1950 29.7 33.178 33.178 0.14655080273705 226.392482199704 12/1/1950 0.131188101793067

1/1/1951 30.5 33.202 33.202 0.146697353539787 226.329918017199 1/1/1951 0.1347590290634152/1/1951 30.9 33.286 33.286 0.146844050893327 226.675849634387 2/1/1951 0.1363180067476963/1/1951 30.9 33.508 33.508 0.14699089494422 227.959697862344 3/1/1951 0.135550276166181

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 10: Adjusted PPI

4/1/1951 30.8 33.719 33.719 0.147137885839164 229.165994928445 4/1/1951 0.1344003939573025/1/1951 30.7 33.587 33.587 0.147285023725004 228.040836403777 5/1/1951 0.1346250105206666/1/1951 30.5 33.826 33.826 0.147432308748728 229.434106316888 6/1/1951 0.1329357717979137/1/1951 30.3 33.907 33.907 0.147579741057477 229.753757236872 7/1/1951 0.1318803242410588/1/1951 30.1 34.026 34.026 0.147727320798535 230.32977120328 8/1/1951 0.1306821946757159/1/1951 30.1 34.196 34.196 0.147875048119333 231.249290768814 9/1/1951 0.130162561363666

10/1/1951 30.1 34.561 34.561 0.148022923167453 233.484106788666 10/1/1951 0.12891669764591111/1/1951 30.1 34.456 34.456 0.14817094609062 232.542214982734 11/1/1951 0.12943886340050112/1/1951 30.1 34.646 34.646 0.148319117036711 233.590926727434 12/1/1951 0.128857744697945

1/1/1952 30 34.983 34.983 0.148467436153747 235.627427173814 1/1/1952 0.1273196433871432/1/1952 29.8 34.967 34.967 0.148615903589901 235.284375059145 2/1/1952 0.1266552442868723/1/1952 29.8 35.203 35.203 0.148764519493491 236.635725506715 3/1/1952 0.1259319569612264/1/1952 29.6 34.989 34.989 0.148913284012984 234.962248209832 4/1/1952 0.1259776846090015/1/1952 29.6 35.102 35.102 0.149062197296997 235.485593507396 5/1/1952 0.1256977106715046/1/1952 29.5 35.292 35.292 0.149211259494294 236.52370551399 6/1/1952 0.1247232277876487/1/1952 29.6 35.456 35.456 0.149360470753789 237.385432846198 7/1/1952 0.1246917287430098/1/1952 29.8 35.506 35.506 0.149509831224542 237.482710730073 8/1/1952 0.1254828189740159/1/1952 29.6 35.725 35.725 0.149659341055767 238.708788559265 9/1/1952 0.124000461728501

10/1/1952 29.5 35.823 35.823 0.149809000396823 239.124484544386 10/1/1952 0.12336670607448511/1/1952 29.3 35.983 35.983 0.149958809397219 239.952558603517 11/1/1952 0.1221074706205312/1/1952 29.1 36.157 36.157 0.150108768206617 240.872005226449 12/1/1952 0.120811050552107

1/1/1953 29.1 36.217 36.217 0.150258876974823 241.030684703363 1/1/1953 0.1207315161379282/1/1953 29.1 36.324 36.324 0.150409135851798 241.50128776613 2/1/1953 0.1204962518799513/1/1953 29.2 36.305 36.305 0.15055954498765 241.133831820348 3/1/1953 0.1210945796347444/1/1953 29 36.218 36.218 0.150710104532637 240.315671681833 4/1/1953 0.1206746101785435/1/1953 29.1 36.327 36.327 0.15086081463717 240.798116378788 5/1/1953 0.1208481213957026/1/1953 29 36.438 36.438 0.151011675451807 241.292601323588 6/1/1953 0.1201860307399537/1/1953 29.4 36.588 36.588 0.151162687127259 242.04385814601 7/1/1953 0.1214655898529968/1/1953 29.3 36.679 36.679 0.151313849814386 242.403455103372 8/1/1953 0.1208728645699599/1/1953 29.4 36.678 36.678 0.151465163664201 242.154691631373 9/1/1953 0.121409995412168

10/1/1953 29.2 36.623 36.623 0.151616628827865 241.550021809146 10/1/1953 0.12088593402434711/1/1953 29.1 36.65 36.65 0.151768245456693 241.486615923607 11/1/1953 0.12050357279098912/1/1953 29.2 36.531 36.531 0.151920013702149 240.462063620016 12/1/1953 0.121432876190161

1/1/1954 29.4 36.845 36.845 0.152071933715852 242.286654083359 1/1/1954 0.1213438689441182/1/1954 29.3 36.616 36.616 0.152224005649567 240.540247536865 2/1/1954 0.1218091371403853/1/1954 29.3 36.585 36.585 0.152376229655217 240.096503783964 3/1/1954 0.1220342634658434/1/1954 29.4 36.555 36.555 0.152528605884872 239.659962719331 4/1/1954 0.1226738069488515/1/1954 29.4 36.664 36.664 0.152681134490757 240.134448321247 5/1/1954 0.1224314137581356/1/1954 29.2 36.671 36.671 0.152833815625248 239.940355149663 6/1/1954 0.1216969108084657/1/1954 29.3 36.616 36.616 0.152986649440873 239.341146000792 7/1/1954 0.1224194021361588/1/1954 29.3 36.747 36.747 0.153139636090314 239.957472396817 8/1/1954 0.1221049701321529/1/1954 29.2 36.602 36.602 0.153292775726404 238.771852271284 9/1/1954 0.122292471755942

10/1/1954 29.1 36.841 36.841 0.15344606850213 240.090869447649 10/1/1954 0.12120410937303511/1/1954 29.2 37.005 37.005 0.153599514570633 240.918730136893 11/1/1954 0.12120269762092912/1/1954 29 36.827 36.827 0.153753114085203 239.520351955877 12/1/1954 0.121075306391259

1/1/1955 29.2 36.887 36.887 0.153906867199288 239.670917037356 1/1/1955 0.1218337225098062/1/1955 29.3 36.977 36.977 0.154060774066488 240.015670595306 2/1/1955 0.1220753625266543/1/1955 29.2 36.892 36.892 0.154214834840554 239.224715560882 3/1/1955 0.1220609665332374/1/1955 29.3 37.042 37.042 0.154369049675395 239.957427203779 4/1/1955 0.1221049931291255/1/1955 29.1 37.071 37.071 0.15452341872507 239.905383312527 5/1/1955 0.1212978199913556/1/1955 29.3 36.937 36.937 0.154677942143795 238.799401440587 6/1/1955 0.122697124964485

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 11: Adjusted PPI

7/1/1955 29.3 37.06 37.06 0.154832620085939 239.355246842882 7/1/1955 0.1224121901920678/1/1955 29.4 37.101 37.101 0.154987452706025 239.380668255591 8/1/1955 0.1228169351111069/1/1955 29.6 37.057 37.057 0.155142440158731 238.857916390163 9/1/1955 0.123923043654328

10/1/1955 29.6 37.165 37.165 0.155297582598889 239.314736121757 10/1/1955 0.12368649118598511/1/1955 29.5 37.183 37.183 0.155452880181488 239.191451175363 11/1/1955 0.1233321669944312/1/1955 29.5 37.199 37.199 0.15560833306167 239.0553209336 12/1/1955 0.123402398594566

1/1/1956 29.7 37.313 37.313 0.155763941394732 239.548381132978 1/1/1956 0.1239833049988882/1/1956 29.8 37.297 37.297 0.155919705336126 239.206455140461 2/1/1956 0.124578577875343/1/1956 29.9 37.487 37.487 0.156075625041462 240.184846224652 3/1/1956 0.1244874540171194/1/1956 30.1 37.418 37.418 0.156231700666504 239.503249598962 4/1/1956 0.1256767916527285/1/1956 30.3 37.399 37.399 0.15638793236717 239.142492863158 5/1/1956 0.1267027019632956/1/1956 30.3 37.467 37.467 0.156544320299537 239.337971050686 6/1/1956 0.1265992181139677/1/1956 30.2 37.429 37.429 0.156700864619837 238.85637192114 7/1/1956 0.1264358147831658/1/1956 30.4 37.421 37.421 0.156857565484457 238.566752482896 8/1/1956 0.1274276473297749/1/1956 30.6 37.57 37.57 0.157014423049941 239.277381467371 9/1/1956 0.127885050447916

10/1/1956 30.6 37.506 37.506 0.157171437472991 238.631144456162 10/1/1956 0.12823137595780811/1/1956 30.7 37.724 37.724 0.157328608910464 239.778386532794 11/1/1956 0.12803489273542712/1/1956 30.8 37.8 37.8 0.157485937519375 240.021430455336 12/1/1956 0.128321875015787

1/1/1957 31 37.757 37.757 0.157643423456894 239.508881322438 1/1/1957 0.1294315259995162/1/1957 31 37.726 37.726 0.157801066880351 239.073161834862 2/1/1957 0.1296674196387343/1/1957 31 37.745 37.745 0.157958867947231 238.954611985504 3/1/1957 0.1297317500692594/1/1957 31.1 37.859 37.859 0.158116826815178 239.436881972424 4/1/1957 0.1298880930281325/1/1957 31 37.708 37.708 0.158274943641993 238.243648251064 5/1/1957 0.1301188939456296/1/1957 31.1 37.784 37.784 0.158433218585635 238.485339989336 6/1/1957 0.1304063386092867/1/1957 31.3 37.851 37.851 0.158591651804221 238.669561539888 7/1/1957 0.131143660708368/1/1957 31.4 37.766 37.766 0.158750243456025 237.895698159741 8/1/1957 0.1319906170767149/1/1957 31.3 37.819 37.819 0.158908993699481 237.991564351109 9/1/1957 0.131517266527242

10/1/1957 31.2 37.785 37.785 0.159067902693181 237.54006534481 10/1/1957 0.13134626343859311/1/1957 31.3 37.722 37.722 0.159226970595874 236.907100969347 11/1/1957 0.13211929854331312/1/1957 31.4 37.843 37.843 0.15938619756647 237.429592886913 12/1/1957 0.132249731881382

1/1/1958 31.5 37.782 37.782 0.159545583764036 236.810064613751 1/1/1958 0.1330179950390962/1/1958 31.5 37.883 37.883 0.1597051293478 237.205906627456 2/1/1958 0.1327960186483573/1/1958 31.7 38.076 38.076 0.159864834477148 238.176207572672 3/1/1958 0.1330947382321044/1/1958 31.6 38.17 38.17 0.160024699311625 238.525678624582 4/1/1958 0.1324804951073455/1/1958 31.7 38.365 38.365 0.160184724010937 239.504735778554 5/1/1958 0.1323564642550946/1/1958 31.6 38.558 38.558 0.160344908734948 240.469125613068 6/1/1958 0.1314098012351357/1/1958 31.6 38.519 38.519 0.160505253643683 239.985914015694 7/1/1958 0.1316743948477478/1/1958 31.6 38.646 38.646 0.160665758897326 240.536628745499 8/1/1958 0.1313729229714729/1/1958 31.6 38.507 38.507 0.160826424656224 239.432046582588 9/1/1958 0.131978991329801

10/1/1958 31.5 38.542 38.542 0.16098725108088 239.410262248882 10/1/1958 0.13157330727641811/1/1958 31.6 38.628 38.628 0.161148238331961 239.704761279658 11/1/1958 0.13182883740524912/1/1958 31.6 38.713 38.713 0.161309386570293 239.992233701356 12/1/1958 0.131670927482273

1/1/1959 31.7 38.756 0.498 38.258 0.161470695956863 236.934632462479 1/1/1959 0.133792175801992/1/1959 31.7 38.895 0.454 38.441 0.16163216665282 237.83013490483 2/1/1959 0.1332884077653/1/1959 31.7 38.896 0.46 38.436 0.161793798819472 237.561638829473 3/1/1959 0.1334390525178814/1/1959 31.8 39.009 0.431 38.578 0.161955592618292 238.201098068427 4/1/1959 0.1335006440266915/1/1959 31.8 39.089 0.421 38.668 0.16211754821091 238.518287666762 5/1/1959 0.1333231104041316/1/1959 31.7 39.062 0.407 38.655 0.162279665759121 238.199899039584 6/1/1959 0.1330815005707967/1/1959 31.7 39.137 0.416 38.721 0.16244194542488 238.368236102578 7/1/1959 0.1329875176252868/1/1959 31.6 39.23 0.448 38.782 0.162604387370305 238.50524962577 8/1/1959 0.1324918426306449/1/1959 31.7 39.155 0.443 38.712 0.162766991757675 237.836920016521 9/1/1959 0.133284605257241

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 12: Adjusted PPI

10/1/1959 31.6 39.108 0.441 38.667 0.162929758749433 237.323128057075 10/1/1959 0.13315179291080511/1/1959 31.5 39.039 0.444 38.595 0.163092688508182 236.644575259814 11/1/1959 0.1331110166603912/1/1959 31.5 39.07 0.506 38.564 0.163255781196691 236.218281014735 12/1/1959 0.133351237104443

1/1/1960 31.6 39.155 0.514 38.641 0.163419036977887 236.453480050972 1/1/1960 0.1336415094977162/1/1960 31.6 39.043 0.454 38.589 0.163582456014865 235.899380288638 2/1/1960 0.1339554176078613/1/1960 31.8 39.019 0.423 38.596 0.16374603847088 235.706465697879 3/1/1960 0.1349135667782674/1/1960 31.8 39.042 0.426 38.616 0.163909784509351 235.593013044301 4/1/1960 0.1349785360316285/1/1960 31.7 39.103 0.445 38.658 0.16407369429386 235.613637922741 5/1/1960 0.1345422967850226/1/1960 31.7 39.11 0.479 38.631 0.164237767988154 235.213863858564 6/1/1960 0.1347709674930627/1/1960 31.7 39.2 0.501 38.699 0.164402005756142 235.392505231368 7/1/1960 0.1346686886604238/1/1960 31.6 39.275 0.542 38.733 0.164566407761898 235.363951408847 8/1/1960 0.1342601524611059/1/1960 31.6 39.415 0.627 38.788 0.16473097416966 235.4627002937 9/1/1960 0.134203846131826

10/1/1960 31.7 39.499 0.662 38.837 0.16489570514383 235.524630348162 10/1/1960 0.13459314192804311/1/1960 31.7 39.604 0.743 38.861 0.165060600848974 235.434742149987 11/1/1960 0.13464452914007512/1/1960 31.7 39.561 0.743 38.818 0.165225661449822 234.939292476603 12/1/1960 0.134928473078453

1/1/1961 31.8 39.66 0.772 38.888 0.165390887111272 235.12782765254 1/1/1961 0.1352455824454452/1/1961 31.8 39.758 0.649 39.109 0.165556277998384 236.227828221542 2/1/1961 0.134615808134923/1/1961 31.8 39.724 0.546 39.178 0.165721834276382 236.408196729594 3/1/1961 0.1345131025062274/1/1961 31.6 39.711 0.616 39.095 0.165887556110658 235.671685788903 4/1/1961 0.1340848388053925/1/1961 31.5 39.718 0.556 39.162 0.166053443666769 235.839734095423 5/1/1961 0.1335652794929586/1/1961 31.3 39.865 0.59 39.275 0.166219497110436 236.28395394498 6/1/1961 0.1324677341707617/1/1961 31.5 39.881 0.616 39.265 0.166385716607546 235.987804726137 7/1/1961 0.1334814739115688/1/1961 31.5 40.119 0.579 39.54 0.166552102324154 237.403187640615 8/1/1961 0.1326856657362389/1/1961 31.5 40.266 0.58 39.686 0.166718654426478 238.041748456537 9/1/1961 0.132329728731393

10/1/1961 31.5 40.503 0.532 39.971 0.166885373080904 239.511703524925 10/1/1961 0.13151758154783411/1/1961 31.5 40.658 0.591 40.067 0.167052258453985 239.847101564548 11/1/1961 0.13133366963587312/1/1961 31.6 40.758 0.584 40.174 0.167219310712439 240.247372321046 12/1/1961 0.131531095198712

1/1/1962 31.7 40.903 0.623 40.28 0.167386530023151 240.640629771277 1/1/1962 0.1317317031214972/1/1962 31.7 40.91 0.502 40.408 0.167553916553175 241.164162743854 2/1/1962 0.1314457323979323/1/1962 31.7 41.088 0.472 40.616 0.167721470469728 242.163390806491 3/1/1962 0.1309033537002754/1/1962 31.6 41.295 0.492 40.803 0.167889191940197 243.035299226017 4/1/1962 0.1300222646695155/1/1962 31.5 41.424 0.517 40.907 0.168057081132138 243.411344076815 5/1/1962 0.1294105667896046/1/1962 31.5 41.512 0.473 41.039 0.16822513821327 243.952838653473 6/1/1962 0.1291233181539027/1/1962 31.6 41.627 0.534 41.093 0.168393363351483 244.029807245002 7/1/1962 0.1294923778236418/1/1962 31.6 41.74 0.53 41.21 0.168561756714834 244.480128845105 8/1/1962 0.1292538585825969/1/1962 31.9 41.728 0.49 41.238 0.168730318471549 244.401838232489 9/1/1962 0.130522749872506

10/1/1962 31.7 41.945 0.477 41.468 0.168899048790021 245.519440737372 10/1/1962 0.12911401192832211/1/1962 31.7 42.112 0.557 41.555 0.169067947838811 245.788752576677 11/1/1962 0.12897254112598512/1/1962 31.6 42.282 0.572 41.71 0.16923701578665 246.459084651919 12/1/1962 0.128216008124146

1/1/1963 31.6 42.386 0.505 41.881 0.169406252802436 247.222279621769 1/1/1963 0.1278201950420712/1/1963 31.5 42.583 0.461 42.122 0.169575659055239 248.396498852933 2/1/1963 0.126813381611513/1/1963 31.5 42.781 0.434 42.347 0.169745234714294 249.473866357876 3/1/1963 0.1262657305948534/1/1963 31.4 42.952 0.457 42.495 0.169914979949008 250.095665566113 4/1/1963 0.1255519560042095/1/1963 31.5 43.185 0.43 42.755 0.170084894928957 251.374468131684 5/1/1963 0.1253110557890816/1/1963 31.6 43.303 0.417 42.886 0.170254979823886 251.892778962247 6/1/1963 0.1254502019874747/1/1963 31.7 43.615 0.454 43.161 0.17042523480371 253.254748627522 7/1/1963 0.1251704071564058/1/1963 31.6 43.691 0.445 43.246 0.170595660038514 253.500001056515 8/1/1963 0.1246548318276159/1/1963 31.6 43.908 0.428 43.48 0.170766255698552 254.617048445179 9/1/1963 0.124107950323695

10/1/1963 31.6 44.027 0.397 43.63 0.170937021954251 255.240201924643 10/1/1963 0.12380494828682811/1/1963 31.7 44.252 0.441 43.811 0.171107958976205 256.043028402277 11/1/1963 0.12380731550399912/1/1963 31.6 44.721 0.49 44.231 0.171279066935181 258.239379694536 12/1/1963 0.122367084514294

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 13: Adjusted PPI

1/1/1964 31.8 44.74 0.44 44.3 0.171450346002116 258.383847177848 1/1/1964 0.1230727088683362/1/1964 31.6 44.823 0.397 44.426 0.171621796348118 258.859893937284 2/1/1964 0.1220737578130053/1/1964 31.6 45.123 0.386 44.737 0.171793418144466 260.411606470157 3/1/1964 0.121346357899844/1/1964 31.6 45.28 0.352 44.928 0.171965211562611 261.262144777708 4/1/1964 0.1209513151125915/1/1964 31.5 45.484 0.354 45.13 0.172137176774174 262.17462634005 5/1/1964 0.1201489268421556/1/1964 31.5 45.806 0.375 45.431 0.172309313950948 263.659572186174 6/1/1964 0.1194722411889437/1/1964 31.6 45.921 0.376 45.545 0.172481623264899 264.057115986505 7/1/1964 0.1196710790464558/1/1964 31.6 46.21 0.421 45.789 0.172654104888164 265.206552891747 8/1/1964 0.1191524102833869/1/1964 31.7 46.52 0.431 46.089 0.172826758993052 266.677453587225 9/1/1964 0.118870191587575

10/1/1964 31.7 46.678 0.398 46.28 0.172999585752045 267.515091431096 10/1/1964 0.11849798764779211/1/1964 31.7 46.906 0.408 46.498 0.173172585337797 268.506703352031 11/1/1964 0.11806036722457212/1/1964 31.7 47.039 0.406 46.633 0.173345757923134 269.017255217045 12/1/1964 0.117836307468174

1/1/1965 31.8 47.211 0.415 46.796 0.173519103681058 269.68788454564 1/1/1965 0.1179140844742632/1/1965 31.9 47.514 0.412 47.102 0.173692622784739 271.180198933231 2/1/1965 0.1176339575141853/1/1965 31.9 47.692 0.366 47.326 0.173866315407523 272.197635804688 3/1/1965 0.1171942581561934/1/1965 32 47.867 0.341 47.526 0.174040181722931 273.074870007092 4/1/1965 0.1171839796139755/1/1965 32.1 47.988 0.334 47.654 0.174214221904654 273.536795555536 5/1/1965 0.1173516708595166/1/1965 32.4 48.238 0.362 47.876 0.174388436126558 274.536552212987 6/1/1965 0.1180170718209647/1/1965 32.4 48.464 0.353 48.111 0.174562824562685 275.608510119653 7/1/1965 0.1175580535809068/1/1965 32.4 48.71 0.396 48.314 0.174737387387248 276.494920305338 8/1/1965 0.1171811762914859/1/1965 32.4 48.925 0.41 48.515 0.174912124774635 277.36785007048 9/1/1965 0.116812384678928

10/1/1965 32.5 49.36 0.358 49.002 0.175087036899409 279.872233077726 10/1/1965 0.11612441735502211/1/1965 32.6 49.576 0.352 49.224 0.175262123936309 280.859314576652 11/1/1965 0.11607234764187512/1/1965 32.8 49.944 0.423 49.521 0.175437386060245 282.271647520982 12/1/1965 0.116200122428385

1/1/1966 32.9 50.127 0.379 49.748 0.175612823446305 283.282274174077 1/1/1966 0.1161385762519792/1/1966 33.2 50.392 0.347 50.045 0.175788436269752 284.68880582796 2/1/1966 0.1166185649746383/1/1966 33.2 50.599 0.342 50.257 0.175964224706021 285.609191777266 3/1/1966 0.11624275743164/1/1966 33.2 50.924 0.355 50.569 0.176140188930727 287.095184278971 4/1/1966 0.1156410898475385/1/1966 33.2 51.128 0.341 50.787 0.176316329119658 288.04479002925 5/1/1966 0.1152598524577686/1/1966 33.3 51.229 0.356 50.873 0.176492645448778 288.244305424979 6/1/1966 0.1155270004411837/1/1966 33.5 51.585 0.378 51.207 0.176669138094226 289.846888666479 7/1/1966 0.1155782632483178/1/1966 33.6 51.526 0.367 51.159 0.176845807232321 289.285908445615 8/1/1966 0.1161480701930459/1/1966 33.6 51.785 0.371 51.414 0.177022653039553 290.437405141094 9/1/1966 0.115687578132979

10/1/1966 33.4 51.811 0.333 51.478 0.177199675692592 290.508432359123 10/1/1966 0.11497084517915611/1/1966 33.3 51.992 0.385 51.607 0.177376875368285 290.94547918295 11/1/1966 0.11445443350250712/1/1966 33.3 52.188 0.339 51.849 0.177554252243653 292.017788055275 12/1/1966 0.114034149158396

1/1/1967 33.4 52.465 0.403 52.062 0.177731806495897 292.924496894718 1/1/1967 0.1140225565088352/1/1967 33.4 52.759 0.369 52.39 0.177909538302393 294.475498615216 2/1/1967 0.1134219999866373/1/1967 33.3 53.261 0.414 52.847 0.178087447840695 296.747472327602 3/1/1967 0.1122166256002264/1/1967 33.1 53.248 0.35 52.898 0.178265535288536 296.737111379273 4/1/1967 0.1115465465244535/1/1967 33.3 53.489 0.365 53.124 0.178443800823824 297.707175899312 5/1/1967 0.1118548785376366/1/1967 33.5 53.803 0.352 53.451 0.178622244624648 299.24044517703 6/1/1967 0.1119501074802297/1/1967 33.5 54.061 0.418 53.643 0.178800866869273 300.01532397055 7/1/1967 0.1116609630356368/1/1967 33.4 54.274 0.365 53.909 0.178979667736142 301.20181069659 8/1/1967 0.1108891076144469/1/1967 33.4 54.679 0.342 54.337 0.179158647403878 303.289853922082 9/1/1967 0.110125675383064

10/1/1967 33.4 55.03 0.335 54.695 0.179337806051282 304.983099795254 10/1/1967 0.10951426496229711/1/1967 33.4 55.27 0.358 54.912 0.179517143857333 305.887219571853 11/1/1967 0.10919057045518212/1/1967 33.7 55.543 0.375 55.168 0.179696661001191 307.00626095459 12/1/1967 0.109769748327656

1/1/1968 33.8 55.837 0.387 55.45 0.179876357662192 308.267304945852 1/1/1968 0.1096451016948982/1/1968 34 56.096 0.386 55.71 0.180056234019854 309.403338924978 2/1/1968 0.1098889240113993/1/1968 34.1 56.487 0.337 56.15 0.180236290253874 311.535484451601 3/1/1968 0.109457836111435

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 14: Adjusted PPI

4/1/1968 34.1 56.69 0.335 56.355 0.180416526544128 312.360519734406 4/1/1968 0.1091687260252825/1/1968 34.2 56.898 0.36 56.538 0.180596943070672 313.061777451434 5/1/1968 0.1092436140828646/1/1968 34.2 57.339 0.328 57.011 0.180777540013742 315.365503898693 6/1/1968 0.1084455959107897/1/1968 34.3 57.612 0.351 57.261 0.180958317553756 316.431987067905 7/1/1968 0.1083961211312038/1/1968 34.2 58.024 0.329 57.695 0.18113927587131 318.511817619219 8/1/1968 0.1073743519334229/1/1968 34.4 58.319 0.361 57.958 0.181320415147181 319.644094973831 9/1/1968 0.107619694969858

10/1/1968 34.4 58.707 0.245 58.462 0.181501735562328 322.101603154775 10/1/1968 0.10679859914720811/1/1968 34.5 59.098 0.308 58.79 0.181683237297891 323.585163245451 11/1/1968 0.10661799093004312/1/1968 34.6 59.428 0.426 59.002 0.181864920535188 324.427601685746 12/1/1968 0.106649372063956

1/1/1969 34.8 59.751 0.246 59.505 0.182046785455724 326.8665241797 1/1/1969 0.1064654757391682/1/1969 35 59.953 0.254 59.699 0.182228832241179 327.604579724182 2/1/1969 0.1068361133091223/1/1969 35.2 60.017 0.219 59.798 0.18241106107342 327.820032667489 3/1/1969 0.1073759883237634/1/1969 35.3 60.03 0.167 59.863 0.182593472134494 327.848522185428 4/1/1969 0.1076716764336515/1/1969 35.5 60.484 0.255 60.229 0.182776065606628 329.523451553144 5/1/1969 0.1077313309043046/1/1969 35.7 60.649 0.304 60.345 0.182958841672235 329.828279674541 6/1/1969 0.1082381414814617/1/1969 35.8 60.498 0.225 60.273 0.183141800513907 329.105642900038 7/1/1969 0.1087796601861188/1/1969 35.7 61.004 0.237 60.767 0.183324942314421 331.471534821369 8/1/1969 0.1077015557889129/1/1969 35.8 61.126 0.274 60.852 0.183508267256735 331.603588817422 9/1/1969 0.107960230851757

10/1/1969 35.9 61.362 0.163 61.199 0.183691775523992 333.161350449284 10/1/1969 0.10775559635470111/1/1969 36.1 61.865 0.229 61.636 0.183875467299516 335.205130435376 11/1/1969 0.10769524903485812/1/1969 36.3 62.029 0.286 61.743 0.184059342766816 335.451594425294 12/1/1969 0.108212334069213

1/1/1970 36.5 62.218 0.174 62.044 0.184243402109582 336.750186381698 1/1/1970 0.1083889526303872/1/1970 36.7 62.405 0.208 62.197 0.184427645511692 337.243366239564 2/1/1970 0.1088234897226413/1/1970 36.7 62.53 0.163 62.367 0.184612073157204 337.827309630461 3/1/1970 0.1086353854581654/1/1970 36.8 63.059 0.152 62.907 0.184796685230361 340.411950147171 4/1/1970 0.1081043129775275/1/1970 36.8 63.458 0.157 63.301 0.184981481915591 342.201821201134 5/1/1970 0.1075388782877646/1/1970 36.9 63.724 0.19 63.534 0.185166463397507 343.118288453823 6/1/1970 0.1075430871559797/1/1970 37.1 64.074 0.166 63.908 0.185351629860904 344.793299351936 7/1/1970 0.1076006989397198/1/1970 36.9 64.539 0.174 64.365 0.185536981490765 346.91197131071 8/1/1970 0.1063670413580249/1/1970 37.1 65.164 0.244 64.92 0.185722518472256 349.553734969936 9/1/1970 0.106135327099826

10/1/1970 37.1 65.466 0.205 65.261 0.185908240990728 351.038768653912 10/1/1970 0.1056863324306411/1/1970 37.1 65.743 0.234 65.509 0.186094149231719 352.020739343235 11/1/1970 0.10539151775323612/1/1970 37.1 66.215 0.249 65.966 0.18628024338095 354.122363181032 12/1/1970 0.104766046591172

1/1/1971 37.3 66.652 0.234 66.418 0.186466523624331 356.192622187832 1/1/1971 0.1047186204219872/1/1971 37.7 67.259 0.254 67.005 0.186652990147956 358.981658675206 2/1/1971 0.105019293016613/1/1971 37.8 67.657 0.195 67.462 0.186839643138104 361.068983364173 3/1/1971 0.1046891362636794/1/1971 37.9 67.938 0.168 67.77 0.187026482781242 362.35510069057 4/1/1971 0.1045935324982895/1/1971 38.1 68.574 0.219 68.355 0.187213509264023 365.117882084035 5/1/1971 0.1043498603314946/1/1971 38.2 68.972 0.201 68.771 0.187400722773287 366.972970980467 6/1/1971 0.1040948598964627/1/1971 38.3 69.533 0.184 69.349 0.18758812349606 369.687583134529 7/1/1971 0.1036009910726778/1/1971 38.5 69.89 0.196 69.694 0.187775711619556 371.155563192346 8/1/1971 0.1037300900702069/1/1971 38.3 70.388 0.189 70.199 0.187963487331176 373.471470426143 9/1/1971 0.102551340685537

10/1/1971 38.3 70.488 0.163 70.325 0.188151450818507 373.768045338307 10/1/1971 0.10246996894914811/1/1971 38.3 70.889 0.237 70.652 0.188339602269325 375.130876080792 11/1/1971 0.10209770094144812/1/1971 38.6 71.023 0.182 70.841 0.188527941871595 375.758623876822 12/1/1971 0.102725519914224

1/1/1972 38.8 71.548 0.206 71.342 0.188716469813466 378.038016875352 1/1/1972 0.1026351802411272/1/1972 39.2 72.325 0.152 72.173 0.18890518628328 382.059388733617 2/1/1972 0.1026018497541263/1/1972 39.2 72.529 0.19 72.339 0.189094091469563 382.555580863529 3/1/1972 0.1024687704503364/1/1972 39.3 72.951 0.156 72.795 0.189283185561033 384.582496243587 4/1/1972 0.1021887381351555/1/1972 39.5 73.345 0.139 73.206 0.189472468746594 386.36747852749 5/1/1972 0.1022342774566356/1/1972 39.7 73.903 0.203 73.7 0.18966194121534 388.586131343672 6/1/1972 0.10216525191654

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 15: Adjusted PPI

7/1/1972 40 74.291 0.193 74.098 0.189851603156556 390.294307596114 7/1/1972 0.1024867624802598/1/1972 40.1 74.847 0.188 74.659 0.190041454759712 392.856390698538 8/1/1972 0.1020729227000699/1/1972 40.2 75.154 0.212 74.942 0.190231496214472 393.951587887994 9/1/1972 0.102042995220594

10/1/1972 40.1 75.935 0.211 75.724 0.190421727710686 397.664704077519 10/1/1972 0.10083872063280511/1/1972 40.3 76.45 0.354 76.096 0.190612149438397 399.21904361397 11/1/1972 0.10094708818291912/1/1972 41.1 77.044 0.284 76.76 0.190802761587835 402.300256878954 12/1/1972 0.102162500016415

1/1/1973 41.6 77.932 0.258 77.674 0.190993564349423 406.683860079679 1/1/1973 0.1022907572281072/1/1973 42.4 78.261 0.197 78.064 0.191184557913772 408.317496202848 2/1/1973 0.103840762138043/1/1973 43.4 79.095 0.209 78.886 0.191375742471686 412.20480182681 3/1/1973 0.1052874682867834/1/1973 43.6 79.638 0.223 79.415 0.191567118214158 414.55444306063 4/1/1973 0.1051731581456565/1/1973 44.5 79.957 0.138 79.819 0.191758685332372 416.24711736864 5/1/1973 0.1069076472680766/1/1973 45.5 80.382 0.217 80.165 0.191950444017704 417.633834661024 6/1/1973 0.1089471116173597/1/1973 44.9 81.463 0.283 81.18 0.192142394461722 422.49915864441 7/1/1973 0.1062724009772278/1/1973 47.5 81.581 0.172 81.409 0.192334536856184 423.267715360309 8/1/1973 0.1122221191842279/1/1973 46.7 82.017 0.231 81.786 0.19252687139304 424.803038704324 9/1/1973 0.109933300247658

10/1/1973 46.3 82.657 0.252 82.405 0.192719398264433 427.590583730087 10/1/1973 0.1082811496831911/1/1973 46.5 82.956 0.225 82.731 0.192912117662697 428.853308969701 11/1/1973 0.10842868418507512/1/1973 47.4 83.477 0.304 83.173 0.19310502978036 430.713793911023 12/1/1973 0.110049876902229

1/1/1974 49 84.282 0.162 84.12 0.19329813481014 435.182678211684 1/1/1974 0.1125963933154652/1/1974 50 85.016 0.184 84.832 0.19349143294495 438.427679762624 2/1/1974 0.1140438943706093/1/1974 50.6 85.389 0.134 85.255 0.193684924377895 440.173649414553 3/1/1974 0.114954632262294/1/1974 51 86.46 0.182 86.278 0.193878609302273 445.010413013048 4/1/1974 0.1146040598346735/1/1974 51.8 87.077 0.16 86.917 0.194072487911576 447.858431327998 5/1/1974 0.1156615492230476/1/1974 52 87.645 0.198 87.447 0.194266560399487 450.139230447974 6/1/1974 0.1155198136102257/1/1974 54 88.329 0.162 88.167 0.194460826959887 453.392086099619 7/1/1974 0.1191022112109288/1/1974 55.9 88.66 0.188 88.472 0.194655287786846 454.506019363212 8/1/1974 0.1229906703508999/1/1974 55.9 89.357 0.181 89.176 0.194849943074633 457.665004119827 9/1/1974 0.122141740130439

10/1/1974 56.9 89.947 0.12 89.827 0.195044793017708 460.545491167481 10/1/1974 0.12354914137962511/1/1974 57.4 90.584 0.205 90.379 0.195239837810726 462.912697600259 11/1/1974 0.12399746279927512/1/1974 57.3 91.442 0.258 91.184 0.195435077648536 466.569262269193 12/1/1974 0.122811347925745

1/1/1975 57.4 91.047 0.147 90.9 0.195630512726185 464.651442831051 1/1/1975 0.1235334590812212/1/1975 57.2 92.024 0.194 91.83 0.195826143238911 468.936366111066 2/1/1975 0.1219781704591713/1/1975 56.9 92.522 0.2 92.322 0.19602196938215 470.977820960547 3/1/1975 0.1208124830251114/1/1975 57.5 92.725 0.158 92.567 0.196217991351532 471.755924940454 4/1/1975 0.1218850616603445/1/1975 57.9 92.701 0.155 92.546 0.196414209342883 471.177723391901 5/1/1975 0.122883568397916/1/1975 58 94.533 0.201 94.332 0.196610623552226 479.790960913881 6/1/1975 0.1208859789470087/1/1975 58.7 94.297 0.188 94.109 0.196807234175778 478.17856083454 7/1/1975 0.1227574902094198/1/1975 59 94.71 0.195 94.515 0.197004041409954 479.761731401843 8/1/1975 0.1229777119313059/1/1975 59.4 95.224 0.191 95.033 0.197201045451364 481.909209875046 9/1/1975 0.123259731880621

10/1/1975 59.8 95.332 0.207 95.125 0.197398246496816 481.893844996919 10/1/1975 0.12409372026816911/1/1975 59.5 96.17 0.283 95.887 0.197595644743312 485.268792865159 11/1/1975 0.12261245906355512/1/1975 59.7 96.743 0.266 96.477 0.197793240388056 487.766921714409 12/1/1975 0.122394523577297

1/1/1976 59.9 96.296 0.24 96.056 0.197991033628444 485.153283154538 1/1/1976 0.123466133446572/1/1976 59.9 97.394 0.219 97.175 0.198189024662072 490.314739505334 2/1/1976 0.122166427345083/1/1976 60 98.253 0.223 98.03 0.198387213686734 494.1346681485 3/1/1976 0.1214243886688164/1/1976 60.6 98.848 0.155 98.693 0.198585600900421 496.97963776079 4/1/1976 0.1219365853157325/1/1976 60.8 99.362 0.21 99.152 0.198784186501321 498.792191396678 5/1/1976 0.1218944503316156/1/1976 61.2 99.995 0.214 99.781 0.198982970687822 501.45497202644 6/1/1976 0.1220448562962367/1/1976 61.6 100.099 0.234 99.865 0.19918195365851 501.375742961206 7/1/1976 0.1228619470822038/1/1976 61.4 100.935 0.207 100.728 0.199381135612169 505.203261535904 8/1/1976 0.1215352407134779/1/1976 61.8 101.347 0.201 101.146 0.199580516747781 506.792955786475 9/1/1976 0.121943289255263

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 16: Adjusted PPI

10/1/1976 61.9 101.812 0.219 101.593 0.199780097264529 508.52412923536 10/1/1976 0.12172480407778411/1/1976 62 102.678 0.257 102.421 0.199979877361793 512.156529702762 11/1/1976 0.12105674028208312/1/1976 62.5 102.95 0.274 102.676 0.200179857239155 512.918739258231 12/1/1976 0.121851660343675

1/1/1977 62.8 103.827 0.266 103.561 0.200380037096394 516.822940551614 1/1/1977 0.1215116340094592/1/1977 63.5 104.246 0.198 104.048 0.20058041713349 518.73458778757 2/1/1977 0.1224132754880123/1/1977 64.1 105.145 0.215 104.93 0.200780997550624 522.609217406361 3/1/1977 0.1226537876965124/1/1977 64.9 105.912 0.192 105.72 0.200981778548175 526.017834868843 4/1/1977 0.1233798470277765/1/1977 65.2 106.376 0.208 106.168 0.201182760326723 527.719173489727 5/1/1977 0.1235505611229596/1/1977 65 106.999 0.147 106.852 0.201383943087049 530.588478714078 6/1/1977 0.1225054870349487/1/1977 65.1 108.215 0.275 107.94 0.201585327030136 535.455638514123 7/1/1977 0.12157869918168/1/1977 65 108.949 0.2 108.749 0.201786912357167 538.929897532265 8/1/1977 0.1206093785066159/1/1977 65.3 109.444 0.209 109.235 0.201988699269524 540.797581226276 9/1/1977 0.120747581473886

10/1/1977 65.6 110.383 0.21 110.173 0.202190687968793 544.896508868917 10/1/1977 0.12038983354136511/1/1977 65.8 110.98 0.251 110.729 0.202392878656762 547.099288941807 11/1/1977 0.12027067358712/1/1977 66.2 112.061 0.19 111.871 0.202595271535419 552.189590369794 12/1/1977 0.119886359965002

1/1/1978 66.8 112.896 0.267 112.629 0.202797866806954 555.375664317086 1/1/1978 0.1202789468316732/1/1978 67.5 114.053 0.241 113.812 0.203000664673761 560.648410599568 2/1/1978 0.1203963102790473/1/1978 68.1 114.495 0.199 114.296 0.203203665338435 562.47016907712 3/1/1978 0.1210730875056644/1/1978 69 115.321 0.148 115.173 0.203406869003773 566.21981629275 4/1/1978 0.1218608003721395/1/1978 69.5 116.465 0.219 116.246 0.203610275872777 570.924033680082 5/1/1978 0.1217324826072126/1/1978 70 117.484 0.178 117.306 0.20381388614865 575.554503261098 6/1/1978 0.1216218439841577/1/1978 70.4 118.336 0.197 118.139 0.204017700034798 579.062502811519 7/1/1978 0.121575822399468/1/1978 70.4 118.7 0.168 118.532 0.204221717734833 580.408397866407 8/1/1978 0.1212939031530079/1/1978 71 119.661 0.193 119.468 0.204425939452568 584.407244598818 9/1/1978 0.121490622602976

10/1/1978 71.8 120.706 0.162 120.544 0.20463036539202 589.081682814122 10/1/1978 0.12188462499292411/1/1978 72.1 121.34 0.222 121.118 0.204834995757412 591.295445156456 11/1/1978 0.1219356593909212/1/1978 72.7 121.816 0.232 121.584 0.20503983075317 592.977469564754 12/1/1978 0.122601622711504

1/1/1979 73.8 122.568 0.214 122.354 0.205244870583923 596.136700770655 1/1/1979 0.123797108791652/1/1979 74.9 122.828 0.209 122.619 0.205450115454507 596.831010431589 2/1/1979 0.125496160036723/1/1979 75.8 123.489 0.158 123.331 0.205655565569961 599.696875006499 3/1/1979 0.1263971902457864/1/1979 76.9 124.248 0.176 124.072 0.205861221135531 602.697289541072 4/1/1979 0.127593074225635/1/1979 77.5 124.787 0.141 124.646 0.206067082356667 604.880695036285 5/1/1979 0.1281244394737236/1/1979 78 125.714 0.221 125.493 0.206273149439024 608.38262440501 6/1/1979 0.1282087897830467/1/1979 79.2 126.749 0.211 126.538 0.206479422588462 612.835886567762 7/1/1979 0.1292352516161658/1/1979 79.6 127.707 0.222 127.485 0.206685902011051 616.805494518846 8/1/1979 0.129052028082369/1/1979 80.9 128.679 0.191 128.488 0.206892587913062 621.037231425573 9/1/1979 0.13026594205036

10/1/1979 82.1 129.984 0.272 129.712 0.207099480500975 626.327017751208 10/1/1979 0.13108168364630911/1/1979 82.6 130.386 0.245 130.141 0.207306579981476 627.770715293402 11/1/1979 0.13157670147355512/1/1979 83.4 131.347 0.442 130.905 0.207513886561457 630.825253042674 12/1/1979 0.132207770056343

1/1/1980 85.2 132.113 0.251 131.862 0.207721400448019 634.802190412719 1/1/1980 0.1342150378287242/1/1980 86.9 133.086 0.211 132.875 0.207929121848467 639.039874832135 2/1/1980 0.1359852544770033/1/1980 87.5 134.115 0.186 133.929 0.208137050970315 643.465444406153 3/1/1980 0.1359824381568044/1/1980 87.8 134.248 0.197 134.051 0.208345188021286 643.408188464159 4/1/1980 0.1364608060235955/1/1980 88.3 134.692 0.178 134.514 0.208553533209307 644.985476534699 5/1/1980 0.1369023074355226/1/1980 88.7 135.718 0.203 135.515 0.208762086742516 649.136067350879 6/1/1980 0.1366431545885047/1/1980 90.3 136.828 0.284 136.544 0.208970848829259 653.41171156157 7/1/1980 0.1381977065948128/1/1980 91.5 138.195 0.302 137.893 0.209179819678088 659.207949467626 8/1/1980 0.1388029377890479/1/1980 91.7 139.363 0.256 139.107 0.209388999497766 664.347221361475 9/1/1980 0.138030230354656

10/1/1980 92.8 140.501 0.206 140.295 0.209598388497264 669.351520333047 10/1/1980 0.13864165118176711/1/1980 93.2 141.763 0.521 141.242 0.209807986885761 673.196488353446 11/1/1980 0.13844397826250612/1/1980 93.8 141.483 0.514 140.969 0.210017794872647 671.224074538458 12/1/1980 0.139744689676839

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 17: Adjusted PPI

1/1/1981 95.2 140.88 0.374 140.506 0.210227812667519 668.351148295558 1/1/1981 0.1424400934191272/1/1981 96.1 142.389 0.35 142.039 0.210438040480187 674.968269405518 2/1/1981 0.1423770632723833/1/1981 97 143.278 0.28 142.998 0.210648478520667 678.846583674566 3/1/1981 0.1428894279395844/1/1981 98 144.653 0.169 144.484 0.210859126999188 685.215774418703 4/1/1981 0.143020642049785/1/1981 98.3 145.223 0.257 144.966 0.211069986126187 686.814845921926 5/1/1981 0.1431244542596486/1/1981 98.5 145.37 0.338 145.032 0.211281056112313 686.441097316855 6/1/1981 0.1434937394993027/1/1981 99 146.519 0.34 146.179 0.211492337168425 691.178706316854 7/1/1981 0.1432335792396598/1/1981 99 147.104 0.292 146.812 0.211703829505594 693.478244313578 8/1/1981 0.1427586240978519/1/1981 98.8 147.54 0.414 147.126 0.211915533335099 694.267181289404 9/1/1981 0.142308325472777

10/1/1981 98.9 147.647 0.278 147.369 0.212127448868434 694.719145429412 10/1/1981 0.14235968686147111/1/1981 98.8 148.72 0.344 148.376 0.212339576317303 698.767524044972 11/1/1981 0.14139180285322112/1/1981 98.8 150.002 0.319 149.683 0.21255191589362 704.218540541948 12/1/1981 0.140297357016426

1/1/1982 99.7 150.825 0.418 150.407 0.212764467809514 706.917849340606 1/1/1982 0.1410347752472192/1/1982 99.8 151.882 0.304 151.578 0.212977232277323 711.709877995909 2/1/1982 0.1402256777452983/1/1982 99.6 152.092 0.361 151.731 0.2131902095096 711.716548095832 3/1/1982 0.1399433528227994/1/1982 99.6 153.415 0.273 153.142 0.21340339971911 717.617433469062 4/1/1982 0.1387926147759815/1/1982 99.8 154.545 0.359 154.186 0.213616803118829 721.787788923284 5/1/1982 0.1382677866424916/1/1982 100 155.472 0.308 155.164 0.213830419921948 725.640440011472 6/1/1982 0.1378092984983297/1/1982 100.4 156.2 0.314 155.886 0.21404425034187 728.28865877509 7/1/1982 0.1378574261596538/1/1982 100.3 157.422 0.312 157.11 0.214258294592212 733.2738286703 8/1/1982 0.1367838262847619/1/1982 100 158.832 0.384 158.448 0.214472552886804 738.77984789796 9/1/1982 0.135358321270577

10/1/1982 100.2 160.469 0.404 160.065 0.214687025439691 745.573700470153 10/1/1982 0.13439315246341811/1/1982 100.3 161.788 0.402 161.386 0.21490171246513 750.975867752503 11/1/1982 0.13355955138768312/1/1982 100.5 163.019 0.5 162.519 0.215116614177595 755.492552824526 12/1/1982 0.133025798367258

1/1/1983 100.2 163.623 0.548 163.075 0.215331730791773 757.319877569249 1/1/1983 0.1323086887955582/1/1983 100.5 165.966 0.435 165.531 0.215547062522565 767.957577629578 2/1/1983 0.1308666037389843/1/1983 100.4 167.892 0.433 167.459 0.215762609585087 776.12613381913 3/1/1983 0.1293604165935714/1/1983 100.4 169.626 0.476 169.15 0.215978372194672 783.18027069644 4/1/1983 0.1281952620061785/1/1983 100.8 171.143 0.449 170.694 0.216194350566867 789.53959505619 5/1/1983 0.1276693412606196/1/1983 101 172.337 0.48 171.857 0.216410544917434 794.124889180275 6/1/1983 0.1271840253039497/1/1983 101.3 173.782 0.507 173.275 0.216626955462351 799.877372740506 7/1/1983 0.1266444125715558/1/1983 101.8 175.233 0.446 174.787 0.216843582417814 806.051062480701 8/1/1983 0.1262947283844539/1/1983 102 176.357 0.498 175.859 0.217060426000231 810.184533590718 9/1/1983 0.125897244110473

10/1/1983 102.2 178.345 0.505 177.84 0.217277486426232 818.492531946604 10/1/1983 0.12486369271682911/1/1983 102.1 179.565 0.529 179.036 0.217494763912658 823.173840046549 11/1/1983 0.12403212424027812/1/1983 102.3 180.178 0.561 179.617 0.21771225867657 825.020148575262 12/1/1983 0.123996971682041

1/1/1984 102.9 182.203 0.613 181.59 0.217929970935247 833.249319589711 1/1/1984 0.1234924500756482/1/1984 103.2 182.993 0.906 182.087 0.218147900906182 834.695173520415 2/1/1984 0.1236379498455023/1/1984 103.9 184.717 0.668 184.049 0.218366048807088 842.846225434042 3/1/1984 0.1232727831776134/1/1984 104 186.015 0.473 185.542 0.218584414855895 848.834534348302 4/1/1984 0.1225209340473485/1/1984 104.1 187.117 0.569 186.548 0.218802999270751 852.584290991193 5/1/1984 0.1220993643678056/1/1984 104 188.185 0.759 187.426 0.219021802270022 855.741291768438 6/1/1984 0.1215320576445237/1/1984 104.2 189.155 0.63 188.525 0.219240824072292 859.899157913383 7/1/1984 0.1211769996994188/1/1984 103.8 189.457 0.68 188.777 0.219460064896364 860.188390489843 8/1/1984 0.120671240332479/1/1984 103.4 190.575 0.649 189.926 0.219679524961261 864.559407771355 9/1/1984 0.119598490364639

10/1/1984 103.4 190.615 0.618 189.997 0.219899204486222 864.018587260986 10/1/1984 0.11967335138910311/1/1984 103.7 192.062 0.698 191.364 0.220119103690708 869.365706071963 11/1/1984 0.11928236790998512/1/1984 103.5 192.726 0.835 191.891 0.220339222794399 870.888975491467 12/1/1984 0.118844081062792

1/1/1985 103.4 193.789 0.742 193.047 0.220559562017193 875.260171150284 1/1/1985 0.118136302105592/1/1985 103.3 194.955 0.85 194.105 0.22078012157921 879.177883459767 2/1/1985 0.1174961312646893/1/1985 103.1 196.346 0.675 195.671 0.221000901700789 885.385527815252 3/1/1985 0.116446448198003

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 18: Adjusted PPI

4/1/1985 103.3 197.045 0.736 196.309 0.22122190260249 887.385008855765 4/1/1985 0.11640944907695/1/1985 103.5 198.914 0.753 198.161 0.221443124505093 894.861831645818 5/1/1985 0.1156603135141486/1/1985 103.3 200.987 0.922 200.065 0.221664567629598 902.557418803664 6/1/1985 0.1144525521012547/1/1985 103.2 202.507 0.84 201.667 0.221886232197227 908.875679229818 7/1/1985 0.1135468825477348/1/1985 102.7 204.311 0.834 203.477 0.222108118429424 916.116895856085 8/1/1985 0.1121035977663429/1/1985 102.1 206.303 0.697 205.606 0.222330226547854 924.777540114393 9/1/1985 0.110404930452107

10/1/1985 102.9 207.45 0.744 206.706 0.222552556774402 928.796339147588 10/1/1985 0.11078855036663611/1/1985 103.4 208.18 0.918 207.262 0.222775109331176 930.364261170154 11/1/1985 0.11113926481865312/1/1985 103.6 211.081 1.063 210.018 0.222997884440507 941.79368798465 12/1/1985 0.110002860840673

1/1/1986 103.2 210.474 1.082 209.392 0.223220882324948 938.048438027332 1/1/1986 0.1100156407882562/1/1986 101.7 211.126 1.014 210.112 0.223444103207273 940.333609095491 2/1/1986 0.1081531054684153/1/1986 100.3 213.741 0.883 212.858 0.22366754731048 951.671364753355 3/1/1986 0.1053935252386154/1/1986 99.6 215.304 0.772 214.532 0.22389121485779 958.197489509648 4/1/1986 0.1039451690183095/1/1986 100 217.379 0.878 216.501 0.224115106072648 966.025913174367 5/1/1986 0.1035168918723926/1/1986 99.9 219.483 0.919 218.564 0.224339221178721 974.256747668211 6/1/1986 0.102539705513057/1/1986 99.4 221.32 0.873 220.447 0.224563560399899 981.668618040395 7/1/1986 0.1012561654445298/1/1986 99.3 223.441 0.74 222.701 0.224788123960299 990.715150233346 8/1/1986 0.1002306263072819/1/1986 99.4 224.95 0.69 224.26 0.22501291208426 996.653916091812 9/1/1986 0.099733717386852

10/1/1986 99.7 226.622 0.717 225.905 0.225237924996344 1002.96164601795 10/1/1986 0.09940559581299911/1/1986 99.8 229.329 0.901 228.428 0.22546316292134 1013.14998441539 11/1/1986 0.09850466518793612/1/1986 99.7 232.33 1.173 231.157 0.225688626084261 1024.229727526 12/1/1986 0.097341443350627

1/1/1987 100.5 233.828 1.07 232.758 0.225914314710346 1030.29327866377 1/1/1987 0.0975450408939322/1/1987 101 236.149 1.193 234.956 0.226140229025056 1038.9836475047 2/1/1987 0.0972103846317213/1/1987 101.2 235.28 0.921 234.359 0.226366369254081 1035.30838424566 3/1/1987 0.0977486530003674/1/1987 101.9 237.849 0.857 236.992 0.226592735623335 1045.89407664839 4/1/1987 0.0974286041723685/1/1987 102.6 241.161 1.067 240.094 0.226819328358958 1058.52531059449 5/1/1987 0.096927299681086/1/1987 103 240.355 1.234 239.121 0.227046147687317 1053.18237034927 6/1/1987 0.0977988265848417/1/1987 103.5 241.027 0.859 240.168 0.227273193835005 1056.737030652 7/1/1987 0.0979430047380298/1/1987 103.8 243.026 1.051 241.975 0.22750046702884 1063.62419013991 8/1/1987 0.09759086053359/1/1987 103.7 243.743 0.784 242.959 0.227727967495868 1066.88257341254 9/1/1987 0.097199075684875

10/1/1987 104.1 247.094 1.089 246.005 0.227955695463364 1079.17900230546 10/1/1987 0.09646221783189911/1/1987 104.2 247.581 0.94 246.641 0.228183651158828 1080.88813001035 11/1/1987 0.09640220584067512/1/1987 104.2 248.728 1.019 247.709 0.228411834809986 1084.48408641377 12/1/1987 0.096082553266941

1/1/1988 104.6 250.899 1.252 249.647 0.228640246644796 1091.87688372222 1/1/1988 0.0957983464613862/1/1988 104.8 251.462 1.138 250.324 0.228868886891441 1093.74412310895 2/1/1988 0.0958176577005123/1/1988 104.9 251.793 0.945 250.848 0.229097755778333 1094.93870486759 3/1/1988 0.0958044496314384/1/1988 105.8 256.234 0.885 255.349 0.229326853534111 1113.47186805586 4/1/1988 0.0950181167888225/1/1988 106.5 256.663 1.047 255.616 0.229556180387645 1113.52262251597 5/1/1988 0.0956424214888126/1/1988 107.2 258.629 0.895 257.734 0.229785736568033 1121.62749459296 6/1/1988 0.0955754031679687/1/1988 107.9 261.196 0.891 260.305 0.230015522304601 1131.68449412422 7/1/1988 0.0953445952120268/1/1988 108 261.709 0.97 260.739 0.230245537826905 1132.43888442268 8/1/1988 0.095369385037559/1/1988 108.1 262.919 1.017 261.902 0.230475783364732 1136.35366013936 9/1/1988 0.095128835143403

10/1/1988 108.2 264.159 1.053 263.106 0.230706259148097 1140.43719910999 10/1/1988 0.09487589503783311/1/1988 108.3 265.708 1.174 264.534 0.230936965407245 1145.48140672719 11/1/1988 0.09454540192793612/1/1988 109 266.117 1.061 265.056 0.231167902372652 1146.59516861783 12/1/1988 0.095064067059863

1/1/1989 110.5 267.336 1.144 266.192 0.231399070275025 1150.35898667883 1/1/1989 0.0960569711538672/1/1989 110.8 265.972 1.154 264.818 0.2316304693453 1143.27791481192 2/1/1989 0.0969143185261553/1/1989 111.5 268.272 0.918 267.354 0.231862099814645 1153.0733147579 3/1/1989 0.0966981011293384/1/1989 112.3 269.287 0.813 268.474 0.23209396191446 1156.74702515074 4/1/1989 0.0970825924409585/1/1989 113.2 269.808 1.042 268.766 0.232326055876374 1156.84828800699 5/1/1989 0.0978520702961156/1/1989 112.9 270.697 0.908 269.789 0.23255838193225 1160.09149082657 6/1/1989 0.097319910449096

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 19: Adjusted PPI

7/1/1989 112.8 271.983 0.982 271.001 0.232790940314183 1164.13894644804 7/1/1989 0.0968956500804058/1/1989 112 271.914 0.892 271.022 0.233023731254497 1163.06609005416 8/1/1989 0.0962971932186459/1/1989 112.4 272.604 0.945 271.659 0.233256754985751 1164.63508212911 9/1/1989 0.096510917217535

10/1/1989 112.8 274.222 1.04 273.182 0.233490011740737 1169.99437347811 10/1/1989 0.09641072004874111/1/1989 112.7 275.032 0.948 274.084 0.233723501752478 1172.68480895116 11/1/1989 0.09610425507327812/1/1989 113 276.953 0.941 276.012 0.23395722525423 1179.7541183012 12/1/1989 0.09578267051334

1/1/1990 114.9 278.594 1.042 277.552 0.234191182479484 1185.15136676555 1/1/1990 0.0969496413893352/1/1990 114.4 279.376 1 278.376 0.234425373661964 1187.48237723367 2/1/1990 0.0963382717868233/1/1990 114.2 281.84 0.881 280.959 0.234659799035626 1197.30350556273 3/1/1990 0.0953809952693044/1/1990 114.1 285.183 0.871 284.312 0.234894458834661 1210.38189410897 4/1/1990 0.0942677683426485/1/1990 114.6 286.238 0.954 285.284 0.235129353293496 1213.3066161412 5/1/1990 0.0944526292656956/1/1990 114.3 289.273 0.787 288.486 0.235364482646789 1225.69895319733 6/1/1990 0.0932529147567927/1/1990 114.5 290.586 0.868 289.718 0.235599847129436 1229.70368414896 7/1/1990 0.0931118622119468/1/1990 116.5 293.961 0.876 293.085 0.235835446976566 1242.75211278618 8/1/1990 0.0937435541660959/1/1990 118.4 297.191 0.913 296.278 0.236071282423542 1255.03617787969 9/1/1990 0.094339909945887

10/1/1990 120.8 298.746 0.84 297.906 0.236307353705966 1260.6717282725 10/1/1990 0.09582193150752511/1/1990 120.1 300.742 0.928 299.814 0.236543661059672 1267.47848011183 11/1/1990 0.09475506044836612/1/1990 118.7 304.07 1.665 302.405 0.236780204720731 1277.15490556598 12/1/1990 0.092940957657283

1/1/1991 119 306.308 2.14 304.168 0.237016984925452 1283.31731203006 1/1/1991 0.0927284303612772/1/1991 117.2 309.768 1.804 307.964 0.237254001910377 1298.03500687138 2/1/1991 0.0902903229724783/1/1991 116.2 312.609 1.182 311.427 0.237491255912288 1311.31985808782 3/1/1991 0.0886130102303524/1/1991 116 313.545 1.029 312.516 0.2377287471682 1314.59069936917 4/1/1991 0.0882403930407125/1/1991 116.5 315.559 1.035 314.524 0.237966475915368 1321.71558531572 5/1/1991 0.0881430175253416/1/1991 116.4 316.904 0.996 315.908 0.238204442391284 1326.20532526038 6/1/1991 0.087769214753497/1/1991 116.1 319.196 0.904 318.292 0.238442646833675 1334.87865625827 7/1/1991 0.0869741975839478/1/1991 116.2 320.501 1.085 319.416 0.238681089480508 1338.25432377241 8/1/1991 0.0868295345181059/1/1991 116.1 322.32 0.933 321.387 0.238919770569989 1345.16703759287 9/1/1991 0.086308983758446

10/1/1991 116.4 324.084 1.057 323.027 0.239158690340559 1350.68058593235 10/1/1991 0.0861787762497911/1/1991 116.4 326.8 0.893 325.907 0.239397849030899 1361.36143795484 11/1/1991 0.08550264224823912/1/1991 115.9 330.553 0.99 329.563 0.23963724687993 1375.25782945223 12/1/1991 0.084275106469428

1/1/1992 115.6 331.412 0.993 330.419 0.23987688412681 1377.45244275111 1/1/1992 0.0839230425764232/1/1992 116 333.981 1.045 332.936 0.240116761010937 1386.55876665284 2/1/1992 0.083660355976133/1/1992 116.1 337.468 1.025 336.443 0.240356877771948 1399.76439667027 3/1/1992 0.082942529668694/1/1992 116.3 340.151 1.133 339.018 0.24059723464972 1409.0685642899 4/1/1992 0.0825367927064715/1/1992 117.2 343.243 1.004 342.239 0.240837831884369 1421.03504803313 5/1/1992 0.0824750945884256/1/1992 118 344.452 0.924 343.528 0.241078669716254 1424.96223495976 6/1/1992 0.0828092121355997/1/1992 117.9 347.575 0.975 346.6 0.24131974838597 1436.26869461857 7/1/1992 0.0820877043701848/1/1992 117.7 351.806 0.939 350.867 0.241561068134356 1452.49813105168 8/1/1992 0.0810328065033589/1/1992 118 356.183 1.015 355.168 0.24180262920249 1468.83431818508 9/1/1992 0.080335813603404

10/1/1992 118.1 359.975 1.063 358.912 0.242044431831693 1482.83518560581 10/1/1992 0.07964472461027511/1/1992 117.8 363.722 1.043 362.679 0.242286476263524 1496.90154231114 11/1/1992 0.07869589059152412/1/1992 117.6 365.544 1.154 364.39 0.242528762739788 1502.46096950966 12/1/1992 0.078271584012182

1/1/1993 118 368.084 1.262 366.822 0.242771291502528 1510.97766844553 1/1/1993 0.0780951316913882/1/1993 118.4 371.289 1.093 370.196 0.24301406279403 1523.35217042054 2/1/1993 0.0777233277366943/1/1993 118.7 373.391 1.233 372.158 0.243257076856824 1529.89588138085 3/1/1993 0.0775869792478064/1/1993 119.3 376.826 1.103 375.723 0.243500333933681 1543.00815087314 4/1/1993 0.0773165066772285/1/1993 119.7 380.84 0.999 379.841 0.243743834267615 1558.3614705222 5/1/1993 0.0768114473209416/1/1993 119.5 384.829 0.895 383.934 0.243987578101882 1573.58011004839 6/1/1993 0.0759414784394587/1/1993 119.2 387.72 1.068 386.652 0.244231565679984 1583.13688455254 7/1/1993 0.0752935524167838/1/1993 118.7 391.204 0.952 390.252 0.244475797245664 1596.28071325135 8/1/1993 0.0743603546761089/1/1993 118.7 396.451 1.086 395.365 0.24472027304291 1615.57926968591 9/1/1993 0.073472098972325

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 20: Adjusted PPI

10/1/1993 119.1 400.929 1.077 399.852 0.244964993315953 1632.28220729595 10/1/1993 0.07296532392967911/1/1993 119 402.665 1.12 401.545 0.245209958309268 1637.55584303618 11/1/1993 0.07266927751261512/1/1993 118.6 405.32 1.069 404.251 0.245455168267578 1646.9443395843 12/1/1993 0.072012148285433

1/1/1994 119.1 409.033 1.459 407.574 0.245700623435845 1658.82362975128 1/1/1994 0.071797867997492/1/1994 119.3 413.183 1.149 412.034 0.245946324059281 1675.30050134308 2/1/1994 0.0712111050550983/1/1994 119.7 415.647 0.984 414.663 0.24619227038334 1684.30552004877 3/1/1994 0.0710678665925964/1/1994 119.7 418.864 1.142 417.722 0.246438462653724 1695.03573225479 4/1/1994 0.070617980330585/1/1994 119.9 420.63 0.869 419.761 0.246684901116377 1701.60799505914 5/1/1994 0.0704627624859236/1/1994 120.5 423.468 1.117 422.351 0.246931586017494 1710.39682209824 6/1/1994 0.0704514873058387/1/1994 120.7 427.291 1.116 426.175 0.247178517603511 1724.1587340677 7/1/1994 0.0700051553346488/1/1994 121.2 428.248 1.01 427.238 0.247425696121115 1726.73253707193 8/1/1994 0.0701903725087179/1/1994 121 430.036 1.048 428.988 0.247673121817236 1732.07329423724 9/1/1994 0.069858475621429

10/1/1994 120.9 432.825 0.797 432.028 0.247920794939053 1742.60493197518 10/1/1994 0.06937889235913311/1/1994 121.5 434.594 0.996 433.598 0.248168715733992 1747.19040922453 11/1/1994 0.06954021688679412/1/1994 121.9 434.788 1.171 433.617 0.248416884449726 1745.52144859443 12/1/1994 0.069835864863282

1/1/1995 122.9 437.433 1.332 436.101 0.248665301334176 1753.76700191047 1/1/1995 0.0700777240455082/1/1995 123.5 438.536 0.97 437.566 0.24891396663551 1757.90055461507 2/1/1995 0.0702542585106833/1/1995 123.9 442.55 0.823 441.727 0.249162880602145 1772.84432951044 3/1/1995 0.0698876928659694/1/1995 124.6 445.738 0.757 444.981 0.249412043482747 1784.11993978463 4/1/1995 0.0698383540374765/1/1995 124.9 448.642 0.873 447.769 0.24966145552623 1793.50472445257 5/1/1995 0.0696401845487886/1/1995 125.3 448.699 0.983 447.716 0.249911116981756 1791.50093604153 6/1/1995 0.069941353353057/1/1995 125.3 449.192 1.106 448.086 0.250161028098738 1791.19027214399 7/1/1995 0.0699534839757818/1/1995 125.1 450.953 1.006 449.947 0.250411189126837 1796.8326478099 8/1/1995 0.0696225105618389/1/1995 125.2 451.922 0.971 450.951 0.250661600315964 1799.0430103038 9/1/1995 0.069592555199032

10/1/1995 125.3 453.234 1.079 452.155 0.25091226191628 1802.04425462024 10/1/1995 0.06953214366336711/1/1995 125.4 453.333 0.946 452.387 0.251163174178196 1801.16771290301 11/1/1995 0.06962150115265412/1/1995 125.7 455.109 1.29 453.819 0.251414337352374 1805.0641215578 12/1/1995 0.069637415368668

1/1/1996 126.3 456.905 1.467 455.438 0.251665751689726 1809.69399666865 1/1/1996 0.0697908045407112/1/1996 126.2 455.39 0.861 454.529 0.251917417441416 1804.27778522182 2/1/1996 0.0699448837832283/1/1996 126.4 459.73 1.142 458.588 0.252169334858857 1818.57163662139 3/1/1996 0.0695050980971154/1/1996 127.4 460.272 1.126 459.146 0.252421504193716 1818.96546994521 4/1/1996 0.0700398122476935/1/1996 128.1 462.094 0.911 461.183 0.25267392569791 1825.21009528849 5/1/1996 0.0701837012246816/1/1996 128 464.418 1.114 463.304 0.252926599623608 1831.77254068755 6/1/1996 0.0698776715759457/1/1996 128 467.196 1.021 466.175 0.253179526223231 1841.28237758439 7/1/1996 0.0695167680733068/1/1996 128.3 469.842 0.961 468.881 0.253432705749455 1850.12032528879 8/1/1996 0.0693468409845049/1/1996 128.2 472.09 1.05 471.04 0.253686138455204 1856.78256947088 9/1/1996 0.069044163871342

10/1/1996 128 473.726 1.007 472.719 0.253939824593659 1861.53944445862 10/1/1996 0.06876029427204811/1/1996 128.2 475.518 1.055 474.463 0.254193764418253 1866.54067256864 11/1/1996 0.06868320732790612/1/1996 129.1 479.042 1.418 477.624 0.254447958182671 1877.09896912243 12/1/1996 0.068776341644019

1/1/1997 129.7 480.873 1.228 479.645 0.254702406140854 1883.15849570243 1/1/1997 0.0688736504632982/1/1997 128.5 483.285 1.035 482.25 0.254957108546995 1891.49462334411 2/1/1997 0.0679356940348143/1/1997 127.3 485.066 1.169 483.897 0.255212065655542 1896.05847496691 3/1/1997 0.0671392795531914/1/1997 127 488.015 1.015 487 0.255467277721197 1906.31068035056 4/1/1997 0.0666208301244195/1/1997 127.4 489.756 1.283 488.473 0.255722744998918 1910.16641872066 5/1/1997 0.0666957594644176/1/1997 127.2 490.995 1.344 489.651 0.255978467743917 1912.86011013181 6/1/1997 0.066497282956697/1/1997 126.9 494.528 1.237 493.291 0.256234446211661 1925.15490127553 7/1/1997 0.0659167737182718/1/1997 127.2 497.406 1.26 496.146 0.256490680657873 1934.36267831422 8/1/1997 0.0657580925366359/1/1997 127.5 499.075 1.297 497.778 0.25674717133853 1938.78669589571 9/1/1997 0.065762778478885

10/1/1997 127.8 502.162 1.416 500.746 0.257003918509869 1948.39830810117 10/1/1997 0.0655923378031211/1/1997 127.9 506.079 1.668 504.411 0.257260922428379 1960.69809296601 11/1/1997 0.06523186841403112/1/1997 126.8 509.573 1.687 507.886 0.257518183350807 1972.23354635166 12/1/1997 0.064292588590515

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 21: Adjusted PPI

1/1/1998 125.4 512.028 1.764 510.264 0.257775701534158 1979.48835737097 1/1/1998 0.0633497032367232/1/1998 125 513.839 1.535 512.304 0.258033477235692 1985.41679741832 2/1/1998 0.0629590724539763/1/1998 124.7 517.004 1.35 515.654 0.258291510712928 1996.40320572948 3/1/1998 0.0624623320790734/1/1998 124.9 519.258 1.391 517.867 0.258549802223641 2002.96807634784 4/1/1998 0.0623574591501925/1/1998 125.1 519.728 1.29 518.438 0.258808352025864 2003.17337497744 5/1/1998 0.0624509099225676/1/1998 124.8 522.705 1.619 521.086 0.25906716037789 2011.39349055247 6/1/1998 0.0620465366852327/1/1998 124.9 523.199 1.374 521.825 0.259326227538268 2012.23379892416 7/1/1998 0.0620703220802568/1/1998 124.2 526.6 1.532 525.068 0.259585553765806 2022.71656639918 8/1/1998 0.0614025721958179/1/1998 123.8 531.331 1.697 529.634 0.259845139319572 2038.26787519249 9/1/1998 0.060737845847818

10/1/1998 124 536.004 1.575 534.429 0.260104984458892 2054.66650749426 10/1/1998 0.06035042647929411/1/1998 123.6 538.87 1.611 537.259 0.26036508944335 2063.48324634703 11/1/1998 0.05989871748113712/1/1998 122.8 541.643 1.512 540.131 0.260625454532794 2072.44146957272 12/1/1998 0.059253784390504

1/1/1999 122.9 547.143 1.489 545.654 0.260886079987326 2091.54125826302 1/1/1999 0.0587604951680782/1/1999 122.3 551.626 1.194 550.432 0.261146966067314 2107.74801748269 2/1/1999 0.0580240137746943/1/1999 122.6 555.875 1.268 554.607 0.261408113033381 2121.61357030712 3/1/1999 0.0577862065532764/1/1999 123.6 558.941 1.155 557.786 0.261669521146414 2131.64298828635 4/1/1999 0.0579834431371475/1/1999 124.7 565.079 1.221 563.858 0.261931190667561 2152.69513555428 5/1/1999 0.0579273850441866/1/1999 125.2 567.568 1.297 566.271 0.262193121858228 2159.74773093472 6/1/1999 0.0579697333196487/1/1999 125.7 569.079 0.964 568.115 0.262455314980087 2164.616098718 7/1/1999 0.0580703433160488/1/1999 126.9 572.503 1.161 571.342 0.262717770295067 2174.73678829684 8/1/1999 0.0583518891494839/1/1999 128 580.197 1.213 578.984 0.262980488065362 2201.62341419071 9/1/1999 0.05813891657173

10/1/1999 127.7 589.803 1.148 588.655 0.263243468553427 2236.1618437668 10/1/1999 0.05710677890151711/1/1999 128.3 604.237 1.328 602.909 0.26350671202198 2288.02141461091 11/1/1999 0.05607464999265212/1/1999 127.8 628.121 1.294 626.827 0.263770218734002 2376.41308790861 12/1/1999 0.053778528930958

1/1/2000 128.3 618.603 2.013 616.59 0.264033988952736 2335.26752538808 1/1/2000 0.0549401722094682/1/2000 129.8 602.285 1.113 601.172 0.264298022941689 2274.59892930275 2/1/2000 0.0570650053193283/1/2000 130.8 600.018 1.208 598.81 0.264562320964631 2263.39864957586 3/1/2000 0.0577892012193754/1/2000 130.7 601.789 1.166 600.623 0.264826883285595 2267.98349377648 4/1/2000 0.0576282853727345/1/2000 131.6 604.233 0.97 603.263 0.265091710168881 2275.67659364256 5/1/2000 0.0578289552951616/1/2000 133.8 605.473 1.115 604.358 0.26535680187905 2277.52970988649 6/1/2000 0.0587478615182017/1/2000 133.7 606.453 1.143 605.31 0.265622158680929 2278.83849376856 7/1/2000 0.0586702394073128/1/2000 132.9 605.651 1.054 604.597 0.26588778083961 2273.88034941218 8/1/2000 0.0584463470271679/1/2000 134.7 606.409 1.146 605.263 0.266153668620449 2274.11105447936 9/1/2000 0.059231935808358

10/1/2000 135.4 610.39 1.148 609.242 0.26641982228907 2286.77429016135 10/1/2000 0.05921004122818211/1/2000 135 611.281 1.203 610.078 0.266686242111359 2287.62457024406 11/1/2000 0.05901317976559312/1/2000 136.2 612.766 1.325 611.441 0.26695292835347 2290.44500006532 12/1/2000 0.059464427216596

1/1/2001 140 616.736 1.263 615.473 0.267219881281823 2303.24554089182 1/1/2001 0.0607837929193572/1/2001 137.4 619.425 1.345 618.08 0.267487101163105 2310.69086065243 2/1/2001 0.0594627357296963/1/2001 135.9 622.211 1.251 620.96 0.267754588264268 2319.1385963744 3/1/2001 0.0585993438307044/1/2001 136.4 625.428 1.257 624.171 0.268022342852532 2328.8021190958 4/1/2001 0.0585708845253715/1/2001 136.8 630.352 1.019 629.333 0.268290365195385 2345.71599148438 5/1/2001 0.05831908061196/1/2001 135.5 632.623 1.249 631.374 0.26855865556058 2350.97244839155 6/1/2001 0.0576357243542797/1/2001 133.4 638.38 1.401 636.979 0.268827214216141 2369.47364818452 7/1/2001 0.0562994233348878/1/2001 133.4 645.828 1.203 644.625 0.269096041430357 2395.52018890189 8/1/2001 0.0556872785368399/1/2001 133.3 671.483 19.015 652.468 0.269365137471787 2422.2436731195 9/1/2001 0.05503162273857

10/1/2001 130.3 663.791 1.326 662.465 0.269634502609259 2456.89996491292 10/1/2001 0.05303431228817611/1/2001 129.8 661.227 1.439 659.788 0.269904137111868 2444.52718309588 11/1/2001 0.05309820275167212/1/2001 128.1 665.58 1.643 663.937 0.27017404124898 2457.44186573478 12/1/2001 0.052127377573466

1/1/2002 128.5 673.731 1.405 672.326 0.270444215290229 2486.00621491751 1/1/2002 0.0516893317598822/1/2002 128.4 681.875 1.373 680.502 0.270714659505519 2513.72423363769 2/1/2002 0.0510795887161373/1/2002 129.8 685.137 1.403 683.734 0.270985374165025 2523.13986356924 3/1/2002 0.051443838636985

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 22: Adjusted PPI

4/1/2002 130.8 688.997 1.205 687.792 0.27125635953919 2535.57926224631 4/1/2002 0.0515858454703255/1/2002 130.8 692.751 1.259 691.492 0.271527615898729 2546.67282261965 5/1/2002 0.0513611323913426/1/2002 130.9 697.001 1.238 695.763 0.271799143514628 2559.84250356019 6/1/2002 0.0511359584888317/1/2002 131.2 700.996 1.376 699.62 0.272070942658142 2571.46166791899 7/1/2002 0.0510215655309298/1/2002 131.5 702.801 1.607 701.194 0.272343013600801 2574.67225147111 8/1/2002 0.0510744619727289/1/2002 132.3 704.272 1.484 702.788 0.272615356614401 2577.94721738311 9/1/2002 0.051319902559642

10/1/2002 133.2 710.699 1.533 709.166 0.272887971971016 2598.74407390635 10/1/2002 0.05125552813662711/1/2002 133.1 712.605 1.637 710.968 0.273160859942987 2602.74477151811 11/1/2002 0.05113832191942812/1/2002 132.9 714.034 2.008 712.026 0.27343402080293 2604.01393326683 12/1/2002 0.051036593277084

1/1/2003 135.3 719.597 1.707 717.89 0.273707454823733 2622.83685500024 1/1/2003 0.0515853663341892/1/2003 137.6 728.898 1.964 726.934 0.273981162278556 2653.22620706648 2/1/2003 0.0518613903456563/1/2003 141.2 732.444 1.629 730.815 0.274255143440835 2664.72668782476 3/1/2003 0.0529885487487884/1/2003 136.8 736.649 1.539 735.11 0.274529398584276 2677.70957788455 4/1/2003 0.0510884380927065/1/2003 136.7 738.849 1.617 737.232 0.27480392798286 2682.75641258659 5/1/2003 0.0509550547931416/1/2003 138 739.903 2.039 737.864 0.275078731910843 2682.37386029231 6/1/2003 0.0514469671967967/1/2003 137.7 741.581 1.934 739.647 0.275353810642753 2686.16947146457 7/1/2003 0.0512625884043438/1/2003 138 745.652 3.764 741.888 0.275629164453396 2691.61647487938 8/1/2003 0.0512703058879089/1/2003 138.5 745.825 1.508 744.317 0.275904793617849 2697.73130883307 9/1/2003 0.051339434563596

10/1/2003 139.3 753.921 1.466 752.455 0.276180698411467 2724.50248814621 10/1/2003 0.05112860076511911/1/2003 138.9 754.977 1.482 753.495 0.276456879109879 2725.54259610419 11/1/2003 0.05096232955542112/1/2003 139.5 752.946 1.046 751.9 0.276733335988989 2717.05610497869 12/1/2003 0.051342333249719

1/1/2004 141.4 756.809 0.888 755.921 0.277010069324978 2728.85748103684 1/1/2004 0.0518165572891242/1/2004 142.1 763.231 1.191 762.04 0.277287079394302 2748.198732031 2/1/2004 0.0517065954305953/1/2004 143.1 764.392 1.806 762.586 0.277564366473697 2747.42039004587 3/1/2004 0.0520852216568184/1/2004 144.8 768.066 1.805 766.261 0.27784193084017 2757.90265955499 4/1/2004 0.0525036659645435/1/2004 146.8 770.174 1.683 768.491 0.278119772771011 2763.165640268 5/1/2004 0.0531274701236386/1/2004 147.2 775.409 1.93 773.479 0.278397892543782 2778.32203732778 6/1/2004 0.0529816191292137/1/2004 147.4 780.951 1.721 779.23 0.278676290436325 2796.18333795083 7/1/2004 0.0527147122291428/1/2004 148 781.811 1.581 780.23 0.278954966726762 2796.97475601587 8/1/2004 0.0529143138248479/1/2004 147.7 786.281 1.653 784.628 0.279233921693488 2809.93081084639 9/1/2004 0.052563571825283

10/1/2004 150 792.205 1.755 790.45 0.279513155615182 2827.95276043553 10/1/2004 0.05304190441176211/1/2004 151.4 793.869 1.784 792.085 0.279792668770797 2830.97124552919 11/1/2004 0.05347987911890612/1/2004 150.2 787.95 1.908 786.042 0.280072461439568 2806.5665433858 12/1/2004 0.053517348574533

1/1/2005 150.9 793.803 1.738 792.065 0.280352533901007 2825.24644588973 1/1/2005 0.0534112697387992/1/2005 151.6 800.414 1.489 798.925 0.280632886434908 2846.86876919291 2/1/2005 0.0532514886673123/1/2005 153.7 800.903 1.78 799.123 0.280913519321343 2844.72958770584 3/1/2005 0.054029740002094/1/2005 155 802.318 1.664 800.654 0.281194432840664 2847.33233126874 4/1/2005 0.0544369191814485/1/2005 154.3 800.426 1.525 798.901 0.281475627273505 2838.25995074068 5/1/2005 0.0543642945600296/1/2005 154.3 804.939 1.739 803.2 0.281757102900778 2850.68234919653 6/1/2005 0.0541273916553667/1/2005 156.3 806.592 1.791 804.801 0.282038860003679 2853.51103741343 7/1/2005 0.0547746260486448/1/2005 157.6 808.051 1.619 806.432 0.282320898863683 2856.43749097505 8/1/2005 0.0551736211620039/1/2005 162.2 812.415 1.994 810.421 0.282603219762547 2867.69910364413 9/1/2005 0.056561024758101

10/1/2005 166.2 816.718 1.883 814.835 0.282885822982309 2880.43773777577 10/1/2005 0.05769956344494311/1/2005 163.7 817.46 1.78 815.68 0.283168708805291 2880.54426437657 11/1/2005 0.05682953809266612/1/2005 163 815.424 1.9 813.524 0.283451877514097 2870.06036839372 12/1/2005 0.056793230482196

1/1/2006 164.3 825.155 1.575 823.58 0.283735329391611 2902.63465521171 1/1/2006 0.0566037478071852/1/2006 161.8 832.399 1.549 830.85 0.284019064721002 2925.33179354055 2/1/2006 0.0553099653028323/1/2006 162.2 834.031 1.506 832.525 0.284303083785723 2928.30098398604 3/1/2006 0.0553904809946184/1/2006 164.3 835.312 1.824 833.488 0.284587386869509 2928.7594547617 4/1/2006 0.0560988372509995/1/2006 165.8 836.958 1.797 835.161 0.284871974256378 2931.70643472416 5/1/2006 0.0565540935600536/1/2006 166.1 836.877 1.781 835.096 0.285156846230635 2928.54971233822 6/1/2006 0.056717493747914

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 23: Adjusted PPI

7/1/2006 166.8 834.984 1.553 833.431 0.285442003076865 2919.79102940771 7/1/2006 0.0571273760073978/1/2006 167.9 834.628 1.519 833.109 0.285727445079942 2915.74720715719 8/1/2006 0.057583867211769/1/2006 165.4 834.208 1.76 832.448 0.286013172525022 2910.52329041654 9/1/2006 0.056828268835577

10/1/2006 162.2 837.88 1.692 836.188 0.286299185697547 2920.67893229486 10/1/2006 0.05553503269616711/1/2006 164.6 840.304 1.688 838.616 0.286585484883245 2926.2333378177 11/1/2006 0.05624978632864412/1/2006 165.6 837.686 1.862 835.824 0.286872070368128 2913.57746652517 12/1/2006 0.056837342374665

1/1/2007 164 843.474 1.544 841.93 0.287158942438496 2931.93028519502 1/1/2007 0.0559358456877812/1/2007 166.8 847.236 1.453 845.783 0.287446101380934 2942.40553598303 2/1/2007 0.056688310961963/1/2007 169.3 848.152 1.617 846.535 0.287733547482315 2942.07959901523 3/1/2007 0.057544330227054/1/2007 171.4 848.943 1.587 847.356 0.288021281029798 2941.99094237184 4/1/2007 0.0582598666540485/1/2007 173.3 849.593 1.455 848.138 0.288309302310827 2941.76425527061 5/1/2007 0.0589102269801226/1/2007 173.8 851.146 1.753 849.393 0.288597611613138 2943.17404517748 6/1/2007 0.0590518934090157/1/2007 175.1 851.843 1.634 850.209 0.288886209224751 2943.05845295143 7/1/2007 0.0594959301010158/1/2007 172.4 853.39 4.826 848.564 0.289175095433976 2934.42973962377 8/1/2007 0.0587507677120619/1/2007 173.5 851.437 1.732 849.705 0.28946427052941 2935.44000593216 9/1/2007 0.059105278816592

10/1/2007 174.7 856.393 1.459 854.934 0.289753734799939 2950.55385771055 10/1/2007 0.05920922254764611/1/2007 179 857.406 1.693 855.713 0.290043488534739 2950.29205559121 11/1/2007 0.06067195946271512/1/2007 178.6 847.334 1.784 845.55 0.290333532023274 2912.34014241324 12/1/2007 0.061325254354393

1/1/2008 181 851.331 1.647 849.684 0.290623865555297 2923.6552833557 1/1/2008 0.0619088033498442/1/2008 182.7 857.069 1.614 855.455 0.290914489420852 2940.57199317581 2/1/2008 0.0621307692598563/1/2008 187.9 860.622 2.644 857.978 0.291205403910273 2946.2983463877 3/1/2008 0.0637749399107444/1/2008 190.9 855.613 1.737 853.876 0.291496609314184 2929.28278654407 4/1/2008 0.065169535995955/1/2008 196.6 860.641 1.837 858.804 0.291788105923498 2943.24539816974 5/1/2008 0.0667970126181996/1/2008 200.5 863.852 2.224 861.628 0.292079894029421 2949.97368053416 6/1/2008 0.0679667080838827/1/2008 205.5 871.602 1.912 869.69 0.292371973923451 2974.60111627424 7/1/2008 0.0690848930553068/1/2008 199 872.261 1.875 870.386 0.292664345897374 2974.00763776402 8/1/2008 0.0669130763058899/1/2008 196.9 936.456 59.482 876.974 0.292957010243271 2993.52454229295 9/1/2008 0.065775308409257

10/1/2008 186.4 1142.153 267.156 874.997 0.293249967253515 2983.7923195523 10/1/2008 0.06247083578121411/1/2008 176.8 1480.74 558.819 921.921 0.293543217220768 3140.66531234698 11/1/2008 0.05629380478873112/1/2008 170.9 1669.236 767.33 901.906 0.293836760437989 3069.41173274451 12/1/2008 0.055678421430673

1/1/2009 171.2 1730.136 796.846 933.29 0.294130597198427 3173.04628926579 1/1/2009 0.0539544602860532/1/2009 169.3 1590.134 642.085 948.049 0.294424727795625 3220.00467521223 2/1/2009 0.052577563412653/1/2009 168.1 1668.461 723.116 945.345 0.294719152523421 3207.61305095323 3/1/2009 0.0524065706585294/1/2009 169.1 1787.681 822.607 965.074 0.295013871675944 3271.28346378261 4/1/2009 0.0516922491958155/1/2009 170.8 1799.197 842.143 957.054 0.29530888554762 3240.8574439785 5/1/2009 0.0527021021295916/1/2009 174.1 1703.979 749.431 954.548 0.295604194433168 3229.14227191662 6/1/2009 0.0539152460125787/1/2009 172.5 1693.704 732.255 961.449 0.295899798627601 3249.23843969902 7/1/2009 0.0530893633081548/1/2009 175 1728.107 765.625 962.482 0.296195698426228 3249.4800063402 8/1/2009 0.0538547705043739/1/2009 174.1 1819.73 859.887 959.843 0.296491894124655 3237.333023332 9/1/2009 0.053778835462781

10/1/2009 175.2 1975.374 994.501 980.873 0.296788386018779 3304.95749229869 10/1/2009 0.0530112718267211/1/2009 177.4 2044.685 1077.012 967.673 0.297085174404798 3257.22413425277 11/1/2009 0.054463553224512/1/2009 178.1 2017.309 1075.201 942.108 0.297382259579203 3168.00336823416 12/1/2009 0.056218374571765

1/1/2010 181.9 2010.106 1045.801 964.305 0.297679641838782 3239.40526817165 1/1/2010 0.0561522825770632/1/2010 181 2150.916 1161.852 989.064 0.297977321480621 3319.25931505605 2/1/2010 0.0545302378693313/1/2010 183.3 2106.53 1120.371 986.159 0.298275298802101 3306.20404693415 3/1/2010 0.0554412242553434/1/2010 184.4 2044.306 1050.227 994.079 0.298573574100903 3329.42727096153 4/1/2010 0.0553849010634035/1/2010 184.8 2034.554 1044.787 989.767 0.298872147675004 3311.67359588248 5/1/2010 0.0558026009054066/1/2010 183.5 2024.007 1034.929 989.078 0.299171019822679 3306.06220009623 6/1/2010 0.0555040978946677/1/2010 184.1 2015.19 1021.649 993.541 0.299470190842502 3317.66242645007 7/1/2010 0.0554908777132548/1/2010 184.9 2014.632 1019.567 995.065 0.299769661033344 3319.43198177522 8/1/2010 0.0557023011813969/1/2010 184.9 1981.141 980.844 1000.297 0.300069430694377 3333.55183060553 9/1/2010 0.055466364225216

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 24: Adjusted PPI

10/1/2010 186.6 1998.498 973.541 1024.957 0.300369500125072 3412.32049050658 10/1/2010 0.0546841952621811/1/2010 188 1991.149 972.019 1019.13 0.300669869625197 3389.53151930523 11/1/2010 0.05546489210359512/1/2010 189.9 2009.319 1007.172 1002.147 0.300970539494822 3329.71792415995 12/1/2010 0.057031858050832

1/1/2011 192.2 2057.086 1037.099 1019.987 0.301271510034317 3385.60722148542 1/1/2011 0.0567697276814272/1/2011 195.5 2243.523 1191.3 1052.223 0.301572781544351 3489.11793236637 2/1/2011 0.056031353422155

date ppi base excess reservescirculatingcurrency population (billions) pop. multiplier

circulating currencyper person(billions) date ppi/ccpp

Page 25: Adjusted PPI