h6_198203_revision.pdf

Revised Money Stock Data

The attached historical data on the money stock and related series incorporate annual benchmark and seasonal adjustment revisions, as well as minor compositional changes.

Benchmark revisions Several benchmark revisions were made. Commercial bank deposits data were benchmarked to

the March, June and September 1981 call reports. The impact of these adjustments was small, both on levels and growth rates.

A consolidation adjustment has been made to remove at the Ml level the portion of thrift institutions' holdings of vault cash that is estimated to be used for servicing their other checkable deposit liabilities; this lowers the currency component of the money stock which previously included all vault cash at thrift institutions. The remainder of thrift institution vault cash has been removed at the M2 level. This consolidation adjustment reduced Ml by less than $.2 billion and M2 by about $ 2 billion in the fourth quarter of 1981, but affected growth rates only minimally.

Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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Cash items in the process of collection (CIPC) of thrift institutions has been netted against transactions deposits at the Ml level, lowering the level of the aggregates by about $1 billion in the fourth quarter of 1981 and affecting growth rates negligibly. Owing to unavailability of data, CIPC of thrift institutions previously had not been deducted from measures of the money stock.

Daily deposits data for savings and time deposits at thrift institutionsreported since November 1980 as a consequence of the Monetary Control Act of 1980 (MCA)have been incorporated. These components for thrifts are now comparable to those of commercial banks in terms of frequency of data and definition (daily deposits data include balances in escrow ac-acounts and certain primary obligations). Historical data on savings and small time deposits at thrift institutions prior to November 1980 have been revised to be consistent with the broader daily deposits report definition. Incorporation of these new data raised the level of savings and small time deposits at thrifts by about $4 billion in the fourth quarter of 1981, although growth of M2 for the year was affected only slightly. These changes represent the final step in the conversion to data flows occasioned by the MCA.


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Revisions to deposits data of depository institutions that report once each quarterinstitutions with total deposits between $2 and $15 millionand travelers check data have been incorporated.

Compositional changes In the revised measures, retail RPs at all depository

institutionsissued in denominations of less than $100,000appear in the small denomination time deposit component of M2; in the old measures, retail RPs entered at the M3 level as a component of term RPs. Institution-only money market mutual fundswhich do not offer accounts to individualsare removed from the money market mutual fund component of M2 and enter the money stock at the M3 level, along with large-denomination time deposits and large-denomination term RPs.

The inclusion of retail RPs raises the level of M2 by about $12-3/4 billion in the fourth quarter of 1981 while the removal of institution-only money funds lowers M2 by about $28-1/4 billion (after adjusting the overnight RP component of M2 to account for RPs held by such money market funds). For the QIV 1980 to QIV 1981 period, the addition of retail RPs raised M2 growth by 0.7 percent, while the removal of institution-only money market funds lowered this aggregate's growth by 0.9 percent.

Seasonal adjustment Seasonal adjustment factors for the components of the

money stock have been updated using data for 1981 and, in accordance with a recommendation of the Committee of Experts on Seasonal


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Adjustment Techniques, an X-ll ARIMA method was used.1 For the deposit component of Mlr the calculation of seasonal adjustment factors follows a procedure used in 1981 that reduces the impact of distortions to deposit flows accompanying the Special Credit Restraint Program of 1980 and shifts to NOW and ATS accounts.2

Seasonal factors for transactions deposits (demand deposits plus OCD) were computed after removing estimated shifts from savings deposits and other sources outside Ml to newly-authorized NOW accounts in New York State and ATS accounts nationwide from November 1978 to March 1979 and to newly-authorized NOW accounts in 1981.3 The method used to remove distortions associated with credit controls and their aftermath follows the one used in 1981. This intervention procedure involves developing a model of the seriesin practice an ARIMA modeland augmenting it with a functional form suitable for capturing the effects of this period; the resulting "intervention" factors are then applied to the original data for this period before calculating seasonal adjustment factors.4 Seasonal adjustment factors for demand deposits were computed after adding back in the amount estimated to have Yl See Committee of Experts on Seasonal Adjustment Techniques, Seasonal Adjustment of the Monetary Aggregates (Board of Governors of the Federal Reserve System, October 1981) , p. 2. 2. See "Recent Revisions in the Money Stock: Benchmark, Seasonal Adjustment, and Calculation of Shift-Adjusted Ml-B" (Board of Governors of the Federal Reserve System, Division of Research and Statistics, Banking Section, July 1981; processed). 3. For the late 1978 to early 1979 period, shifts to OCD from non-Mi sources were estimated to be one-third of the expansion of OCD and for 1981 such non-Mi shifts to newly-opened NOW accounts were estimated using a procedure employed in the construction of shift-adjusted Ml-B and discussed more fully in "Recent Revisions in the Money Stock," pp. 27-31. 4. For more description of this technique, see "Recent Revisions in the Money Stock," pp. 14-22. Intervention factors for transactions deposits are as follows: .990, .971, .958, .965, .974, and .990, for the months March to August respectively.


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shifted from demand deposits to ATS and NOW accounts in late 1978 and early 1979 and in 1981; demand deposits data were also pread-justed for distortions associated with credit controls in 1980.1 Seasonal adjustment factors were then calculated using an X-ll ARIMA procedure and applied to original data to derive separately seasonally adjusted transactions deposits and demand deposits.2 Seasonally adjusted OCD are derived as a residual by subtracting seasonally adjusted demand deposits from seasonally adjusted transactions deposits.

For the years 1979 to 1981, when substantial distorting shifts to OCD from sources outside Ml occurred, the procedure employed last year for constructing seasonally adjusted transactions depositsdemand deposits plus OCDhas been retained.3 Demand deposits plus that portion of OCD estimated to have come from demand deposits rather than savings deposits and other non-Mi sources is adjusted using the transactions deposit seasonal factor; OCD estimated to have come from savings deposits and other non-Mi sources is adjusted using the commercial bank savings deposit seasonal factor. However, in 1982well after the initial shifts of funds into nationwide NOWsan accurate estimate of the sources of OCD is no longer feasible. Accordingly, for 1982 the sum of demand deposits and all OCD is seasonally adjusted by applying the seasonal factor estimated for transactions deposits. Tl See "Recent Revisions in the Money Stock" for the method used to estimate shifts from demand deposits to OCD and for a discussion of the preadjustment technique used for the credit control period. Intervention factors for demand deposits are as follows: .991, .971, .963, .968, .976, and .991 for the months March to August 1980, respectively. 2. Updated monthly seasonal adjustment factors for 1981 and 1982 and weekly factors for late 1981 and 1982 were published in the February 5, 1982 Money Stock Measures and Liquid Assets (H.6) release. 3. See "Recent Revisions in the Money Stock,M pp. 11-13 and 27-31.


TABLE 1 MONET STOCK MEASURES AND LIQUID ASSETS BILLIONS OF DOLLARS SEASONALLY ADJUSTED NOT SEASONALLY ADJUSTED

1 9 5 9 J A N . . , . F E B . . . M A R . . . A P R . . . B A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . .

1 9 6 0 J A N . . . F E B . . . B A R . . . A P R . . . H A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1 9 6 1 J A N . . . F E B . . . B A R . . . A P R . . . H A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . | N O V . . . D E C . . .

1962 J A N . . . F E B . . . I H A R . . . | A P R . . . H A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

| flj | CURRENCY , TRAVELERS

CHECKS, DEMAND

DEPOSITS AND OTHER CHECKABLE

DEPOSITS 1 3 9 . 8

| 1 4 0 . 3 1 4 0 . 7 1 4 0 . 6 1 4 1 . 6 1 4 2 . 1 1 4 2 . 6 1 4 2 . 8 1 4 2 . 0 ' 1 4 1 . 4 1 4 1 . 3 1 4 0 . 9

1 4 1 . 0 1 4 0 . 9 1 4 0 . 9 1 4 0 . 6

| 1 4 0 . 7 1 4 0 . 7

I 1 4 1 . 3 1 4 2 . 4 1 4 2 . 3

| 1 4 2 . 0 1 4 2 . 0 1 4 1 . 9

1 4 2 . 2 1 4 2 . 8 1 4 3 . 1 1 4 3 . 3 1 4 3 . 9 1 4 4 . 1 1 4 4 . 2 1 4 4 . 8 1 4 5 . 1 1 4 5 . 5 1 4 6 . 1 1 4 6 . 5

1 4 6 . 6 1 4 7 . 0 1 4 7 . 3 1 4 7 . 8 1 4 8 . 2 j 1 4 7 . 9 1 4 7 . 9

1 1 4 7 . 9 I 1 4 7 . 7

1 4 8 . 1 I 1 4 8 . 7 I 1 4 9 . 2

i az J H1 OVERNIGHT RP*S AND EUROS, G/P & B/D HHHFS AND

| SAY AND SH T I H E DEPOSITS

2 8 6 7 5 2 8 7 . 7 2 8 9 . 2 2 9 0 . 0 2 9 2 . 3 2 9 4 . 0 2 9 5 . 2 2 9 6 . 4 2 9 6 . 8 2 9 6 . 5 2 9 - . 1 2 9 7 . 7

2 9 8 . 1 2 9 8 . 5 2 9 9 . 4

| 3 0 0 . 1 3 0 1 . 0 3 0 7 . 4 3 0 4 . 2

| 3 0 7 . 0 3 0 8 . 5 3 0 9 . 5 3 1 0 . 9 3 1 2 . 3

3 1 4 . 0 3 1 6 . 6 3 1 8 . 4 3 1 9 . 9 3 2 2 . 3 3 2 4 . 3 3 2 5 . 6 3 2 7 . 7 3 2 9 . 6 3 3 1 . 2 3 3 3 . 4 3 3 5 . 5

3 3 7 . 5 3 4 0 . 2 3 4 3 . 2 | 3 4 5 . 5 | 3 4 7 . 5 | 3 4 9 . 3 3 5 0 . 9 3 5 2 . 9 | 3 5 4 . 9 3 5 7 . 2 3 5 9 . 9 | 3 6 2 . 8

I fl3 J H2 PLUS

LARGE T I H E DEP.

| TERH R P ' S AND

| I N S T I T U T ION ONLY

HHf lF 'S 2 8 8 . 1 2 8 9 . 3

| 2 9 0 . 7 2 9 1 . 6 2 9 3 . 8 2 9 5 . 5 2 9 6 . 7 2 9 7 . 9 298 , . 1 2 9 7 . 9

I 2 9 8 . 3 2 9 8 . 9

2 9 9 . 4 2 9 9 . 7 3 0 0 . 7

| 3 0 1 . 3 3 0 2 . 3 3 0 3 . 8 3 0 5 . 7 3 0 8 . 5 3 1 0 . 2 3 1 1 . 3 3 1 2 . 8 3 1 4 . 3

3 1 6 . 2 3 1 9 . 0 3 2 0 . 9 3 2 2 . 6 3 2 5 . 2 3 2 7 . 5 3 2 9 . 0 | 3 3 1 . 2 3 3 3 . 3 3 3 5 . 0 | 3 3 7 . 3 3 3 9 . 4

3 4 1 . 5 3 4 4 . 6 3 4 8 . 0 | 3 5 0 . 6 | 3 5 2 . 7 1 3 5 4 . 9 3 5 6 . 5 3 5 8 . 6 | 3 6 0 . 9 3 6 3 . 5 | 3 6 6 . 5 3 6 9 . 7

1 h I | H3 PLUS |

OTHER | L I Q U I D | ASSETS |

| 3 7 4 . 2 | | 3 7 4 . 7 | | 3 7 6 . 3 | | 3 7 7 . 5 | | 3 8 0 . 6 | | 3 8 3 . 2 | | 3 8 5 . 6 | I 3 8 7 . 7 | | 3 8 8 . 4 | | 3 8 8 . 3 | | 3 8 8 . 8 |

3 8 8 . 4 |

1 3 8 9 . 6 | | 3 9 0 . 6 | | 3 9 1 . 8 | | 3 9 2 . 2 | | 3 9 2 . 8 |

3 9 4 . 6 | | 3 9 6 . 4 | | 3 9 8 . 3 |

4 0 0 . 5 | 4 0 1 . 5 | 4 0 2 . 4 | 4 0 3 . 4 |

4 0 5 . 7 | 4 0 8 . 2 | 4 0 9 . 8 | 4 1 1 . 9 | 4 1 4 . 6 | 4 1 6 . 8 | 4 1 8 . 8 | 4 2 0 . 7 | 4 2 2 . 6 | 4 2 5 . 0 | 4 2 8 . 0 | 4 1 0 . 5 |

4 3 3 . 4 | 4 3 6 . 4 | 4 4 0 . 4 | 4 4 3 . 5 | 4 4 5 . 8 | 4 4 8 . 6 | 4 5 0 . 3 | 4 5 3 . 2 | 4 5 5 . 8 | 4 5 7 . 4 | 4 6 1 . 9 | 4 6 5 . 9 |

1 _ " I J | CURRENCY , | TRAVELERS | CHECKS, | DEHAND | DEPOSITS | AND OTHER | CHECKABLE { DEPOSITS | 1 4 3 . 1 I 1 4 0 . 3 J 1 3 9 . 4 | 1 4 0 . 7 I 1 3 9 . 6 | 1 4 0 . 4 I 1 4 1 . 2 | 1 4 0 . 9 | 1 4 1 . 3 | 1 4 1 . 7 J 1 4 2 . 8 I 1 4 4 . 6

| 1 4 4 . 4 | 1 4 0 . 9 | 1 3 9 . 5 | 1 4 0 . 8 I 1 3 8 . 7 | 1 3 9 . 0 | 1 4 0 . 0 I 1 4 0 . 4 I 1 4 1 . 6 | | 1 4 2 . 3 | 1 4 3 . 4 I 1 4 5 . 6

I , 1 4 5 . 7 | 1 4 2 . 8 I 1 4 1 . 8 I 1 4 3 . 5 I 1 4 1 . 8 1 1 4 2 . 4 1 1 4 2 . 8 I 1 4 2 . 7 I 1 4 4 . 3 | | 1 4 5 . 7 | | 1 4 7 . 6 | | 1 5 0 . 5 |

| 1 5 0 . 2 I 1 4 6 . 9 | I 1 4 6 . 0 | I 1 4 8 . 0 | I 1 4 5 . 9 1 1 4 6 . 2 I 1 4 6 . 4 | | 1 4 5 . 8 | | 1 4 6 . 9 | | 1 4 8 . 4 1 | 1 5 0 . 2 | | 1 5 3 . 3 I

L BJ J | M1 OVER

NIGHT R P ' S AND EUROS,

I G /P 6 B/D I HHHFS AND

SAV AND I SH T I H E | DEPOSITS

" 2 8 9 . 8 | 2 8 7 . 7

2 8 7 . 9 | 2 9 0 . 2 I 2 9 0 . 2

2 9 2 . 5 2 9 4 . 5 2 9 4 . 8 2 9 6 . 1

I 2 9 6 . 9 2 9 7 . 9 3 0 0 . 6

3 0 1 . 6 2 9 8 . 5

I 2 9 8 . 2 | 3 0 0 . 3

2 9 8 . 9 | 3 0 0 . 9

3 0 3 . 5 3 0 5 . 3 3 0 7 . 8 3 0 9 . 9 3 1 1 . 7 3 1 5 . 3

3 1 7 . 5 3 1 6 . 7 3 1 7 . 2 3 2 0 . 3 3 2 0 . 1 3 2 2 . 8 3 2 4 . 9 3 2 5 . 9 3 2 8 . 8 3 3 1 . 6 | 3 3 4 . 1 J 3 3 8 . 5

3 4 1 . 2 j 3 4 0 . 3 | 3 4 2 . 1 | 3 4 6 . 0 | 3 4 5 . 1 | 3 4 7 . 7 | 3 5 0 . 2 | 3 5 1 . 0 | 3 5 4 . 0 | 3 5 7 . 6 | 3 6 0 . 6 | 3 6 5 . 8 |

I H3 , ,j H2 PLUS

LARGE | T I H E DEP. | TERH RP 'S I AND | I N S T I T U -E T I O N ONLY

MHHF'S I 2 9 1 . 3 I 2 8 9 . 2 I 2 8 9 . 4 | 2 9 1 . 8 | 2 9 1 . 8 I 2 9 4 . 1 I 2 9 6 . 1 | 2 9 6 . 3 I 2 9 7 . 5 I 2 9 8 . 2 | 2 9 9 . 1

3 0 1 . 8

3 0 2 . 7 I 2 9 9 . 8 | 2 9 9 . 4 | 3 0 1 . 6 I 3 0 0 . 3 I 3 0 2 . 3 I 3 0 5 . 1 j

3 0 6 . 9 3 0 9 . 5 3 1 1 . 6 3 1 3 . 4 3 1 7 . 2

3 1 9 . 6 I 3 1 9 . 1 |

3 1 9 . 7 3 2 3 . 0 3 2 3 . 2 ] 3 2 6 . 0 3 2 8 . 4 3 2 9 . 5 | 3 3 2 . 5 | 3 3 5 . 3 | 3 3 7 . 8 3 4 2 . 3

3 4 5 . 1 3 4 4 . 7 | 3 4 6 . 9 j 3 5 1 . 2 | 3 5 0 . 6 | 3 5 3 . 5 i 3 5 6 . 0 1 3 5 6 . 8 | 3 6 0 . 0 | 3 6 3 . 8 | 3 6 6 . 7 | 3 7 2 . 5 |

L L. X I 3 PLUS | | OTHER | I L I Q U I D |

ASSETS |

3 7 7 . 5 " | | 3 7 5 . 7 | | 3 7 5 . 6 | | 3 7 8 . 3 | I 3 7 9 . 3 I | 3 8 1 . 5 | I 3 8 4 . 7 |

3 8 6 . 4 | ! 3 8 6 . 8 | | 3 8 7 . 8 | | 3 8 9 . 0 | I 3 9 0 . 7 |

3 9 3 , 0 | | 3 9 1 . 9 | | 3 9 1 . 3 |

3 9 3 . 2 | 3 9 1 . 5 |

| 3 9 2 . 8 | | 3 9 5 . 4 | | 3 9 6 . 9 | | 3 9 8 . 9 |

4 0 0 . 9 | 4 0 2 . 5 | 4 0 5 . 6 |

4 0 9 . 0 | 4 0 9 . 4 | 4 0 9 . 5 | 4 1 3 . 0 | 4 1 3 . 4 | 4 1 5 . 1 | 4 1 7 . 7 | 4 1 9 . 2 | 4 2 0 . 9 I 4 2 4 . 4 | 4 2 8 . 0 | 4 3 2 . 8 |

4 3 6 . 8 | 4 3 7 . 7 | 4 4 0 . 2 | 4 4 4 . 8 | 4 4 4 . 7 | 4 4 6 . 9 | 4 4 9 . 0 | 4 5 1 . 5 J 4 5 3 . 9 | 4 5 6 . 6 | 4 6 1 . 9 | 4 6 8 . 0 J


TABLE 1 HONEY STOCK HEASURES AND LIQUID ASSETS

BILLIONS OF DOLLARS SEASONALLY ADJUSTED NOT SEASONALLY ADJUSTED

1463 J A N . . . F E B . . . HAH... APR. . . HAY.. . J U N . . . J U L . . . AUG.. . S E P . . . O C T . . . N O ? . . . D E C . . .

1964 J A N . . . F E B . . . HAR.. .I A P R . . . | HAY.. . JUN. . . J J U L . . . | AUG.. . S E P . . . O C T . . . MO?. . . D E C . . .

1965 J A N . . . F E B . . . B A B . . . APR. . . HAT. . . J U N . . . JUL. . . . AUG.. . S E P . . . O C T . . . N O ? . . . D E C . . .

1966 J A N . . . F E B . . . HAR.. . APR. . . HAY.. . J U N . . . J U L . . . AUG.. . S E P . . . OCT. . . N O ? . . . DEC. . .

I g i i | CURRENCY , | TRA?ELERS | CHECKS,

DEHAND | DEPOSITS

AND OTHER I CHECKABLE

DEPOSITS I 1 4 9 . 7 I 1 5 0 . 3 | 1 5 0 . 6 I 1 5 1 . 1 | 1 5 1 . 8

1 5 1 . 9 | 1 5 2 . 8

1 5 3 . 2 1 5 3 . 4 1 5 4 . 0 1 5 5 . 1 1 5 4 . 7

1 5 5 . 2 1 5 5 . 8 1 5 6 . 0 1 5 6 . 4 1 5 6 . 9 | 1 5 7 . 2 | 1 5 8 . 5 | 159 .4 1 6 0 . 4 1 6 0 . 9 1 6 1 . 5 1 6 1 . 9

1 6 2 . 4 1 6 2 . 5 | 1 6 3 . 1 1 6 3 . 7 1 6 3 . 3

I 1 6 3 . 9 164 .7

I 1 6 5 . 3 | 1 6 6 . 5 | 1 6 7 . 7 | 1 6 6 . 4

1 6 9 . 5

1 7 0 . 8 | 1 7 1 . 3 | 1 7 2 . 2 I 1 7 3 . 5 I 1 7 2 . 9 I 1 7 3 . 3 | 1 7 2 . 1 I 1 7 2 . 5 I 1 7 3 . 6 I 1 7 2 . 9 I 1 7 3 . 1 | 1 7 3 . 7

| __H2 | H1 0?BR-

| NIGHT RP'S AND EUROS, G/P 6 B/D

| HHHFS AND I SA? AND I SH TIHE

DEPOSITS I 3 6 5 . 2 | 3 6 8 . 1 | 3 7 0 . 9 I 3 7 3 . 3 | 3 7 6 . 1 | 3 7 8 . 5 | 3 8 1 . 2

3 8 3 . 7 I 3 8 6 . 1 | 3 8 8 . 4

3 9 1 . 7 3 9 3 . 4

3 9 5 . 4 3 9 7 . 9 | 4 0 0 . i | 4 0 1 . 9 | 4 0 4 . 4 4 0 7 . 2 4 1 0 . 3 | 4 1 3 . 7 4 1 7 . 1 4 1 9 . 3 4 2 2 . 3 | 4 2 5 . 1

4 2 7 . 8 4 3 0 . 8 | 4 3 3 . 6 4 3 5 . 7 4 3 7 . 3 4 4 0 . 3 4 4 3 . 1 4 4 6 . 1 4 4 9 . 8

| 4 5 2 . 9 | 4 5 5 . 9 i 4 5 9 . 5

I 4 6 2 . * I 4 6 5 . 0 | 4 6 7 . 6 | 4 6 9 . 7 | 4 7 0 . 5 | 4 7 1 . 7 | 4 7 1 . 3 | 4 7 3 . 2 | 4 7 6 . 1 | 4 7 6 . 5 I 4 7 8 . 1 | 4 8 1 . 3

I HJ J H2 PLUS

LARGE TIHE DEP. TERH RP'S

AND | INSTITU

TION ONLY I HHHF'S

3 7 2 . 5 | 375.6 | 378.7 | 381.4

384.4 | 387.0 | 389.8 | 392.8

395.5 398.2 402.1 404.1

406.6 409.6 411.9 | 413.9 | 416.9 420.1 423.5 427.2 | 431.0 433.8 | 437.2 440.2

443.7 447.1 450.2 | 452.6 454.7 458.2 461.6 465.2 469.6 473.5 |

| 476.7 480.7

483.7 486.5

| 489.5 492.8 494.2

| 495.9 | 496.8 | 498.6

501.4 500.5

I 501.2 | 504.9

I h I H3 PLUS | OTHER |

I LIQUID | ASSETS |

WS7Z | I 4 7 2 . 6 |

4 7 5 . 8 | | 4 7 8 . 0 | | 4 8 1 . 7 |

4 6 4 . 2 | | 4 8 6 . 7 |

4 9 0 . 9 | 4 9 4 . 8 | 4 9 6 . 9 | 5 0 1 . 5 | 5 0 3 . 7 |

5 0 6 . 0 | 5 0 9 . 0 | 5 1 1 . 4 | 5 1 3 . 7 | 5 1 7 . 2 | 5 2 1 . 1 | 5 2 3 . 7 | 5 2 6 . 5 | 5 3 1 . 2 | 5 3 . 5 | 5 3 7 . 7 | 5 4 0 . 5 |

5 4 3 . 5 | 5 4 6 . 9 | 5 5 0 . 6 | 5 5 3 . 6 | 5 5 6 . 6 | 5 6 1 . 0 | 5 6 5 . 1 | 5 6 8 . 8 | 5 7 2 . 9 | 5 7 6 . 7 | 5 8 0 . 6 | 5 8 4 . 5 |

5 8 8 . 3 | | 5 9 1 . 7 | | 5 9 4 . 7 |

5 9 8 . 6 ! 6 0 0 . 7 | 6 0 2 . 6 |

| 6 0 3 . 1 | 6 0 4 . 9 | 6 0 6 . 3 | 6 0 9 . 5 J 6 1 2 . 5 | 6 1 6 . 5 |

i HI J H2 1 113 | I CURRENCY , | TRAVELERS I CHECKS, | DEHAND | DEPOSITS | AND OTHER | CHECKABLE | DEPOSITS

1 T5XT6 J 1 5 0 . 1 | 1 4 9 . 3 I 1 5 1 . 5 I 1 4 9 . 3 I 1 5 0 . 1 I 1 5 1 . 3 I 1 5 0 . 9 | 1 5 2 . 5 | 1 5 4 . 3 | 1 5 6 . 7 | 1 5 9 . 0

| 1 5 9 . 4 | 1 5 5 . 4 | 1 5 4 . 6 | 4 5 6 . 8 | | 1 5 4 . 2 ( I 1 5 5 . 5 | I 1 5 7 . 1 [ i 1 5 7 . 0 I 1 5 9 . 4 | | 1 6 1 . 3 | 1 6 3 . 2 | | 1 6 6 . 4

| 1 6 6 . 9 | 1 6 1 . 9 | | 1 6 1 . 5 | | 1 6 4 . 2 | 1 6 0 . 3 I 1 6 2 . 2 | 1 6 3 . 5 j | 1 6 2 . 8 | 1 6 5 . 6 | I 1 6 8 . 2 | I 1 6 9 . 9 | 1 7 4 . 3

I 1 7 5 . 6 | 1 7 0 . 3 | 1 7 0 . 4 | 1 7 4 . 1 I 1 6 9 . 6 | 1 7 1 . 7 | 1 7 1 . 0 | 1 7 0 . 0 | | 1 7 2 . 7 | 1 7 3 . 4 | | 1 7 4 . 6 | 1 7 8 . 6

H1 0?ER-NIGHT HP'S AND EUROS* G/P 6 B/D

I HHHFS AND SA? AND SH TIHE DEPOSITS

3 6 9 . 2 " " " | 3 6 8 . 1

3 6 9 . 9 I 3 7 3 . 9

3 7 3 . 5 I 3 7 6 . 9

3 8 0 . 4 3 8 1 . 6 3 8 5 . 0

| 3 8 8 . 9 3 9 2 . 4 3 9 6 . 6

3 9 9 . 7 3 9 7 . 8 3 9 9 . 1 4 0 2 . 6 | 4 0 1 . 5 4 0 5 . 5 4 0 9 . 5 4 1 1 . 3 4 1 6 . 0 4 2 0 . 1 4 2 3 . 2 4 2 8 . 5

4 3 2 . 6 4 3 0 . 3 | 4 3 2 . 4 4 3 6 . 5 4 3 3 . 9 4 3 8 . 6 4 4 2 . 3 4 4 3 . 5 448 7 4 5 3 . 9 4 5 6 . 9 4 6 3 . 3

4 6 7 . 5 4 6 4 . 0 4 6 6 . 3 4 7 0 . 6 4 6 6 . 7 4 7 0 . 2 4 7 0 . 9 4 7 0 . 8 4 7 5 . 3 4 7 7 . 7 4 7 8 . 9 4 8 4 . 5

| H2 PLUS | LARGE I TIHE DEP. I TERH RP'S I AND | INSTITU-| TION ONLY j HNHF'S | 3 7 6 . 3 I 3 7 5 . 6 | J 7 7 . 8 I 3 8 2 . 2 | 3 8 2 . 2 | 3 8 5 . 7 | 3 8 9 . 2 | 3 9 0 . 8 i

3 9 4 . 4 3 9 8 . 5

| 4 0 2 . 3 4 0 6 . 9

4 1 0 . 9 4 0 9 . 5 | 4 1 1 . 0 ] 4 1 4 . 9 4 1 4 . 5 | 4 1 8 . 8 j 4 2 2 . 9 | 4 2 5 . 0 4 2 9 . 7 4 3 4 . 1 4 3 7 . 5 4 4 3 . 2

4 4 8 . 4 4 4 6 . 8 4 4 9 . 3 4 5 3 . 8

| 4 5 1 . 9 4 5 6 . 8 4 6 0 . 9

| 4 6 2 . 9 | 4 6 8 . 2

4 7 3 . 9 4 7 7 . 2 4 8 4 . 0

4 8 8 . 7 4 8 5 . 7 4 8 8 . 5 4 9 4 . 1 4 9 1 . 1 4 9 4 . 6 4 9 6 . 2 4 9 6 . 6 5 0 0 . 3 5 0 1 . 2 j 5 0 1 . 6 5 0 7 . 8 |

1 1 1 I H3 PLUS | I OTHER | I LIQUID | I ASSETS |

1 1 i 472.2 | | 473.9 | | 475.9 | | 479.7 | | 480.6 | | 482.6 |

485.1 | 488.9 | 492.6 | 496.0 | 501.5 | 505.8 |

510.0 | 510.2 | 511.6 | 515.6 | 516.2 | 519.4 | 521.9 | 524.2 | 528.8 | 533.7 | 537.8 | 542.8 |

548.0 | 547.9 | 550.9 |

| 555.8 | | 555.3 |

559.2 | 563.0 | 566.3 | 570.4 |

| 576.0 | 580.9 |

| 587.1 |

593.1 | 592.4 |

| 595.2 | | 601.1 | | 599.2 |

600.8 | 601.0 | 602.6 | 606.2 | 608.9 | 612.6 | 618.6 |


TABLE 1 HONEY STOCK HBASOfiES AND LIQUID ASSETS BILLIONS OP DOLLABS SEASONALLY ADJUSTED NOT SEASONALLY ADJUSTED

1 9 6 7 J A N . . . F E B . . . M A R . . . A P R . . . H A Y . . . J O N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O ? . . . D E C . . .

1 9 6 8 J A N . . . F E B . . . M A R . . . A P R . . . H A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O ? . . . D E C . . .

1 9 6 9 J A N . . . F E B . . . H A R . . . A P R . . . H A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1 9 7 0 J A N . . . , F E B . . . H A R . . . J A P R . . . H A Y . . . ] J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1 HI J I CURRENCY , | TRAVELERS

CHECKS, DEHAND

DEPOSITS I AND OTHER

CHECKABLE DEPOSITS

TOTS 1 7 4 . 7 1 7 6 . 5

| 1 7 6 . 0 | 1 7 7 . 4 | 1 7 8 . 8 | 1 8 0 . 0 | 1 8 1 . 5 I 1 8 2 . 5 I 1 8 3 . 5 I 1 8 4 . 2

1 8 5 . 1

1 1 8 6 . 0 I 1 8 6 . 6

1 8 7 . 5 1 8 8 . 6

| 1 9 0 . 0 1 9 1 . 4

I 1 9 2 . 5 | 1 9 3 . 8

1 9 4 . 8 | 1 9 6 . 1

1 9 8 . 0 1 9 9 . 4

2 0 0 . 8 2 0 1 . 4 2 0 2 . 1

I 2 0 2 . 8 | 2 0 2 . 8 2 0 3 . 4 | 2 0 3 . 8 | 2 0 3 . 7 | 2 0 4 . 2 2 0 5 . 0 2 0 5 . 6 2 0 5 . 8

2 0 8 . 0 2 0 6 . 4 2 0 7 . 9 2 0 9 . 3 | 2 0 9 . 6 | 2 0 9 . 9

I 2 1 0 . 3 | 2 1 2 . 3 2 1 3 . 9 | 2 1 4 . 6 | 2 1 5 . a | 2 1 6 . 5 |

i nz i H1 OVERNIGHT RP'S AND EUROS, G/P 6 B/D NHHFS AND SAV AND SH TIHE DEPOSITS

4 8 2 . 6 " I 4 8 6 . 2

4 9 0 . 7 | 4 9 3 . 0

4 9 8 . 2 5 0 3 . 0

| 5 0 7 . 3 | 5 1 2 . 0 I 5 1 5 . 9

5 1 9 . 5 5 2 2 . 6 5 2 6 . 6

5 2 8 . 7 I 5 3 2 . 1

5 3 4 . 9 | 5 3 7 . 3 I 5 4 0 . 7

5 4 4 . 3 54 7 . 2 5 5 1 . 3 5 5 5 . 6 5 5 9 . 6

| 5 6 4 . 5 5 6 9 . 4

5 7 1 . 4 5 7 4 . 2 5 7 6 . 7 5 7 7 . 8 5 7 8 . 8 5 8 0 . 9 5 8 1 . 7 5 8 2 . 5 | 5 8 4 . 6 5 8 6 . 0 | 5 8 8 . 1 5 9 1 . 3

5 9 1 . 0 5 8 9 . 4 | 59 1.7 | 5 9 2 . 9 { 5 9 6 . 1 | 5 9 9 . 3 I 6 0 1 . 3 | 6 0 6 . 3 | 6 1 1 . 8 | 6 1 6 . 5 | 6 2 1 . 9 6 2 8 . 8 |

I S3 j | H2 PLUS I LARGE | TIHE DEP. | TERH RP'S ! AND

INSTITUTION ONLY

! HHflF'S | 5 0 8 . 3 " | 5 1 3 . 9 | 5 1 9 . 4 I 5 2 1 . 9 I 5 2 7 . 2 | 5 3 2 . 6 | 5 3 7 . 4 | 5 4 2 . 5 | 5 4 6 . 9 | 5 5 0 . 4 I 5 5 4 . 2

5 5 8 . 6

I 5 6 0 . 5 I 5 6 4 . 1 I 5 6 7 . 5 | 5 6 9 . 3 I 5 7 2 . 5 | 5 7 6 . 0

5 8 0 . 4 | 5 8 5 . 6

5 9 0 . 7 5 9 6 . 0 6 0 2 . 2 6 0 8 . 4

6 0 8 . 8 6 1 0 . 1 6 1 1 . 8 6 1 2 . 3 6 1 2 . 6 6 1 3 . 5 | 6 1 1 . 3 | 6 0 9 . 2 | 6 1 0 . 2 | 6 1 0 . 4 i 6 1 1 . 5 | 6 1 4 . 1 |

6 1 2 . 4 6 1 0 . 8 | 6 1 4 . 7 | 6 1 9 . 2 | 6 2 3 . 5 | 6 2 6 . 0 6 3 3 . 3 6 4 1 . 9 | 6 5 1 . 1 | 6 5 8 . 3 { 6 6 5 . 8 I 6 7 5 . 2 |

L h I I H3 PLUS | I OTHER | | LIQUID | I ASSETS |

I 6 1 9 . 1 | I 6 2 4 . 0 | I 6 2 9 . 4 | | 6 3 1 . 4 | | 6 3 5 . 7 | | 6 4 0 . 5 | I 6U4 .6 | | 6 5 0 . 5 | I 6 5 5 . 7 | I 6 5 9 . 9 | | 6 6 4 . 6 | I 6 7 0 . 1 |

I 6 7 4 . 1 | | 6 7 9 . 1 | I 6 8 3 . 6 | I 6 8 7 . 2 | I 6 9 1 . 9 | 1 6 9 7 . 6 | I 7 0 3 . 4 | | 7 0 9 . 7 |

7 1 5 . 9 J | 7 2 2 . 0 | | 7 2 7 . 9 |

7 3 3 . 9 |

7 3 6 . 5 | 1 7 4 0 . 6 |

7449 | 7 4 7 . 5 | 7 4 8 . 3 | 7 5 1 . 0 | 7 5 0 . 4 | 7 5 0 . 9 | 7 5 4 . 8 | 7 5 6 . 9 | 7 6 0 . 2 | 7 6 5 . 2 |

7 6 5 . 3 | 7 6 5 . 5 | 7 7 0 . 3 | 7 7 4 . 3 | 7 7 7 . 5 | 7 8 1 . 6 | 7 8 7 . 8 | 7 9 4 . 3 | 7 9 9 . 9 | 8 0 5 . 3 | 8 1 0 . 3 | 8 1 6 . 5 |

J fil | CURRENCY , | TRAVELERS | CHECKS, I DEHAND | DEPOSITS I AND OTHER | CHECKABLE | DEPOSITS | 1 7 8 . 4 | 1 7 3 . 4 | 1 7 4 . 6 | 1 7 6 . 6 | 1 7 4 . 1 | 1 7 7 . 4 I 1 7 9 . 1 I 1 7 9 . 0 I 1 8 1 . 7 | 1 8 3 . 9 | 1 8 5 . 7 I 1 9 0 . 3

| 1 9 1 . 0 | 1 8 4 . 9 I 1 8 5 . 4 | 1 8 9 . 3 | 1 8 6 . 6 | 1 9 0 . 2 | 1 9 1 . 8 I 1 9 1 . 4 | 1 9 3 . 9 | 1 9 6 . 3 | 1 9 9 . 6 I 2 0 4 . 8

I 2 0 5 . 9 I 1 9 9 . 3 I 1 9 9 . 8 I 2 0 3 . 5 I 1 9 9 . 3 I 2 0 2 . 3 I 2 0 3 . 3 j I 2 0 1 . 4 | 2 0 3 . 3 | | 2 0 5 . 0 I 2 0 7 . 0 I 2 1 1 . 4

i 2 1 3 . 0 | | 2 0 4 . 0 I 2 0 5 . 5 | | 2 1 0 . 1 I 2 0 6 . 2 j I 2 0 8 . 9 | I 2 1 0 . 1 | | 2 1 0 . 0 | | 2 1 2 . 8 | | 2 1 4 . 4 | | 2 1 6 . 7 | | 2 2 2 . 2 |

L 32 | HI OVER-| NIGHT RP (S I AND EUROS, I G/P 6 B/D I HHHFS AND I SAV AND I SH TIHE I DEPOSITS 1 4 8 7 . 3 | 4 8 4 . 5 1 4 8 9 . 1 I 4 9 4 . 0 I 4 9 4 . 4 | 5 0 2 . 1 I 5 0 7 . 5 | 5 0 9 . 9 | 5 1 5 . 5 | 5 2 0 . 7 | 5 2 3 . 1 I 5 2 9 . 4

1 5 3 3 . 2 | 5 2 9 . 7 I 5 3 3 . 2 | 5 3 8 . 6 I 5 3 7 . 2 | 5 4 4 . 0 I 5 4 7 . 9 I 5 4 9 . 5 I 5 5 5 . 2 | 5 6 0 . 5 | 5 6 4 . 6 1 5 7 1 . 8

I 5 7 5 . 7 I 5 7 1 . 3

5 7 5 . 1 I 5 7 9 . 7

5 7 5 . 8 I 5 8 1 . 1

5 8 3 . 0 I 5 8 0 . 9

5 8 3 . 9 5 8 6 . 3 5 8 7 . 5 | 5 9 3 . 1

5 9 4 . 6 5 8 6 . 3 5 9 0 . 2 5 9 5 . 6 I 5 9 3 . 8 | 6 0 0 . 2 | 6 0 3 . 4 | 6 0 5 . 0 | 6 1 0 . 7 | 6 1 5 . 9 | 6 2 0 . 4 | 6 2 9 . 9 |

1 Si | H2 PLUS 1 LARGE | TIHE DEP. I TERH RP'S | AND | INSTITU-| TION ONLY | HHHFS I 5 1 3 . 0 | 5 1 2 . 4 | 5 1 8 . 0 I 5 2 3 . 3 I 5 2 4 . 1 | 5 3 1 . 7 | 5 3 7 . 2 I *>40.9 I 5 4 6 . 3 I 5 5 1 . 1 I 5 5 4 . 4 I 5 6 1 . 2

I 5 6 4 . 9 | 5 6 1 . 8 I 5 6 5 . 8 I 5 7 0 . 8 I 5 6 9 . 5 I 5 7 5 . 5 | 5 8 0 . 6 I 5 8 4 . 4 | 5 9 0 . 3 | 5 9 6 . 6 | 6 0 2 . 3 I 6 1 0 . 8

! 6 1 3 . 0 | 6 0 7 . 2 | 6 0 9 . 9 I 6 1 4 . 2

6 0 9 . 9 6 1 3 . 4 6 1 2 . 1 6 0 8 . 1 6 0 9 . 7 6 1 0 . 7 6 1 1 . 0 6 1 6 . 0

6 1 6 . 1 6 0 7 . 7 | 6 1 2 . 9 6 2 1 . 7 | 6 2 1 . 4 j 6 2 6 . 7 | 6 3 4 . 8 | 6 4 1 . 4 | 6 5 0 . 5 | 6 5 8 . 4 | 6 6 4 . 5 | 6 7 6 . 6 |

1 L L | H3 PLOS | I OTHER | | LIQUID | I ASSETS |

1 . . J I 6 2 3 . 5 | | 6 2 4 . 1 | | 6 2 9 . 6 | | 6 3 4 . 0 | t 6 3 4 . 0 | | 6 3 9 . 0 | | 6 4 3 . 1 | | 6 4 8 . 7 | | 6 5 4 . 2 | | 6 5 9 . 5 | | 6 6 4 . 6 | | 6 7 1 . 9 |

I 6 7 8 . 3 | | 6 7 8 . 5 | | 6 8 3 . 8 | | 6 9 0 . 0 | | 6 9 0 . 4 | | 6 9 6 . 0 | | 7 0 1 . 7 | | 7 0 8 . 1 | | 7 1 4 . 4 | | 7 2 1 . 3 | | 7 2 7 . 6 | I 7 3 5 . 5 |

| 7 4 0 . 6 | | 7 3 9 . 9 | | 7 4 5 . 4 | I 7 5 0 . 9 |

7 4 7 . 3 | 7 4 9 . 5 | 7 4 9 . 0 J 7 4 9 . 3 1

| 7 5 3 . 2 | 7 5 5 . 8 | 7 5 9 . 4 | 7 6 6 . 3 |

7 6 8 . 9 | 7 6 4 . 9 | 7 7 1 . 3 | 7 7 8 . 1 | 7 7 6 . 9 | 7 8 0 . 7 | 7 8 7 . 0 | 7 9 3 . 1 | 7 9 8 . 3 | 8 0 4 . 1 | 8 0 9 . 0 | 8 1 7 . 4 |


TABLE 1 HONEY STOCK HEASURES AND LIQUID ASSETS


T57T J A N . . . F E B . . . M A R . . . A P R . . . H A Y . . . J U N . . . J U L . . . A U G . . . S E P . - . O C T . . . N O V . . . D E C . . .

1972 J A N . . . F E B . . . H A E . . . A P R . . . H A Y . . . J U N . . . J J U L . . . A U G . . . S E P . . . O C T . - . j N O V . . . D E C . . .

1973 J A N . . . F E B . . . H A R . . . A P R . . . | H A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . { O C T . . . | N O V . . . | D E C . . .

1 9 7 4 J A N . . . ! F E B . . . | H A B . . . | A P R . . . I H A Y . . . | J U N . . . ! J U L . . . I A U G . . . | S E P . . . | O C T . . . N O V . . . ] D E C . . . |

[ H1 | CURRENCY , | TRAVELERS | CHECKS, I DEMAND | DEPOSITS | AND OTHER | CHECKABLE | DEPOSITS I 2 1 7 . 7 " I 2 1 9 . 2 | 2 2 1 . 2 | 2 2 2 . 7 | 2 2 4 . 7 | 2 2 6 . 2 | 2 2 7 . 3 I 2 2 8 . 1 I 2 2 8 . 9 | 2 2 9 . 4

2 2 9 . 8 2 3 0 . 6

2 3 2 . 7 2 3 4 . 5 2 3 6 . 9 2 3 8 . 3 | 2 3 8 . 7 2 3 9 . 5 2 4 1 . 4 2 4 3 . 6 2 4 5 . 8 2 4 7 . 6 2 4 9 . 0 2 5 1 . 9 i

2 5 4 . 5 2 5 4 . 8 | 2 5 4 . 6 | 2 5 5 . 6 j 2 5 7 . 8 | 2 5 9 . 9 2 6 0 . 5 | 2 6 0 . 8 | 2 6 0 . 9 | 2 6 1 . 9 | 2 6 3 . 9 | 2 6 5 . 8 I

2 6 7 . 0 | 2 6 8 . 3 | 2 6 9 . 8 | 2 6 9 . 9 | 2 7 0 . 7 | 2 7 1 . 9 | 2 7 2 . 5 | 2 7 3 . 2 | 2 7 4 . 0 | 2 7 5 . 1 [ 2 7 6 . 8 | 2 7 7 . U |

| HJ J | H1 OVER-| NIGHT RP 'S | AND EURO$ f I G/P S B/D | HHHFS AND | SAV AND | SH T I H E j DEPOSITS

6 3 4 . 5 6 4 3 . 5 6 5 3 . 4 6 6 2 . 4

| 6 7 0 . 8 I 6 7 7 . 1 | 6 8 2 . 0 | 6 8 7 . 8 | 6 9 4 . 3 |

6 9 9 . 8 | 7 0 6 . 9 | 7 1 3 . 6

7 2 0 . 4 7 2 9 . 2 | 7 3 8 . 0 | 7 4 2 . 6 | 7*17.6 | 7 5 4 . 5 | 7 6 3 . 1 | 7 7 2 . 6 | 7 8 1 . 4 | 7 8 9 . 2 | 7 9 7 . 4 j 8 0 6 . 4 j

8 1 4 . 4 | 8 1 9 . 5 | 8 2 1 . 6 | 8 2 4 . 8 | 8 3 2 . 2 | 8 3 9 . 9 J 8 4 2 . 6 | 8 4 5 . 8 | 8 4 6 . 7 | 8 4 9 . 7 | 8 5 6 . 8 | 8 6 3 . 2 I

8 6 7 . 2 | 8 7 3 . 1 | 8 8 0 . 0 | 8 8 1 . 3 | 8 8 4 . 1 | 8 8 8 . 5 | 8 9 0 . 9 | 8 9 4 . 5 | 8 9 8 . 5 | 9 0 2 . 3 | 9 0 8 . 7 | 9 1 1 . 2 |

L_ 3 H2 PLUS

LARGE | T I H E DEP.

TERM RP 'S AND

I N S T I T U -i T ION ONLY

MMMF'S 6 8 3 . 6 6 9 4 . 6 7 0 6 . 7 7 1 3 . 7 7 2 2 . 2 7 2 9 . 4 7 3 5 . 8 7 4 1 . 3 7 4 9 . 0 7 5 6 . 5 7 6 5 . 0 7 7 3 . 7

7 8 1 . 0 7 9 1 . 1 8 0 0 . 4 8 0 6 . 6 8 1 4 . 0 8 2 2 . 7 8 3 2 . 1 8 4 3 . 0 8 5 3 . 0 8 6 1 . 2 8 7 2 . 4 | 8 8 2 . 8

8 9 2 . 1 9 0 3 . 1 | 9 1 4 . 3 9 2 0 . 1 | 9 2 8 . 9 | 9 3 8 . 2 9 4 6 . 4 9 5 5 - 8 9 6 3 . 2 9 6 7 . 6 | 9 7 4 . 8 9 8 1 . 4

9 8 8 . 8 | 9 9 9 . 4 |

1 0 0 9 . 2 | 1 0 1 6 . 6 | 1 0 2 5 . 0 | 1 0 3 4 . 3 1 1 0 3 9 . 8 | 1 0 4 5 . 0 1 1 0 5 0 . 7 | 10 5 3 . 8 | 1 0 6 0 . 0 | 1 0 6 4 . 3 |

I L I I H3 PLUS | I OTHER | | L I Q U I D | | ASSETS |

I 8 2 3 7 3 " " I I 8 3 1 . 4 | | 8 4 0 . 7 | I 8 4 6 . 8 | I 8 5 2 . 7 | | 8 6 0 . 6 | I 8 6 9 . 1 | | 8 7 4 . 9 | | 8 8 1 . 1 | | 8 8 7 . 4 J I 8 9 4 . 6 |

9 0 3 . 2 |

9 1 1 . 2 I I 9 2 1 . 7 |

9 3 2 . 4 | 9 3 9 . 3 | 9 4 6 . 5 | 9 5 6 . 2 | 9 6 5 . 7 | 9 7 7 . 0 J 9 8 7 . 5 | 9 9 7 . 3 |

1 0 1 1 . 2 | 1 0 2 3 . 6 |

1 0 3 4 . 2 | 1 0 4 6 . 6 | 1 0 5 8 . 7 | 1 0 6 6 . 3 J 1 0 7 7 . 2 | 1 0 8 9 . 6 | 1 0 9 9 . 1 | 1 1 1 0 . 6 | 1 1 2 0 . 2 | 1 1 2 6 . 7 | 1 1 3 6 . 1 | 1 1 4 3 . 8 |

1 1 5 3 . 3 | 1 1 6 7 . 2 | 1 1 7 9 . 5 | 1 1 8 8 . 5 | 1 1 9 7 . 6 | 1 2 0 8 . 7 | 1 2 1 5 . 8 | 1 2 2 4 . 0 | 1 2 3 2 . 4 | 1 2 3 8 . 2 | 1 2 4 5 . 1 J 1 2 4 9 . 8 I

1 H I | CURRENCY , I TRAVELERS | CHECKS, I DEMAND | DEPOSITS | AND OTHER I CHECKABLE t DEPOSITS I 2 2 2 ; i I 2 1 6 . 6 | 2 1 8 . 6 I 2 2 3 . 8 | 2 2 1 . 1 i 2 2 5 . 2 | 2 2 7 . 5 | 2 2 5 . 9 I 2 2 7 . 7 | 2 2 9 . 1 I 2 3 1 . 2 | 2 3 6 . 9

I 2 3 7 . 6 I 2 3 1 . 4 I 2 3 4 . 2 I 2 3 9 . 6 1 2 3 4 . 8 | 2 3 8 . 8 I 2 4 1 . 9 | 2 4 1 . 4 I 2 4 4 . 6 1 2 4 7 . 1 | 2 5 0 . 5 2 5 8 . 9

I 2 5 9 . 3 | 2 5 1 . 2 I 2 5 1 . 7 I 2 5 7 . 0 | 2 5 3 . 6 | 2 5 9 . 3 | 2 6 1 . 1 I 2 5 8 . 7 | I 2 5 9 . 5 I 2 6 1 . 4 I 2 6 5 . 6 | I 2 7 3 . 2

I 2 7 1 . 7 | I 2 6 4 . 1 | ) 2 6 6 . 5 i I 2 7 1 . 5 | | 2 6 6 . 3 | I 2 7 1 . 4 I 2 7 3 . 3 | I 2 7 1 . 1 | I 2 7 2 . 6 | I 2 7 4 . 7 J I 2 7 8 . 8 1 I 2 8 5 . 1 |

L 2 | H I OVER-| NIGHT RP 'S | AND EUROS, | G / P S B/D | HHHFS AND | SAV AND | SH T I H E | DEPOSITS | 6 3 7 . 5 | 6 4 0 . 1 | 6 5 2 - 2 I 6 6 6 . 2 | 6 6 9 . 1 | 6 7 8 . 7 | 6 8 5 . 0 E 6 8 6 . 4 I 6 9 2 . 5 | 6 9 8 . 6 I 7 0 4 . 6 I 7 1 4 . 3

7 2 2 . 8 | 7 2 5 . 4 | 7 3 7 . 1

7 4 7 . 4 | 7 4 6 . 2 | 7 5 7 . 1 I 7 6 7 . 1 | 7 7 1 . 2 | 7 7 8 . 8 | 7 8 7 . 3

7 9 4 . 4 8 0 7 . 0

8 1 6 . 4 | 8 1 5 . 2

8 2 0 . 9 8 3 0 . 5 8 3 1 . 0 8 4 3 . 1 8 4 7 . 3 8 4 4 . 5 8 4 3 . 6 8 4 7 . 5 J 8 5 3 . 8 8 6 4 . 1

8 6 9 . 0 8 6 8 . 3 | 8 7 9 . 0 | 8 8 7 . 4 | 8 8 2 . 7 | 8 9 1 . 7 | 8 9 5 . 8 | 8 9 3 . 3 | 8 9 5 . 1 J 9 0 0 . 3 | 9 0 5 . 9 | 9 1 2 . 5 J

I Hi | H2 PLUS | LARGE | T I H E DEP. | TERM HP 'S I AND | I N S T I T U -| T ION ONLY | HHHFS 1 6 8 6 . 9 I 6 9 0 . 9 | 7 0 4 . 3 | 7 1 6 . 9 | 7 2 0 . 7 | 7 3 0 . 4 I 7 3 7 . 8 | 7 4 1 . 2 | 7 4 8 . 1 | 7 5 6 . 4 | 7 6 2 . 7

7 7 4 . 4

I 7 8 4 . 0 | 7 8 6 . 9

7 9 8 . 1 | 8 1 0 . 6 | 8 1 2 . 9

8 2 4 . 4 | 8 3 5 . 0 | 8 4 3 . 1 | 8 5 1 . 7 | 8 6 0 . 7

8 6 9 . 0 8 8 3 . 5

8 9 4 . 8 8 9 8 . 4 9 1 1 . 7 9 2 4 . 6 9 2 8 . 1 9 4 0 . 2 I 9 4 9 . 7 9 5 6 . 4 9 6 2 . 0 9 6 7 . 3 9 7 0 . 9 | 9 8 2 . 4 |

9 9 1 . 8 9 9 4 . 2 |

1 0 0 6 . 4 J 1 0 2 1 . 3 | 1 0 2 4 . 2 J 1 0 3 5 . 9 | 1 0 4 2 . 9 | 1 0 4 5 . 7 | 1 0 4 8 . 9 | 1 0 5 3 . 6 | 1 0 5 6 . 5 | 1 0 6 6 . 2 |

I it L | H3 PLUS | | OTHER | | L I Q U I D | | ASSETS |

| 8267? 1 | 829.5 | | 840 .3 | | 850 .7 | | 852 .1 | | 660 .5 I | 869.4 | | 874 .1 | | 879.4 | | 886.6 | | 892.9 |

903 .9 |

914 .1 | 918 .9 |

I 931.6 | 943 .8 | 945 .9 |

| 956 .9 | 967 .0 | 976 .3 | 985.4 |

I 996.3 | 1008.5 | 1024.3 |

1037.1 | 1043.5 | 1057.8 | 1071.3 | 1076.8 | 1090.2 | 1100.3 | 1110.1 | 1118.2 | 1126.1 | 1133.J | 1145.1 |

1156.6 | 1163.8 | 1178.5 | 1193.6 | 1197.0 | 1208.8 | 1216.8 | 1223.7 | 1230.1 | 1238.1 | 1242.9 I 1251.8 |


TABLE 1 HOMEY STOCK MEASURES AND LIQUID ASSETS


T9T3 JAN,.. FEB... BAR... APR... HAY...| JUN... JUL...J AUG... SEP... OCT... NOV... DEC...

1976 JAN... FEB... MAR..~| APR...| MAY... JUN... JUL.... AUG... SEP... OCT... NOV...I DEC...

1977 JAN... PBB...1 MAR... APR... MAY... JUN...I JUL... AUG... SEP... OCT... NOV... D E C .

1978 JAN... FEB... MAS... APS... HAY... JUN... JUL... AUG... SEP... OCT... NOV... DEC...

| HI J CURRENCY #| TRAVELERS 1 CHECKS, | DEHAND 1

DEPOSITS I AND OTHER CHECKABLE DEPOSITS 277.U 278.1 280.0 279.5 282.5 286.3 286.9 1 288.1 ' | 289.0 288.3 291.2 | 291.0 292.6 294.6 | 295.8 | 297.8 | 299.9 | 300.1 { 300.9 | 302.9 I 303.6 | 306.5 | 307.5 | 310.4 | 313.4 ! 315.4 | 317.4 | 320.0 | 320.8 | 322.4 | 324.5 | 326.2 | 328.6

I 331.2 | 333.3 335.5 339.5

| 339.4 I 340.8 I 344.7 | 347.9 | 350.2 I 352.0 I 353.7 I 357.3 I 358.5 I 360.6 1 363.2

H2 J H1 OVERNIGHT RP'S AND EUROS, G/P 6 B/D HHHFS AND SAV AND SM TIME DEPOSITS

914.9 923.7 935.6 944.8 958.3 974.0 984.8 993.9

1003.0 1007.8 1018.7 1026.9 1037.5 1052.6 1062.5 1073.4 | 1088.2 1093.2 1101.1 1115.9 1128.3 1141.8 | 1155.6 1171.2 1184.0 1196.8 1209.5 1220.9 1232.9 1241.5 1250.4 1260.7 1271.1 1279.0 1289.2 1297.7 1307.2 1313.7

I 1323.5 1331.8

I 1342.4 I 1349.5 | 1356.0 I 1365.9 | 1377.5 |- 1385.4 | 1394.9 | 1403.9

| H3 J H2 PLUS LARGE

TIME DEP. | TERH RPS

AND INSTITUTION ONLY

HHHFS | "1069.1"

1077.6 1087.1 1091.8 1102.3 1115.7 1124.8 1131.6 1142.7 1148.0 1160.4 1166.2 1174.4 1187.1 1198.7 1210.0 1222.9 | 1230.5 1239.9 1253.7 1263.7 1274.4 | 1288.4 1305.0 1316.4 1329.7 1344.0 1355.5 1370.7 1382.8 1 1395.8 1410.1 1423.4 J 1435.6 1451.7 1464.6 1477.4 1488.2 1505.2 1519.5

| 1537.4 1547.0

I 1559.2 I 1574.3 I 1588.6 1 1598.2 I 1615.7 I 1629.0

| L L H3 PLUS | OTHER | LIQUID | ASSETS |

125677 J | 1266.2 1

1276.3 | 1282.9 | 1295.3 | 1309.6 |

| 1319.7 | | 1329.5 |

1342.2 | | 1351.4 |

1368.5 | 1376.6 | 1386.6 | 1400.4 | 1413.6 | 1426.6 | 1440.7 | 1450.8 | 1462.9 | 1477.9 | 1487.1 | 1499.6 | 1515.4 | 1531.4 | 1543.9 | 1559.8 | 1576.4 | 1590.6 | 1608.0 | 1623.6 | 1639.8 J 1657.3 | 1673.0 J 1689.5 | 1709.7 | 1724.3 | 1741.5 |

| 1755.7 | | 1776.6 |

1794.5 | | 1816.2 | I 1830.3 | | 1846.8 | I 1865.2 | | 1881.8 |

1894.8 | | 1919.3 | | 1938.9 |

J fii J | CURRENCY , | TRAVELERS | CHECKS, | DEMAND | I DEPOSITS | AND OTHER | CHECKABLE | DEPOSITS j 281.9 I 273.3 | 276.3 I 281.3 | 278.0 I 285.8 | 288.0 | 286.2 | 287.7 | 288.4 I 293.5 I 298.9 | 296.9 J 289.0 I 291.4 | 300.0 I 295.2 I 299.5 j | 302.4 J 301.1 | 302.6 I 307. 1 I 309.8 | I 318.7 | 317.7 | 309.0 J 1 312.3 | 322.7 | | 315.7 J 321.7 | 326.3 | 324.3 | 327.9 I 332.2 I 335.7 I 344.3 I 343.7 I 332.2 I 335.0 | 347.6 | 342.5 | 349.6 | 354.1 I 351.9 | 357.1 I 359.6 | 363.1 | 372.5

1 U J Ml OVERNIGHT RPS AND EUROS, G/P 6 B/D

| HHHFS AND | SAV AND SH TIHE DEPOSITS

f 91677 I 918.3

934.1 | 951.0

956.6 I 977.0 I 990.1

992.9 999.8

| 1006.6 | 1016.2

1028.3 1039.3 1046.1 1060.0 1079.9 1085.9 1095.7 1106.8 1115.1 1125.8 | 1142.1 | 1153.4 1173.1 1186.1 1189.3 1205.8 1227.3 1229.0 1242.7 1256.3 1260.0 1270.2 1281.5 1287.7 1300.8

I 1309.8 | 1305.3

1318.2 I 1337.5 | 1336.2 I 1349.2 | 1361.8 | 1365.1

1378.0 | 1389.7 | 1394.2

1408.5 I

1 fij J H2 PLUS LARGE

TIHE DEP. I TERH RP'S | AND | INSTITU-| TION ONLY

HHHF'S i 107275 | 1072.0 | 1084.3 | 1096.7 | 1101.0 | 1117.2 I 1128.2 | 1131.5 | 1140.3 | 1147.7 I 1157.5

1168.8 1177.5

| 1180.9 I 1196.0 | 1215.5

1220.4 1231.6 1243.9 1253.0 1261.4 1275.0

| 1286.2 | 1308.6 1319.8 1323.1 1340.8

| 1361.2 1366.3 1382.6 1399.6 1408.8 1422.0 1437.7 1450.8 1470.5 1482.1 1481.5

| 1501.5 1524.6 1530.4 1544.3

| 1561.5 1571.7

| 1587.6 1601.2 1616.3 | 1637.5 |

L L - 1 HJ PLUS | | OTHER |

LIQUID I ASSETS |

1 1260.1 | I 1262.4 | I 1?75.2 | I 1288.2 | I 1294.1 | I 1309.5 | I 1321.0 | | 1328.3 | I 1339.1 | | 1351.2 | | 1366.7 |

1379.2 | 1389.9 | 1396.3 |

I 1412.7 | | 1432.9 |

1438.7 | I 1450.2 |

1464.6 | 1476.1 | 1484.0 | 1500.1 | 1513.8 | 1534.7 | 1547.3 | 1555.2 | 1574.8 | 1597.3 | 1604.7 | 1622.3 | 1641.6 | 1654.8 | 1*70.5 | 1691.0 | 1708.8 | 1729.5 | 1746.0 | 1751.7 J 1774.5 | 1801.0 | 1810.9 | 1827.2 | 1846.9 | 1860.8 I 1879.3 | 1896.7 | 1919.1 | 1946.6 |


MONEY S

SEASONALLY ADJUSTED

1 9 7 * J A N . . . F E B . . . WAR... A P R . - . H A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . NOV. D E C . . .

1 9 8 0 J A N . . . F E B . . . MAR.. . A P R . . . H A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . NOV. . . D E C . . .

1981 J A N . . . F E B . . . WAR | A P R . . . H A Y . . . ] J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

| HI _ J CURRENCY , | TRAVELERS

CHECKS, , DEMAND |

DEPOSITS i AND OTHER 1

CHECKABLE 1 DEPOSITS |

3 6 3 . 9 | 36. 5 | | 3 6 7 . 7 |

3 7 3 . 4 | | 3 7 2 . 7 | I 3 7 7 . 3 | | 3 8 1 . 0 | I 3 8 3 . 2 | I 3 8 5 . 3 | I 3 8 6 . 5 | 3 8 6 . 9 |

3 8 9 . 0 |

I 3 9 1 . 9 ! I 3 9 5 . 1 | I 3 9 5 . 1 | I 3 8 9 . 9 j I 3 8 9 . 0 | | 3 9 3 . 7 I 3 9 8 . 0 |

4 0 5 . 1 | | 4 1 0 . 7 | I 4 1 5 . 5 |

4 1 7 . 5 | 4 1 4 . 5

4 1 7 . 9 | 4 1 9 . 4 | 4 2 4 . 4 j

| 4 3 3 . 3 | 4 2 9 . 2 | 4 2 8 . 4 | 4 2 9 . 4 |

I 4 3 1 . 1 | 4 3 1 . 2 |

I 4 3 2 . 9 | | 4 3 6 . 4 | I 4 4 0 . 9 |

| H2 J HI OVERNIGHT RPS AND EUROS, G/P G B/D HHHFS AND SAV AND SM TIHE DEPOSITS

1 4 0 9 . 4 | 1 4 1 7 . 1 | 1 4 3 1 . 3 1 4 4 5 . 4 1 4 5 5 . 1 | 1 4 6 9 . 7 1 4 7 9 . 9 1 4 9 2 . 2 1 5 0 1 . 8 1 5 0 6 . 3 | 1 5 1 1 . 6 1 5 1 8 . 9

1 5 2 8 . 8 1 5 4 2 . 0 1 5 5 0 . 0 1 5 4 5 . 6 1 5 5 8 . 1 1 5 7 7 . 3 1 5 9 8 . 3 1 6 1 8 . 2 1 6 2 9 . 2 1 6 4 0 . 1 c 1 6 5 6 . 0 { 1 6 5 6 . 1

1 6 6 5 . 6 1 6 7 8 . 1 | 1 7 0 1 . 0 | 1 7 2 3 . 1 1 7 3 2 . 3 1 7 4 0 . 7 1 7 5 3 . 6 1 7 7 2 . 2 | 1 7 7 8 . 1 1 7 8 9 . 3 | 1 8 0 9 . 6 1 8 2 2 . 3

L_ M3 J _ H2 PLUS |

| LARGE | TIME D E P . | TERH R P f S |

AND | INSTITU- | TION ONLYI

HMMF'S L 1 6 3 7 . 1 | 1 6 4 8 . 0 | 1 6 6 4 . 1 | 1 6 7 8 . 7 | 1 6 9 2 . 2 |

| 1 7 0 7 . 8 I | 1 7 2 2 . 0 |

1 7 3 8 . 6 | 1 7 5 5 . 8 | 1 7 6 6 . 5 | 1 7 7 0 . 8 |

| 1 7 7 9 . 3 | I i

1 7 9 2 . 1 | | 1 8 1 0 . 2 | | 1 8 2 0 . 3 | | 1 8 1 9 . 8 |

1 8 3 7 . 5 | I 1 8 5 5 . 9 |

1 8 7 7 . 6 | I 1 9 0 1 . 8 |

1 9 1 4 . 3 | | 1 9 3 0 . 7 c |

1 9 5 2 . 6 | 1 9 6 3 . 1 |

1 1 1984.1 I 2001 .8 | 2023 .9 | 2046 .2 | 2065 .1 | 2082 .0 | 2102 .4 | 2125 .8 | 2138.0 | 2151 .0 | 2174 .4 | 2187 .6 J

c corrected

TABLE 1 K HEASURES AND LIQUID ASSETS BILLIONS OF DOLLARS

NOT SEASONALLY ADJUSTED L 1

H3 PLUS J OTHER | LIQUID | ASSETS |

"T952T7 | 1968 .2 | 1994 .6 | 2017 .0 | 2 0 4 0 . 7 | 2 0 6 9 . 1 | 2 0 8 8 . 0 | 2106 .0 | 2 1 2 6 . 8 | 2139 .5 | 2145 .5 J 2 1 5 3 . 9 |

2 1 7 2 . 7 ! 2 1 9 4 . 4 | 2 2 1 0 . 9 | 2 2 2 0 . 6 J 2 2 3 9 . 1 | 2250 .4 J 2 2 6 9 . 1 i 2296^7 | 2309*8 J 2 3 2 5 . 8 c | 2 3 5 2 . 5 | 2 3 7 0 . 4 |

2 3 9 7 . 3 | 2418*2 I 2 4 3 8 . 1 | 2 4 5 5 . 5 | 2 4 8 3 . 1 | 2506 .6 | 2530 .4 J 2 5 5 9 . 7 | 2 5 7 7 . 3 | 2 5 9 8 . 2 |

J H I 1 H2 1 H3 1 L L | CURRENCY , | TRAVELERS | CHECKS, | DEHAND | DEPOSITS | AND OTHER | CHECKABLE J DEPOSITS | 3 6 7 . 9 | 356 .4 j I 3 6 0 . 9 | 3 7 6 . 2 | 3 6 7 . 1 | 3 7 6 . 7 | 383 .4 | 3 8 1 . 8 | | 3 8 5 . 7 | 3 8 8 . 0 | 3 8 9 . 7 | 3 9 8 . 8

I 3 9 5 . 9 I 3 8 6 . 2 | 3 8 7 . 8 J 3 9 2 . 6 | 3 8 3 . 3 | 3 9 2 . 9 | 400 .4 j I 4 0 4 . 1 | 4 1 1 . 0 | 4 1 7 . 1 | 4 2 0 . 7 | 4 2 4 . 6

| 4 2 2 . 0 | 4 1 0 . 1 | | 4 1 6 . 7 | 4 3 6 . 0 | 4 2 3 . 2 | I 427 .6 | 4 3 2 . 1 | 430 .4 I 4 3 1 . 5 | | 4 3 4 . 5 I 4 3 9 . 7 | 1 4 5 1 . 2

HI OVER-I NIGHT RP fS AND EUROS, G/P S B/D

| HHHFS AND I SAV AND | SH TIHE L DEPOSITS J I 1413.3 |

1408 .7 | | 1425 .0 |

1450 .6 | 1447 .5 | 1468 .3 | 1484 .9 | 1490.4 i

| 1502 .5 | 1511.2 | 1511 .4 1524 .6

1534 .0 | 1534 .7 |

1544 .5 | 1551 .1 | 1550 .3 | | 1575 .6 |

1601 .9 | 1614 .9 |

1628 .8 | 1645 .1 c |

1 6 5 6 . 1 i 1662 .4

1 6 7 2 . 1 1672 .3 | 1696 .8 | 1729 .1 | 1723 .8 |

| 1739 .0 J 1756 .0 | 1766 .7 1775 .6 j 1793 .1 1809 .3 | 1828 .9 I

H2 PLUS LARGE

TIHE DEP. TERH RP'SI

AND ! INST ITUTION ONLY

HBHFS 1643 .7 | 1642 .5 1660.4 1683 .8 1683 .8 | 1703 .5 I 1722 .7 | 1734 .1 1754 .5 1769 .6 1771 .8 J 1789 .2

1800 .7 1806 .7 |

I 1818 .2 1825 .5 1828 .7 1851 .0 1876.3 1895 .1 1911.7 1 9 3 3 . 8 c 1953 .9 1 9 7 3 . 8

1994 .8 2 0 0 1 . 2 2 0 2 3 . 9 2 0 5 2 . 7 2055 .6 2 0 7 6 . 3 2098 .3 2 1 1 5 . 3 2132 .2 2152 .4 2 1 7 5 . 3 2 1 9 9 . 3

| H3 PLUS | OTHER !

| LIQUID | ASSETS |

1959.4 | | 1966.3 | | 1993 .1 |

2024 .0 | 2 0 3 4 . 6 | 2 0 6 5 . 2 | 2085 .6 | 2098 .6 |

| 2123 .4 J 2 1 4 0 . 9 | 2145 .4 | 2 1 6 2 . 8 |

2 1 8 1 . 8 | 2 1 9 5 . 8 |

| 2 2 1 1 . 7 | | 2 2 2 8 . 5 | | 2 2 3 3 . 1 | | 2 2 4 6 . 2 | | 2 2 6 4 . 2 | | 2 2 8 6 . 0 | | 2304 .5 | | 2 3 2 6 . 5 c | I 2352 .3 | I 2 3 8 0 . 2 |

I 2 4 0 9 . 1 | | 2423 .5 | | 2441 .6 | | 2 4 6 4 . 2 I | 2476 .3 J | 2 5 0 1 . 8 | | 2522 .0 |

2 5 4 4 . 1 | 2568 .4 | 2596 .7 J


TABLE 2 COMPONENTS OP HONEY STOCK MEASURES AND BELATED ITEHS

SEASONALLY ADJUSTED, BILLIONS OF DOLLAHS

1959 JAN... FEB... MAR... APR... HAY... JON... JUL... AUG... SEP... OCT... NOV... DEC...

1960 JAN... FEB... WAR... APR... HAY... JUN... JUL... AUG... SEP... OCT...| NOV... DEC...

1961 JAN... FEB... HAR... APR...J HAY... JUN...| JUL...I AUG...1 SEP...| OCT...| NOV...| DEC...!

1962 JAN...| FEB...| HAR... APR... HAY... JUN... JUL...| AUG... SEP... OCT... NOV... DEC...

| CURRENCY

I 28.7 | 28.7 | 28.8 | 28.8 I 28.9 I 29.0 | 29.0 | 29.0 I 29.1 I 28.9 | 28.9 1 28.9

28.9 I 29.0 I 29.0 I 29.0

29.0 I 29.0

29.0 1 29.0 |

29.0 29.0 29.0 29.0 28.9

I 28.9 28.9 28.9 29.0 28.9 j 29.0 | 29.1 | 29.2 | 29.4 | 29.4 | 29.6 ] 29.7 29.7 | 29.8 | 30.0 | 30.0 | 30,. 0 | 30.2 | 30.2 | 30.2 | 30. 4 | 30.4 |

I 30.6 |

I NONBANK |TRAVELERS | CHECKS I oTa | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 . | 0.4 | 0.4 | 0.4 | 0.4 | 0.4

0.4 0.4 0.4 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 0.4

I 0.4 | 0.4 | 0.4 j 0.4 | 0.4 | 0.4 | 0.4 j 0.4 | 0.4 | 0.4 | 0.4 j 0.4 | 0.4 | 0.4 | 0.4 | o.4 : 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 |

| DEHAND | DEPOSITS

| ~T?077 | 111.2 | 111.5 | 111.4 | 112.3 I 112.7 I 113.2 | 113.4 | 112.5 I 112.1 I 112.0 | 111.6 i 111.7 I 111.6 I 111.5

111.2 111.3 111.3 111.9 113.0 | 112.9 112.7 112.6 112.5 112.9 113.5 113.8 114.0 114.6 114.8 114.8 | 115.2 115.4 | 115.7 | 116.2 | 116.5 116.5 116.9 117.1 | 117.3 | 117.7 | 117.4 | 117.2 | 117.3 | 117.0 | 117.3 | 117.8 | 118.1 |

I OTHER (CHECKABLE J DEPOSITS I oTo | 0.0 | 0.0 | 0.0 | 0.0 I 0.0 | 0.0 I 0.0 I 0.0 I 0.0 I 0.0 I 0.0 I 0.0 I 0.0 I 0.0 I 0.0

0.0 I 0.0 I 0.0

0.0 0.0 0.0 j 0.0 0.0 0.0

t 0.0 | 0.0 | o.o : 0.0 | 0.0 . 0.0 | 0.0 j 0.0 | 0.0 | 0.0 J 0.0 j 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |

I _ SAVINGS DEPOSITS T I AT | COHHER-| CIAL L BANKS | 51.5 | 51.7 I 51.9 | 52.2 | 52.5 | 53.0 I 53.2 | 53.4 I 53.7 | 53.8 | 54.0 I 54.3 I 54.2 I 54.2 I 54.3 I 54.5 I 54.7 | I 55.0 | 55.2

55.8 | 56.4 56.9 | 57.3 57.9 58.4 | 59.3 | 59.8 J 60.2 | 60.7 | 61.1 | 61.4 | 61.8 | 62.1 | 62.6 | 63.2 | 63.7 | 64.2 | 64.8 | 65.4 | 66.0 | 66.7 | 67.2 | 67.9 | 68.5 | 69.1 | 69.7 | 70.3 | 70.8 |

| AT | THRIFT | INST. I 84.2 ~ | 84.8 | 85.6 | 86.2 | 87.0 I 87.9 | 88.4 I 89.2 | 90.0 | 90.3 | 90.8 1 91.7 ! 92.1 I 92.8 | 93.6 I 94.2

94.9 I 95.8 I 96.4

97.3 | 98.3 98.9 | 99.8 100.8 101.5 102.4 J 103.4 104.1 | 104.9 106.1 | 106.7 I 107.6 | 108.6 | 109.2 | 110.2 | 111.3 | 112.0 112.9 | 114.1 J 114.9 | 115.8 | 117.0 | 117.8 J 118.8 | 120.1 | 121.0 | 122.1 | 123.4 |

I TOTAL

| 13577 | 136.4 | 137.5 | 138.4 | 139.5 | 140.8 | 141.6 | 142.6 | 143.7 | 144.1 | 144.8 | 146.0

146.4 I 146.9 | 147.9 I 148.7 | 149.6 | 150.8 | 151.7

153.1 154.7 155.8 157.1 158.7 159.9 161.7 163.2 164.3 165.6 167.1 | 168.1 169.4 | 170.7 171.8 173.4 | 175.0 176.2 177.7 | 179.6 | 181.0 I 182.5 | 184.2 | 185.7 | 187.4 | 189.2 | 190.7 | 192.4 | 194.3 J

[ SHAUJIHE DEPOSITS" 1 I AT | COHHER-| CIAL L BANKS | ~9.8 | 9.6 I 9.7 1 9.7 1 9.7 1 9.7 1 9.5 1 9.5 I 9.6 | 9.4 | 9.4 1 9.3 | 9.3 1 9.1 I 9.1 I 9.2 1 *.1 | 9.3 I 9.5 I 9.7 | 9.8 | 9.9 | 10.1

10.1 10.1 10.3

I 10.2 | 10.3

10.8 | 11.0 J 11.2 | 11.4 | 11.5 I 11.6 | 11.6 | 11.5 12.2 | 13.0 | 13.8 | 14.2 | 14.1 | 14.3 | 14.5 i 14.6 | 15.0 J 15.3 J 15.6 | 16.0 |

| AT | THRIFT | INST. 1 275 1 *2-3 1 2.3 1 2.3 1 2.3 | 2.4 I 2.4 | 2.4 1 2.5 | 2.5 | 2.5 1 2.5 | 2.6 | 2.6 | 2.6 | 2.6 1 2.7 1 2.7 | 2.7 1 2.8 ] | 2.8 | 2.8 | 2.8 I 2.8

2.9 1 3.0 | 1 3*0 | 1 3.1 |

3.2 3.2 | 3.3 I 3.4 | 3.5 | 3.5 | 3.6 | 3.7 I 3.8 i 3.8 | 3.9 | 4.0 | 4.1 | 4.1 I 4.2 | 4.3 | ",.4 | 4.5 J 4.6 |

TABLE 2 COMPONENTS OP HONE* STOCK MEASURES AND RELATED ITEMS

SEASONALLY ADJUSTED, BILLIONS OF DOLLARS

1963 JAN...| FEB.,. MAR... APR... HAY... JUN... JUL... AUG... SEP... OCT... NOV... DEC...

1964 JAN... FEB... MAR...| APR...| NAY... JUN... JUL... AUG...j SEP... OCT...i NOV... DEC...

1965 JAN... FEB...| MAR...| APR...| HAY...| JUN...| JUL...I AUG... SEP...| OCT...; NOV...| DEC...|

1966 JAN...! FEB...! BAR... APR... HAY... JUN... JUL... AUG... SEP... OCT... NOV... DEC...

| CURRENCY

1 30.7 | 30.8 | 31.0 I 31.2 31.3 | 31.5 | 31.6 | 31.8 I 31.9 I 32.1 I 32.3

32.5 32.5 32.7 32.9 33.1 33.3 33.5 33.6 | 33.7 33.9 34.0 34.2 34.3 34.4 34.6 j 34.7 | 34.8 34.8 35.0 | 35.2 | 35.4 | 35.7 | 36.0 | 36.1 | 36.3 | 36.6 36.8 36.9 J 37.1 | 37.3 37.4 37.6 37.8 37.9

I 38.0 38.2

I 38.3

| NONBANK |TRAVELERS I CHECKS

574 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.5 | 0.5 | 0.5 | 0.5 I 0.5 | 0.5

0.5 0.5 |

I 0.5 0.5 | 0.5 0.5 | 0.5 | 0.5 | 0.5 |

1 0.5 | 0.5 | 0.5 0.5 I 0.5 J 0.5 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 | 0.6 0.6 0.6 | 0.6 0.6 0.6 0.6 0.6 0.6 0.6 0.6

I 0.6 0.6 0.6

| 0.6 | 0.6

! DENAND | DEPOSITS

TT575 I 119.0 119. 1

| 119.4 | 120.0 | 119.9 | 120.6 | 120.9 | 120.9 | 121.4 I 122.3 | 121.7

122.1 122.6

I 122.5 122.7 123.1 123.1 124.3 | 125.1 | 125.8 | 126.3 126.8 j 127.0 127.4 127.3 127.8 | 128.3 | 127.8 I 128.2 | 128.9 | 129.2 | 130.2 | 131.1 | 131.5 | 132.5 | 133.5 133.9 | 134.6 J 135.7 | 135.0 | 135.2 133.8 j | 134.0

I 135.0 | 134.2

134.2 | 134.6

I OTHER |CHECKABLE | DEPOSITS i 07T I 0.1 | 0.1 I 0.1 | 0.1 I 0.1 | 0.1 | 0.1 I 0.1 I 0.1 I 0.1

0.1 0.1

I 0.1 0.1 0.1 } 0.1 | 0.1 0.1 | 0.1 | 0.1 | 0.1 0.1 | 0.1 0.1 0. 1 0.1 | 0.1 | 0.1 | 0.1 0.1 i 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 0.1 I 0.1 | 0.1 | o.i I 0.1 | 0.1 | 0.1 0.1 j

| "SAVINGS DEPOSITS r AT I COHHER-| CIAL j BANKS J I 71.5 I 72.0 | 72.5 | 73.1 | 73.7 I 74.2 | 74.7 75.2 | 75.5 | 75.5 | 75.9

76.3 76.7 77.2 77.6 78.1 | 78.7 79.2 79.6 80.2 | 80.8 81.3 81.8 | 82.4 83.3 84.2 | 84.8 | 85.6 | 86.3 | 87.0 87.9 | 88.8 | 89.6 | 90.4 | 91.2 | 92.0 | 92.1 | 92.1 | 91.8 | 90.6 | 90.3 | 90.0 | 90.6 | 90. 1 | 90.0 89.8 | 89.5 89.6

| AT | THRIFT I INS1.

12475 I 125.9 | 127.4 | 128.5 | 129.7 | 131.1 | 132.0 | 133.0 | 134.4 | 135.2 | 136.3 I 137.6

138.5 139.8

I 141.2 142.2 I 143.4 145.1 146.1 147.5 149.0 149.9 151.1 { 152.4 153.2 154.4 | 155.7 | 156.4 | 157.4 | 158.8 | 159.5 | 160.4 | 161.7 | 162.3 | 163.3 | 164.5 | 165.1 | 165.9 166.1 | 165.3 | 164.8 164.8 163.9 | 163.4 163.5 162.8 162.8 163.3

I TOTAL

| 19579 | 197.9 | 199.9 I 201.6 | 203.4 | 205.4 | 206.7 | 208.2 | 209.9 | 210.8 I 212.3

213.9 | 1 215.2

217.0 J I 218.8 |

220.3 J 222.1 224.2 |

| 225.8 227.7 | 229.8

I 231.2 | 232.9 | 234.8 236.5 238.6 | 240.5 | 242.0 I 243.7 | 245.8 | 247.3 | 249.2 | 251.3 | 252.7 J 254.5 | 256.5 | 257.2 258.0 257.9 j 2 56.0 255.1 | 254.8 254.6 253.6 253.5 252.6

I 252.2 252.8

[~ SHALL TIHE DEPOSITS" L | AT | COHHER-I CIAL

| AT | THRIFT I INST.

L BANKS X J | 16.3 I 16.4 | 16.8 I 17.0 | 17.3 | 17.5 | 17.8 | 18.3 | 18.7 | 19.5 I 20.1 | 20.4

20.6 | 20.6

20.7 20.7 20.8 21.1 21.3 | 21.6 | 21.9 | 22.1 | 22.6 j 22.9 23.5 24.1 | 24.4 24.5 | 24.7 | 25.0 | 25.3 | 25.6 | 25.9 | 26.4 | 26.8 | 27.2 | 27.9 28.8 29.7 | 31.7 I 33.0 33.3 | 33.7 |

I 35.3 | 36.4 { 37.5 | 38.4 | 39.3

| 4.8 4.9

| 4.9 I S.0 I 5.1 | 5.2 I 5.2 I 5.3 i 5.5 | 5.6 I 5.7

5.8 5.9 6.0 | 6.0 6.1 | 6.1 | 6.2 | 6.3 | 6.4 j 6.6 | 6.7 | 6.8 | 6.9 7.0 7.1 I 7.1 7.1 7.2 | 7.2 | 7.3 ?.5 7.7 | 7.8 1 7.9 8.0 | 8.1 8.5 | 9.2 10.0 | 10.8 11.6 j 12.4 13.1 | 13.8 | 14.8 15.6 16.6

| TOTAL | 1 1 1 21.0 |

21.3 | I 21.7 | | 22.0 | | 22.4 | 1 22.7 | 1 23.1 | I 23.7 | 24.2 | 1 25.1 | I 25.7 |

26.2 | 26.5 | 26.6 | 26.7 | 26.8 | 26.9 | 27.3 | 27.7 | 28.0 | 28.4 | 28.8 | 29.4 | 29.9 | 30.5 | 31.2 | 31.5 | 31.6 | 31.9 | 32.3 | 32.6 | 33.1 | 33.6 | 34.2 | 34.7 | 35.2 | 36.0 | 37.3 | 39.0 | 41.7 | 43.8 | 45.0 | 46.1 | 48.4 | 50.2 | 52.2 |

1 54.0 | 1 55.9 |


TABLE 2 COMPONENTS OF NONET STOCK MEASURES AND BELATED ITEMS


1967 J A N . . . F E B . , . | MAR. . . | A P R . . . | MAT. . . J U N . . . | J U L . . . | A U G . . . | S E P . . . | OCT. . .J NOV. . . ! D E C . . . I

1968 J A N . . . F E B . . . | M A R . . . | A P R . . . | H A T . . . | J O N . . . J U L . . . | AUG. . . S E P . . . O C T . . . NOV. . . D E C . . .

1969 J A N . . . F E B . . . MAR.. . A P R . . . N A T . . . J U N . . . J U L . . . AUG. . . S E P . . . O C T . . . NOV. . . D E C .

1970 J A N . . . F E B . . . MAR.. . APR.. .J H A T . . . J U N . . . | J U L . . . AUG. . . S E P . . . O C T . . . NOV. . . D E C . . .

CURRENCT

3 8 . 6 | 3 8 . 7 3 8 . 9 | 3 8 . 9 3 9 . 1 | 3 9 . 2 | 3 9 . 3 3 9 . 5 3 9 . 7 1 0 . 0 4 0 . 1 40 .4

4 0 . 7 4 0 . 8 | 4 1 . 0 41 .4 4 1 . 5 I 4 1 . 8 4 2 . 1 4 2 . 3 4 2 . 6

| 4 2 . 8 4 3 . 2 43 .4

4 3 . 6 | 4 3 . 9 | 4 4 . 1 I 44 .2

4 4 . 4 | 4 4 . 7

4 4 . 9 I 45 .2 I 4 5 . 3

45 .6 I 4 5 . 9

4 6 . 1

4 6 . 3 I 4 6 . 5

4 6 . 8 4 7 . 0 4 7 . 5 4 7 . 6

I 4 7 . 9 I 48 .1 I 4 8 . 3 I 4 8 . 5 I 4 8 . 8 I 4 9 . 1

NONBANIC TRAVELERS

CHECKS L J

0 .6 | 0 . 6

0 . 7 | 0 . 7

0 .7 0 . 7 0 . 7 0 . 7

| 0 . 7 | 0 . 7 | 0 . 7

0 . 7

0 . 7 0 . 7

| 0 . 7 | 0 . 7

0 . 7 | 0 . 7 | 0 . 7 1 0 . 7 | | 0 . 7 | 0 . 7 | 0 . 7 | 0 . 8

! 0 . 8 I 0 . 8 | 0 . 8 | 0 . 8 | 0 . 8

0 . 8 | 0 . 8

0 .8 0 . 8

| 0 . 8 | 0 . 8

0 .8

0 .8 | 0 . 8 | 0 .9 | 0 .9

0 . 9 | 0 . 9 | 0 . 9

0 .9 1 0 .9 1 1.0 I 1.0 I 1.0

I DEHAND DEPOSITS

| 134 .3 | 135 .3

1 3 6 . 9 136 .3 137 .5

| 138 .8 139 .9 141 .2 1 4 2 . 0 1 4 2 . 8 143 .3 143 .9

144.5 1 4 5 . 0 145 .6 146 .4 147 .7 1 4 8 . 8

| 149 .6 150 .7 151 .3

I 152 .4 | 154 .0

155 .1

156 .3 156 .6

| 1 5 7 . 1 I 157 .6 | 157 .5 I 157 .8

157 .9 | 157 .6 I 157 .9

158.4 I 158 .7

158 .8 j

160 .7 158 .9

I 1 6 0 . 1 I 161 .2 I 1 6 1 . 1 I 161 .2 j I 161 .3 I 1 6 3 . 1 | 164.4 I 165 .0

165.5 I 166 .3

I OTHER I CHECKABLE I DEPOSITS L J

0 . 1 | 0 . 1

0 . 1 I 0 .1 I 0 . 1 I 0 .1 I 0 . 1 I 0 . 1 | 0 . 1 I 0 . 1 I 0 . 1

0 . 1

I 0 . 1 I 0 . 1 I 0 . 1 I 0 . 1 I 0 . 1 I 0 . 1 I 0 . 1 I 0 . 1 | 0 . 1 I 0 . 1 I 0 .1

0 . 1

I 0 . 1 I 0 . 1 I 0 . 1 I 0 . 1 I 0 . 1 I 0 . 1 I 0 .1 I 0 . 1 I 0 . 1

0 . 1 0 . 1 0 . 1

0 . 1 I 0 . 2 I 0 . 2 I 0 .2 I 0 .2 I 0 .2

0 .2 j I 0 . 2 I 0 . 2

0 . 1 I 0 . 1 I 0 . 1

* ~ ~ SAVINGS~DEPOSITS~ "" 1 ~SHALL T INI_E!OSITS~ 1 | ~AT

CONNER-I CIAL | BANKS I 8 8 . 9 | 8 8 . 8 | 8 9 . 1

8 9 . 6 | I 9 0 . 2 | 9 0 . 8 |

9 1 . 4 | I 9 1 . 9 | 9 2 . 2 I 9 2 . 8 | 9 3 . 2

93 . 6

9 3 . 5 | 9 3 . 7 | 9 4 . 0 | I 9 4 . 0 | 9 4 . 0 |

9 4 . 0 | 9 4 . 0 | 94 .2 I 94 .4 | 9 4 . 6 | 9 5 . 0

9 5 . 7

9 5 . 3 9 5 . 2 | 9 5 . 0

9 4 . 5 ; 9 4 . 2

9 4 . 0 , 93 .4

9 3 . 2 | 9 3 . 1 9 2 . 9 |

| 9 3 . 1 93 .4

9 2 . 6 | 1 9 2 . 1 1 | 91 .9 I 9 2 . 1 | | 92 .4 I 9 2 . 7 | 1 9 3 . 5 | | 9 4 . 2 |

9 4 . 8 | | 9 5 . 6

9 6 . 3 | 1 97 .5

AT THRIFT INST.

163 .0 163.4 1 6 4 . 2 164 .8

| 165 .8 166 .8 167 .4

| 168 .2 169 .1

| 169 .2 169 .5

E 169 .6

168 .9 | 169 .0

169 .6 I 169 .5

169 .7 j | 170 .1 | 169.9 | 170 .3

171 .3 I 171 .3 I 171 .6

172 .8

172 .6 | 172 .3

173.2 172 .6 172.4 J

| 173 .1 171 .8 170 .5

| 170 .6 169.7 169 .5 169 .8

168.0 165 .0 | 162 .7 159 .9 | 158 .4 158 .3 157 .8 | 157 .9 | 159 .0 | 159 .5 160.2

1 161 .8

i TOTAL | AT

CONNER-| CIAL

| J BANKS I | 2 5 2 . 0 ~| | 2 5 2 . 2 | 253 .3

2 5 4 . 4 I 2 5 6 . 0 I 2 5 7 . 6 |

2 5 8 . 8 | 2 6 0 . 1

2 6 1 . 3 | 2 6 2 . 0

2 6 2 . 6 | 2 6 3 . 3

2 6 2 . 4 | 2 6 2 . 7

2 6 3 . 6 | 2 6 3 . 5

2 6 3 . 7 j | 2 6 4 . 1

2 6 3 . 9 | I 2 6 4 . 5 | | 2 6 5 . 8 | I 2 6 5 . 9 | I 2 6 6 . 7

2 6 8 . 5

2 6 7 . 8 I 2 6 7 . 4 |

2 6 8 . 2 | I 2 6 7 . 1 |

2 6 6 . 6 j | 2 6 7 . 1 | I 2 6 5 . 2 |

2 6 3 . 6 | 2 6 3 . 8 | 262 .7 2 6 2 . 6 | 2 6 3 . 2 |

260 .6 2 5 7 . 2 | 2 5 4 . 6 | 2 5 2 . 0 | 2 5 0 . 8 | 2 5 1 . 0 | 251 .4 | 2 5 2 . 0 | 2 5 3 . 7 | 2 5 5 . 1 | 2 5 6 . 6 | 2 5 9 . 3

4 0 . 5 41 .4 4 2 . 3 43 .4 4 4 . 6 4 5 . 7 4 7 . 0

| 4 8 . 1 | 4 9 . 1 | 5 0 . 0

50 .6 5 1 . 6

52 .6 I 5 3 . 7

5 4 . 2 55 .0

I 5 5 . 9 5 6 . 9 5 8 . 2 5 9 . 7 6 1 . 3 6 2 . 6 6 3 . 5 6 4 . 5

6 5 . 1 6 5 . 9 6 6 . 9 6 7 . 6 6 8 . 2 68 .9 j 6 9 . 8 70 .4 7 0 . 9 7 1 . 2 | 7 1 . 6 7 2 . 5

7 2 . 3 7 2 . 4 7 2 . 9 7 2 . 4 | 73 .4 | 74 .9 | 7 5 . 0 | 7 5 . 7 | 76 .7 | 7 7 . 6 | 7 8 . 9 | 8 0 . 3

| AT | THRIFT | INST.

| 1 7. 6 | 1C.9 | 1 9 . 6 I 20 .4 I 2 1 . 1 I 2 1 . 9 | 2 2 . 5 I 2 3 . 2 I 2 3 . 8 I 2 4 . 9 I 2 6 . 0

2 7 . 5

I 2 8 . 4 I 2 9 . 7 | 3 0 . 2 I 3 0 . 9 I 3 1 . 6 I 32 .4 | 3 3 . 2 I 3 3 . 7 I 3 4 . 2 | 35 .4 I 3 6 . 7

3 7 . 4

I 3 8 . 1 I 3 9 . 6 I 3 9 . 8

4 0 . 5 | 4 1 . 3

4 1 . 7 4 3 . 0

| 4 4 . 6 4 5 . 7 4 7 . 1 |

| 4 8 . 1 4 9 . 2

5 0 . 2 5 3 . 0 | 5 5 . 9 5 9 . 0 | 6%;.7 i 6 3 . 3 6 5 . 1 j 6 6 . 8 | 6 8 . 1 6 9 . 9 7 1 . 5 | 7 3 . 3

I TOTAL |

L I 1 58.1 | I 60.4 | 1 61.9 | 1 63.7 | 1 65.7 | I 67.6 | 1 69.5 | 1 71.2 | 1 73.0 | | 74.9 | | 76.6 | 1 79.0 |

I 81.1 | 83.4 |

| 84.4 | I 85.8 | I 87.5 I I 89.3 | I 91.4 |

93.4 | 1 95.4 | 1 98.1 | I 100.2 |

101.9 |

I 103.2 | | 105.6 | | 106.7 | I 108.1 | I 109.5 | | 110.5 |

112.8 | | 115.0 | I 116.6 |

118.3 | 1 119.7 |

121.7 |

122.4 | 125.4 | 128.7 | 131.5 | 135.1 | 138.2 | 140.1 | 142.5 | 144.8 | 147.5 | 150.4 |

I 153.6 1


TABLE 2 COMPONENTS OF NONET STOCK MEASURES AND RELATED ITEMS

SEASONALLY ADJUSTED, BILLIONS OF DOLLABS

1971 J A N . . . F E B . . . HAB.. .J APR . . H A T . . . J O N . . . J U L . . . A U G . . . S E P . . . O C T . . . NOV. . . D E C . . .

1972 J A N . . . F E B . . . HAR. . . A P R . . . ! H A Y . . . J O N . . . J U L . . . A U G . . . S E P . . . ] O C T . . . NOV.. .J D E C . . .

1973 J A N . . . F E B . . . HAR. . . A P R . . . H A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . j N O V . . . ! D E C . . .

1974 J A N . . . F E B . . . | MAR. . . | A P R . . . | MAY. . . J U N . . . | J U L . . . AUG. . . S E P . . . O C T . . . NOV. . . D E C . . .

CURRENCY

I 49 .4

| 4 9 . 7 5 0 . 0

| 50 .4 | 5 0 . 6 | 5 1 . 0 | 5 1 . 5 | 51 .7 I 5 2 . 0 | 5 2 . 2 | 52 .3

5 2 . 5

I 5 2 . 8 | 5 3 . 2 | 5 3 . 6

5 3 . 8 | 5 4 . 0 | 5 4 . 3 | 54 .6 |

5 5 . 0 55 .4 5 5 . 8 |

| 56 .4 I 5 6 . 8

5 7 . 2 | 57,. 5 | 5 7 . 9 | 5 8 . 6 | 5 8 . 8 I 5 9 . 2 | 59 .5 I 5 9 . 8 | 60 .2 |

6 0 . 6 6 1 . 0 | 6 1 . 5

6 2 . 1 6 2 . 6 6 3 . 1 | 6 3 . 8 |

t 6 4 . 2 6 4 . 5 6 4 . 9 65 .5

| 6 6 . 0 | 6 6 . 7 | 67 .3 | 67 .8

I NONBANK |TRAVELERS

CHECKS I J | 1.0 I 1.0 I 1.0 I 1.0 I 1.1 I 1-1 I 1-1 I 1.1 I 1.1 1 1 .1 1 1*1 I 1.1

I 1.1 I 1-2 I 12

1.2 1.2

1 1.2 1.2 1.2

I 1.3 1.3 I 1.3 1.3

1.3 1.4 1.4

1 1.4 I 1*4

1.4 1 1*4

1.4 I 1.4

1 1.5 I 1.5 1.5

1.5 1.6 1.6 | 1.6 1.7 1.7 1.7

I 1.7 I 1.8

1.8 | 1.8 1 1.8

DEMAND DEPOSITS

I " 6 7 7 2 I 168 .3 | 170 .0 I 171 .1 I 172 .8 | 173 .9 I 174 .5 | 1 7 5 . 1 I 175 .6 | 175 .9 I 1 7 6 . 2 I 1 7 6 . 8

178 .5 | 180 .0 I 182 .0

183 .2 183 .2

I 183 .7 185 .4 187 .3 189 .0 190 .3 1 9 1 . 1 193 .6

1 9 5 . 7 195 .7 195 .1 J

I 195 .3 197 .3 199 .0 |

I 199 .2 | I 199 .3

198 .9 | 199.5 | 2 0 1 . 1 2 0 2 . 5

2 0 3 . 1 | 2 0 3 . 8 I 2 0 4 . 7 |

| 2 0 4 . 1 | 2 0 4 . 5 |

I 2 0 5 . 3 | 2 0 5 . 5

| 2 0 5 . 6 | 2 0 5 . 9 |

I 2 0 6 . 3 I 2 0 7 . 3

2 0 7 . 4

OTHER CHECKABLE

DEPOSITS

- | 0 . 1 | 0 .2 I 0 . 2

0 . 2 I 0 . 2 1 I 0 .2 I 0 .2

0 . 2 0 . 2

| 0 .2 0 . 2

i 0 . 2 | 0 .2 t 0 .2

0 .2 0 .2 0 . 2 0 . 2 0 . 2

1 0 .2 j 0 .2 0 . 2 ] 0 . 2

0 . 2 0 .3 0 .3 | 0 .3 0 .3 0 . 3 ' 0 .3 | 0 . 3 0 . 3 | 0 . 3 | 0 . 3 0 .3

0 .3 0 . 3 | 0 .4 0 .4 | 0 .4 | 0 .4 0 .4 0 .4 0 .4 | 0 .4 0 .4

1 0 . 4

| SAVINGS DEPOSITS 7_1 SHALL TIME DEPOSITS 1 I AT

COHMER- j I CIAL | BANKS

~ 9 8 . 7 I 100 .7 I 102 .9 | 104 .9 | 105 .9 , 106 .4 | | 1 0 6 . 9 | 107 .7 | 1 0 8 . 6 | 109 .6 | 110 .5

1 1 1 . 7

113 .0 | 114 .7 I 115 .8 | 116 .5 | 117 .0

1 1 7 . 7 118-6 | 1 2 0 . 0 121 .3 1 2 2 . 1 122 .8 | 123 .6

123 .9 1 2 4 . 0 123 .9 123 .9 124 .7

, 125 .2 125 .4 125 .2 | 125 .4 | 125 .9 | 1 2 6 . 5 J 127 .0

1 2 7 . 6 128 .0 | 1 2 8 . 6 | 129 .3 | 129 .8 | 130 .5 | 1 3 1 . 6

I 132.2 | [ 132 .7 I 133 .7 | 134 .5 | I 135 .6 I

| AT THRIFT

I INST. I J

163 .0 I 164 .7 | 166 .6 | 1 6 8 . 1 I 170 .2

172 .2 I 173.4

174 .7 | 176 .2 | 176.9 I 177 .8 I 1 7 9 . 1

180 .0 181 .6

I 183 .6 184 .6

| 185 .7 187.4 188 .5 1 9 0 . 1 191.9 192 .9 194 .6 196 .6

197 .3 | 198 .2

199 .5 199 .6 2 0 0 . 0

I 2 0 1 . 3 2 0 1 . 1 199 .6 198 .6 198 .1 | 1 9 7 . 8 198 .9

198.8 198.9 | 199 .8 199 .7 199 .3 199 .6 199 .1 198 .7 199 .0 199.2 2 0 0 . 2 202 .1

TOTAL

L I 2 6 1 . 7 | 2 6 5 . 4 I 2 6 9 . 5 | 2 7 3 . 0 I 2 7 6 . 1 | 2 7 8 . 6 | 2 8 0 . 4 | 2 8 2 . 4 | 2 8 4 . 8 | 2 8 6 . 4 | 2 8 8 . 3 I 2 9 0 . 8

I 2 9 3 . 0 | 2 9 6 . 3 I 2 9 9 . 4 | 3 0 1 . 1 | 3 0 2 . 6 | 3 0 5 . 1 | 3 0 7 . 1 I 3 1 0 . 1 | 3 1 3 . 1 I 3 1 5 . 0 | 3 1 7 . 4

3 2 0 . 2

I 3 2 1 . 3 3 2 2 . 2

| 3 2 3 . 4 3 2 3 . 5

| 3 2 4 . 7 | 3 2 6 . 5

3 2 6 . 5 3 2 4 . 7 |

| 3 2 4 . 0 3 2 4 . 1 3 2 4 . 4 3 2 5 . 9

3 2 6 . 4 3 2 6 . 9

I 3 2 8 . 5 3 2 9 . 1 3 2 9 . 1 |

| 3 3 0 . 1 | | 3 3 0 . 7 | | 3 3 0 . 9

3 3 1 . 7 | 3 3 2 . 9 | 3 3 4 . 7 I 3 3 7 . 6

| AT COMHER-

| CIAL L BANKS |

8 1 . 3 | 8 3 . 1 | 8 5 . 1 | 8 6 . 9 | 8 8 . 3 | 8 9 . 3 I 8 9 . 8 | 9 0 . 7 I 91 -9 | 9 2 . 7 | 9 4 . 6 I 9 5 . 6

I 9 6 . 6 | 9 7 . 6 I 9 9 . 1 | 9 8 . 7 | 9 9 . 3 | 100 .5 | 102 .7 | 104 .0

105 .5 106 .8 |

| 108 .1 | 109 .3

111 .3 | 111 .9

112 .0 | 112 .9

114 .2 | 115 .3

115 .0 116 .9 j

| 115 .2 | 114 .4 116 .3 117 .8

118 .3 | 119 .6 |

121 .4 | 121 .3 j 121 .5 I 121 .7 { 121 .6 | 122.5 123 .4

I 124 .5 | | 125.4

124 .2 |

AT I THBIFT

INST.

747

TABLE 2 COMPONENTS OF MONEY STOCK MEASURES AND RELATED ITEMS


1 9 7 5 J A N . . . I F E B . . . ! HAR. . . I A P R . . . I H A Y . . . ! J U N . . . | J U L . . . I A U G . . . | S E P . . . I O C T . . . | N O V . . . D E C . . .

1 9 7 6 JAN. - , . F E B . . . | M A R . . . | A P R - . . | M A T . . . | J U N . . . | J U L . . . | A U G . . . S E P . . . ! OCT. . .J N O V . . . | D E C . . . ]

1977 J A M . . . F E B . . . ! MAR. . . | A P R . . . I MAY.. . I J U N . . . J J U L . . . j A U G . . . ] S E P . . . I O C T . . . | N O V . . . I D E C . . .

1978 J A N . . . F E B . . . M A R . . . | A P R . . . | H A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

CURRENCY

6 8 . 3 6 8 . 7 6 9 . 2 | 6 9 . 5 | 7 0 . 0 | 7 1 . 0 | 7 1 . 5 | 7 1 . 9 j 7 2 . 1 | 7 2 . 7 7 3 . 3 7 3 . 8

7 4 . 3 7 5 . 0 | 7 5 . 7 7 6 . 6 | 7 7 . 1 | 7 7 . 7 | 7 8 . 2 7 8 . 6 | 7 9 . 3 7 9 . 7 8 0 . 1 | 8 0 . 6

8 1 . 2 8 1 . 9 | 8 2 . 4 | 8 3 . 2 | 8 3 . 6 | 8 4 . 3 | 8 5 . 1 | 8 5 . 7 J 8 6 . 4 | 8 7 . 0 8 7 . 8 | 8 8 . 6 i

8 9 . 2 I 9 0 . 0

9 0 . 7 9 1 . 3 9 2 . 1 9 2 . 8

I 9 3 . 3 1 9 4 . 1 I 9 5 . 0 I 9 5 . 8 I 9 6 . 6 | 9 7 . 4

NONBANK TRAVELERS]

CHECKS

T7? " 1 .9 J 1 . 9 J 2 . 0 | 2 . 0 2 . 1 2 . 1 I 2 . 1 I 2 . 2 2.2*

| 2 . 2 2 . 3

2 . 3 2 . 3 2 . 4 2 . 4 | 2 . 5 2 . 6 | 2 . 6 | 2 . 6 | 2 . 7 2 . 7 | 2 . 7 2 . 8

2 . 8 2 . 8 2 . 9 | 2 . 9 2 . 9 | 3 . 0 3 . 0 3 . 0 3 . 0 3 . 1 3 . 1 | 3 . 1

3 . 1 3 . 1 3 . 2 |

I 3 . 2 3 . 2 3 . 3

I 3 . 4 | 3 . 4 | 3 . 4 | 3 . 4 I 3 . 5 I 3 . 5

DEMAND DEPOSITS

2 0 6 . 8 2 0 7 . 0 | 2 0 8 . 2 | 2 0 7 . 4 2 0 9 . 8 |

| 2 1 2 . 6 j 2 1 2 . 6 2 1 3 . 3 2 1 3 . 9 2 1 2 . 7 2 1 4 . 9 j 2 1 4 . 1

2 1 5 . 0 I 2 1 6 . 2 | 2 1 6 . 5 |

2 1 7 . 4 2 1 8 . 8 | 2 1 8 . 2 | 2 1 8 . 3 | 2 1 9 . 6 2 1 9 . 5 | 2 2 1 . 8 2 2 2 . 2 2 2 4 . 4

2 2 6 . 6 2 2 7 . 7 | 2 2 9 . 0 2 3 0 . 8 | 2 3 1 . 0 2 3 1 . 8 2 3 3 . 0 2 3 3 . 9 | 2 3 5 . 4 2 3 7 . 2 2 3 8 . 4

I 2 3 9 . 6

2 4 2 . 9 2 4 1 . 9 2 4 2 . 4 2 4 5 . 5 2 4 7 . 7

I 2 4 9 . 2 I 2 50,. 3 I 2 5 1 . 2 1 2 5 3 . 7 1 2 5 3 . 9 1 2 5 3 . 8 I 2 5 3 . 9

OTHER CHECKABLEI

DEPOSITS

0 . 5 0 . 6 | 0 . 6 | 0 . 6 0 . 7 |

1 0 . 7 | 0 . 7 | 0 . 7

I 0 . 8 | 0 . 8

0 . 9

1 . 0 1 .1 1 . 2 1 . 4 | 1 . 5 | 1 . 7 | 1 . 8 | 2 . 0 2 . 2 2 . 3 2 . 5 | 2 . 7

2 . 8 2 . 9 |

I 3 . 1 3 . 1 3 . 2 | 3 . 3 3 . 5 3 . 6 J 3 . 8 | 3 . 9 4 . 0 | 4 . 2 ]

4 . 3 I 4 . 4 |

4 . 5 4 . 7 4 . 8 4 . 9 |

| 5 . 0 I 5 . 1 I 5 . 2 I 5 . 3 I 6 . 7 I 8 . 4

gAVINGS DEPOSITS A ""AT

COMMERCIAL BANKS 1 3 6 . 6 1 3 8 . 0 | 1 4 0 . 4 1 4 3 . 0 j

| 1 4 5 . 4 1 4 8 . 9 | 1 5 1 . 1 1 5 2 . 6

| 1 5 4 . 2 1 5 5 . 4

| 1 5 7 . 3 j 1 5 9 . 9

1 6 3 . 6 1 7 0 . 0

| 1 7 4 . 0 1 7 7 . 3

I 1 8 0 . 2 1 8 0 . 4 1 8 1 . 9 | 1 8 4 . 6 1 8 7 . 8 1 9 1 . 5 | 1 9 5 . 8 2 0 0 . 1

2 0 4 . 0 2 0 6 . 8 2 0 9 . 3 j 2 1 1 . 2 2 1 2 . 6 | 2 1 2 . 6 | 2 1 3 . 3 2 1 4 . 5 | 2 1 5 . 5 | 2 1 5 . 7 | 2 1 6 . 5 | 2 1 6 . 9

2 1 8 . 3 2 1 9 . 3 |

| 2 2 0 . 7 2 2 1 . 2 |

| 2 2 2 . 1 2 2 2 . 0

I 2 2 0 . 1 2 1 9 . 4

I 2 2 0 . 1 | 2 1 9 . 1 | 2 1 7 . 5 I 2 1 4 . 6

AT I THRIFT

INST.

2 0 3 . 1 2 0 5 . 0

| 2 0 7 . 7 2 1 0 . 0

| 2 1 2 . 9 2 1 6 . 4

| 2 1 8 . 5 2 2 0 . 4 2 2 2 . 5

I 2 2 3 . 7 | 2 2 5 . 6 I 2 2 7 . 9

2 2 9 . 4 I 2 3 1 . 9 | 2 3 4 . 6 I 2 3 6 . 2 I 2 3 7 . 9 I 2 3 9 . 6

2 4 0 . 6 | I 2 4 2 . 3 | 2 4 4 . 4

2 4 6 . 5 2 4 9 . 0 2 5 1 . 6

2 5 3 . 5 | 2 5 5 . 7

2 5 7 . 6 2 5 9 . 3 2 6 0 . 9 | 2 6 2 . 8 2 6 3 . 5 2 6 5 . 2 | 2 6 6 . 9 i 2 6 8 . 8 | 2 7 0 . 8 2 7 3 . 5

2 7 4 . 9 2 7 6 . 6 | 2 7 8 . 7 | 2 7 8 . 9

| 2 7 9 . 3 | 2 7 8 . 3 | I 2 7 3 . 3

2 7 1 . 7 I 2 7 0 . 7 I 2 7 0 . 1 | 2 6 7 . 3 I 2 6 5 . 3

TOTAL

I 3 31Z& I 3 4 3 . 0 I 3 4 8 . 1 | 3 5 3 . C I 3 5 8 . 3 I 3 6 5 . 3 | 3 6 9 . 6 | 3 7 3 . 1 | 3 7 6 . 7 I 3 7 9 . 1 | 3 8 2 . 9 I 3 8 7 . 7

I 3 9 3 . 0 | 4 0 1 . 9 | 4 0 8 . 6 | 4 1 3 . 5 | 4 1 8 . 1 | 4 2 0 . 0

4 2 2 . 5 | 4 2 7 . 0 | 4 3 2 . 2 |

4 3 8 . 0 | | 4 4 4 . 8

4 5 1 . 7

4 5 7 . 5 4 6 2 . 5 4 6 6 . 9 4 7 0 . 6 4 7 3 . 5

I 4 7 5 . 3 | 4 7 6 . 9 | 4 7 9 . 7 | 4 8 2 . 4 | 4 8 4 . 4

| 4 8 7 . 3 | 4 9 0 . 4

4 9 3 . 1 4 9 5 . 9 4 9 9 . 4 5 0 0 . 1

| 5 0 1 . 4 5 0 0 . 3 | 4 9 3 . 4

I 4 9 1 . 1 I 4 9 0 . 8 | 4 8 9 . 2

4 8 4 . 8 | 4 7 9 . 9

L SHALL TIHE DEPOSITS 1 | AT | COMMER-| CIAL . BANKS | 1 2 4 . 8 | 1 2 6 . 7 | 1 2 9 . 1 | 1 3 1 . 2 I 1 3 2 . 9 | 1 3 4 . 8 | 1 3 7 . 4 | 1 3 8 . 8 | 1 3 9 . 7 | 1 4 0 . 6 I 1 4 2 . 1

1 4 3 . 8

I 1 4 4 . 3 | 1 4 4 . 4 | 1 4 2 . 8 I 1 4 2 . 7 I 1 4 5 . 0

1 4 5 . 7 1 4 7 . 4 ' 5 0 . 0 1 5 3 . 4 1 5 5 . 5 1 5 6 . 8 1 5 7 . 8

1 5 9 . 0 1 6 0 . 5 1 6 2 . 4 | 1 6 4 . 2 | 1 6 6 . 2 | 1 6 7 . 7 | 1 6 8 . 7 | 1 6 8 . 9 1 6 9 . 5 |

i 1 6 9 . 5 | 1 6 9 . 7 1 7 0 . 3

1 7 1 . 2 1 7 2 . 1 1 7 2 . 9 | 1 7 3 . 7 | 1 7 4 . 8 | 1 7 6 . 4 | 1 7 8 . 5 |

| 1 8 0 . 3 | | 1 8 2 . 8

1 8 4 . 7 | 1 8 6 . 5 | 1 8 9 . 2

I AT I THRIFT I INST.

~T6771 I 1 6 8 . 8 I 1 7 1 . 2 I 1 7 3 . 7 I 1 7 6 . 7 | 1 8 0 . 0

1 8 3 . 2 | 1 8 6 . 4 | 1 8 9 . 0 | 1 9 1 . 6 | 1 9 4 . 2

1 9 7 . 1

2 0 0 . 2 I 2 0 3 . 5

2 0 6 . 7 I 2 1 0 . 3

2 1 4 . 1 2 1 7 . 4 2 2 0 . 4 j 2 2 3 . 9 2 2 7 . 7

| 2 3 1 . 3 2 3 4 . 7 2 3 8 . 7

2 4 2 . 7 2 4 6 . 3 | 2 4 9 . 9 2 5 3 . 3 | 2 5 7 . 4 2 6 1 . 7 | 2 6 5 . 8 2 7 0 . 2 2 7 4 . 5 2 7 7 . 9 2 8 1 . 1 2 8 3 . 8

2 8 6 . 0 2 8 8 . 0 2 9 0 . 7 | 2 9 3 . 7 | 2 9 7 . 5 3 0 3 . 4 3 1 1 . 9 3 1 8 . 5 3 2 4 . 3 3 2 9 . 9 3 3 7 . 7 3 4 4 . 7

! TOTAL |

1 I 2 9 1 . 9 | | 2 9 5 . 5 | I 3 0 0 . 3 | | 3 0 4 . 9 | I 3 0 9 . 6 | I 3 1 4 . 8 | | 3 2 0 . 6 i I 3 2 5 . 1 | | 3 2 8 . 7 | | 3 3 2 . 2 | | 3 3 6 . 3 | I 3 4 0 . 9 |

I 3 4 4 . 6 | I 3 4 7 . 9 | I 3 4 9 . 5 J I 3 5 3 . 1 | I 3 5 9 . 1 | | 3 6 3 . 1 | | 3 6 7 . 8 |

3 7 3 . 9 | 3 8 1 . 0 | 3 8 6 . 7 J 3 9 1 . 5 | 3 9 6 . 5 |

4 0 1 . 8 | 4 0 6 . 8 | 4 1 2 . 3 | 4 1 7 . 4 | 4 2 3 . 6 | 4 2 9 . 4 | 4 3 4 . 6 |

| 4 3 9 . 1 | 4 4 4 . 0 | 4 4 7 . 3 | 4 5 0 . 8 | 4 5 4 . 1 |

4 5 7 . 2 | 4 6 0 . 1 | 4 6 3 . 7 | 4 6 7 . 5 | 4 7 2 . 3 |

I 4 7 9 . 8 | 4 9 0 . 4 | 4 9 8 . 8 ! 5 0 7 . 1 | 5 1 4 . 6 | 5 2 4 . 3 | 5 3 3 . 9 |


TABLE 2 COMPONENTS OP HONEY STOCK MEASURES AND RELATED ITERS


1979 J A N . , . F E B . . . HAR.. .J APR. . . MAY. . . J U N . . . J U L . . . J A U G . . . S E P . . . O C T . . . NOV. . . D E C . . .

1980 J A N . . . F E B . . . MAR. . . | A P R . . . H A Y . . . | J O N . . . j J U L . . . A U G . . . | S E P . . . O C T . . . NOV. . . D E C . . .

1981 J A N . . . F E B . . . MAR.. . A P R . . . MAY. . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . ] NOV. . . D E C . .

CURRENCY

9 8 . 2 | 98 .8

99 .5 | 100.4 |

101 .0 | 101.7

102.5 | 103 .6

10

TABLE 3 COMPONENTS OF HONEY STOCK MEASURES AND LIQUID ASSETS

BILLIONS OF DOLLARS, SEASONALLY ADJUSTED

1959 JAN... FEB... HAB... APR... HAY... JUN... JUL... AUG... SEP... OCT..,. NOV... DEC...

1960 JAN... FEB... HAH... APR... HAY... JUN... JUL... AUG... SEP...| OCT... NOV.... DEC. . |

1961 JAN... FEB... HAS*.. APR...| HAY... JUN...j JUL... AUG... SEP...| OCT...| NOV...| DEC...I

1962 JAN...| FEB...| HAfi...| APR...| HAY...| JUN...| JUL...| AUG...| SEP...| OCT...| NOV...| DEC...|

| LARGE TIHE DEPOSITS I AT"* I COHHERCIAL | BANKS | 1.6 I 1.6 I 1.5 1 1-5 1 1.5 I 1.5 1 1.5 1 1.

TABLE 3 COMPONENTS OF MONEY STOCK MEASURES AND LIQUID ASSETS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED-

1 9 6 3 J A N . . . F E B . . . M A R . . . A P R . . . M A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1964 J A N . . . F E B . . . M A R . . . A P R . . . M A Y . . . I J U N . . . J U L . . . | A U G . . . | S E P . . . | O C T . . . | N O V . . . j D E C . . .

1 9 6 5 J A N . . . F E B . . . | M A R . . . A P R . . . | M A Y . . . | J U N . . . | J U L . . . | A U G . . . | S E P . . . J O C T . . . | N O V . . . | D E C . . . |

1 9 6 6 J A N . . . F E B . . . | H A R . . . | A P R . . . | M A Y . . . I J U N . . . | J U L . . . I A U G . . . I S E P . . . | O C T . . . | N O V . . . | D E C . . . j

\ _Z-Z LARGE TIME DEPOSITS 7 _ 7 " | AT | COMMERCIAL | BANKS 1 7 . 3 1 7 . 5 1 7 . 9 | 8 . 1 I 8 . 3 | 8 . 5 | 8 . 6 1 9 . 1 I 9 . 5 | 9 . 8 I 1 0 . 5 | 1 0 . 7

1 1 . 3 | 1 1 . 7

1 1 . 8 1 2 . 0 1 2 . 5 1 2 . 9 1 3 . 2 1 3 . 5 | 1 3 . 9 | 1 4 . 5 | 1 4 . 9 | 1 5 . 2

1 5 . 9 | 1 6 . 3 j 1 6 . 6 | 1 7 . 0 | 1 7 . 4 | 1 7 . 9 | 1 8 . 5 | 1 9 . 1 | 1 9 . 8 | 2 0 . 6 | 2 0 . 8 | 2 1 . 2 |

2 1 . 4 | 2 1 . 4 ( 2 1 . 8 | 2 2 . 9 | 2 3 . 5 | 2 4 . 0 | 2 5 . 1 | 2 5 . 1 I 2 4 . 9 | 2 3 . 7 | 2 2 . 6 | 2 3 . 1 |

| AT | THRIFT L I N S T I T U T I O N S | 0 . 0 I 0 . 0 I 0 . 0 I 0 . 0 | 0 . 0 I 0 . 0 I 0 . 0 I 0 . 0 I 0 . 0 I 0 . 0 I 0 . 0 I 0 . 0

! 0 . 0 I 0 . 0 I 0 . 0

0 . 0 I 0 . 0 I

0 . 0 j 0 . 0 | 0 . 0 | 0 . 0 | 0 . 0 | 0 . 0 | 0 . 0

0 . 0 0 . 0 j 0 . 0 | 0 . 0 | 0 . 0 | 0 . 0 | 0 . 0 | 0 . 0 | 0 . 0 | 0 . 0 | 0 . 0 J 0 . 0 |

0 . 0 | 0 . 0 | 0 . 0 j 0 . 0 | 0 . 0 | 0 . 0 | 0 . 0 | 0 . 0 | 0 . 0 | 0 . 0 | 0 . 0 | 0 . 0 |

I TOTAL

| 771 1 7 . 5 1 7 . 9 I 8 . 1 I 8 . 3 I 8 . 5 | 8 . 6 I 9 . 1 I 9 . 5 | 9 . 8 | 1 0 . 5 I 1 0 . 7

1 1 . 3 1 1 . 7 1 1 . 8 1 2 . 0 1 2 . 5 | 1 2 . 9 1 3 . 2 | 1 3 . 5 | 1 3 . 9 1 4 . 5 1 4 . 9 | 1 5 . 2

1 5 . 9 1 6 . 3 | 1 6 . 6 | 1 7 . 0 | 1 7 . 4 j 1 7 . 9 | 1 8 . 5 | 1 9 . 1 | 1 9 . 8 | 2 0 . 6 | 2 0 . 8 I 2 1 . 2 |

2 1 . 4 | 2 1 . 4 | 2 1 . 8 | 2 2 . 9 | 2 3 . 5 | 2 4 . 0 | 2 5 . 1 | 2 5 . 1 | 2 4 . 9 | 2 3 . 7 | 2 2 . 6 | 2 3 . 1 |

| SAVINGS | BONDS

| 4775 | 4 7 . 1 | 4 7 . 2 | 4 7 . 3 | 4 7 . 4 | 4 7 . 5 | 4 7 . 6 | 4 7 . 7 | 4 7 . 8 I 4 7 . 9 | 4 8 . 0

4 8 . 1

4 8 . 2 | 4 8 . 3

4 8 . 3 4 8 . 4 4 8 . 5 | 4 8 . 6 4 8 . 6 4 8 . 7 | 4 8 . 8 | 4 8 . 9 | 4 8 . 9 | 4 9 . 0

4 9 . 1 | 4 9 . 2 | 4 9 . 2 | 4 9 . 3 | 4 9 . 3 | 4 9 . 4 | 4 9 . 5 | 4 9 . 5 | 4 9 . 5 | 4 9 . 6 | 4 9 . 6 J 4 9 . 6 |

4 9 . 7 | 4 9 . 7 | 4 9 . 7 | 4 9 . 8 | 4 9 . 8 | 4 9 . 9 | 5 0 . 0 | 5 0 . 0 | 5 0 . 1 | 5 0 . 1 | 5 0 . 1 | 5 0 . 2 |

| SHORT-TERM | TREASURY | S E C U R I T I E S

| ~976 | 4 0 . 2 | 4 0 . 1 I 3 9 . 4 | 3 9 . 5 I 3 9 . 3

3 9 . 0 | 4 0 . 0 | 4 1 . 1 | 4 0 . 3 | 4 0 . 7

4 0 . 7

4 0 . 4 | * 0 . 0

4 0 . 0 | 4 0 . 3 4 0 . 5 4 0 . 8 | 3 9 . 7 3 8 . 6 3 9 . 4 | 3 9 . 4 j 3 9 . 0 | 3 8 . 5

3 8 . 0 I 3 8 . 1 | 3 8 . 6 | 3 9 . 0 | 3 9 . 6 | 4 0 . 3 | 4 0 . 7 | 4 0 . 7 | 4 0 . 4 | 4 0 . 2 | 4 0 . 7 | 4 0 . 7 |

4 1 . 3 | 4 1 . 6 | 4 1 . 4 j 4 1 . 5 | 4 2 . 0 | 4 2 . 1 | 4 1 . 1 | 4 0 . 1 | 4 0 . 4 | 1,2.3 | 4 3 . 8 | 4 3 . 2 |

| BANKELS | ACCEPTANCES L J | 1 . 0 | 1 . 0 | 1 . 0 | 1 . 0 | 1 . 0 I 1 - 1 1 L I 1 1 - 1 I 1 . 1 I 1 . 1 J 1 1 . 1 1 1 . 1

1 . 1 1 1 . 1 1

1 . 1 1 . 1 1 . 1 I 1 . 2 | 1 . 2 | 1 . 1 | 1 . 1 J 1 . 2 | 1 . 2 { 1 . 2 |

1 . 2 | 1 - 2 | 1 . 3 | 1 . 4 | 1 . 4 | 1 . 3 | 1 . 4 | 1 -4 1 1 . 4 | 1 . 4 | 1 . 4 | 1 . 5 j

1 . 5 | 1 . 5 | 1 . 5 | 1 - 5 | 1 . 5 | 1 . 4 | 1 . 6 | 1 . 7 | 1 . 7 | 1 . 7 | 1 . 6 | 1 . 6 |

I COMMERCIAL | | PAPER |

| 678~ | 1 6 . 9 | 1 7 . 0 | 1 7 . 2 | 1 7 . 4 | 1 7 . 4 | 1 7 . 4 | 1 7 . 5 | 1 7 . 5 | 1 7 . 5 | 1 7 . 7 |

7 . 7 |

7 . 7 | 8 . 0 | 8 . 0 | 7 . 8 | 8 . 1 | 8 . 3 | 8 . 5 | 8 . 7 | 8 . 7 | 8 . 9 | 9 . 0 | 9 . 1 I

9 . 2 | 9 . 1 | 9 . 2 | 9 . 4 | 9 . 7 | 9 . 8 |

1 0 . 0 | 1 0 . 2 | 1 0 . 2 | 1 0 . 3 | 1 0 . 4 | 1 0 . 2 |

1 0 . 3 | 1 0 . 5 | 1 0 . 8 | 1 1 . 2 | 1 1 . 4 | 1 1 . 4 | 1 1 . 8 | 1 2 . 5 | 1 2 . 7 | 1 2 . 8 | 1 3 . 6 | 1 4 . 4 J


TABLE 3 COMPONENTS OP HONEY STOCK MEASURES AND LIQUID ASSETS


1967 JAN,.. FEB...| MAR...| APR...| MAY...| JUN... JUL...| AUG...| SEP...| OCT...| NOV... DEC...

1968 JAN... FEB... Ran*.I APR...| MAY...| JUN...| JUL...| AUG...| SEP...| OCT,.,| NOV...| DEC...

1969 JAN... FEB...J WAR... APR... HAY... JUN... JUL... AUG... SEP... OCT... NOV... DEC...

1970 JAN... FEB... RAn... APR.-. MAY... JON... JUL... AUG... SEP... OCT... NOV... DEC...

LARGE TIME DEPOSITS I_ AT

COMMERCIAL BANKS | 25.2 27.1 28.1 28.2 28.3 28.9 29.2 29.6 J 30.1 | 30.0 | 30.6 | 30.9 30.7 30.9 31.4 30.8 30.6 | 30.4 | 31.8 33.0 | 33.7 34.9 36.2 37.4 35.8

I 34.3 33.5

I 32.9 32.1

| 30.8 | 27.8 I 24.8 I 23.7 | 22.4 I 21.3 I 20.4

19.5 I 19.1 | 20.6 I 24.1 j I 24.8 | 24.4 | 30.1

33.8 | 37.5

40.0 I 41.8 I 44.3

I AT THRIFT

L_INSTITUTIONS_j | 0.0 | 0.0 | 0.0

0.0 0.0 0.0

I 0.0 0.0 0.0 0.0 0.0

. 0.0 0.0 0.0 | 0.0 | 0.0 | 0.0 I 0.0 j 0.0 | 0.0 | 0.0 | 0.0 | 0.0 0.0 0.0 0.0 |

I 0.0 I 0.0 | 0.0 I 0.0 I 0.0 I 0.0 I 0.0 | 0.0 I 0.0 ! 0.0 I 0.0 I 0.1 I 0.2 I 0.2

0.3 I 0.4 I 0.4 I 0.5 | 0.6 | 0.6 | 0.7

0.7

TOTAL I J | 25.2 I 27.1 | 28.1 | 28.2 1 28.3 | I 28.9 | 29.2 1 29.6 1 | 30.1

30-0 | 30.6 31.0 30.7 30.9 31.4 30.8 | 30.6 30.4 31.8 j 33.0 33.7 | 34.9 | 36.2 | 37.4

I 35.8 34.3 33.5

| 32.9 | 32.1 | | 30.8 I 27.8 | 24.8 I 23.7 I 22.4 I 21.3 I 20.4

19.5 19.2

| 20.7 24.3

I 25.1 24.8 | 30.6 34.3 |

I 38.1 40.6 | 42.5 45.0

SAVINGS | BONDS

I SHORT-TERM | TREASURY I SECURITIES

| BANKERS | ACCEPTANCES

I 1 1 | 50.2 | 50.3 | 50.4 | 50.5

50.6 | 50.6 | 50.7

50.8 j | 50.9

51.0 | 51.1

51.2 51.2 51.3 |

I 51.3 | 51.4 | 51.4 51.5 51.5 | 51.6 | 51.6 | 51.7 | 51.7 51.8

i 51.8 I j 51.9 | 1 51.8 | I 51.8

51.8 | 51.8

1 51.8 I 51.7 | | 51.7

51.7 j | 51.7

51.7 51.7

I 51.7 j | 51.6

51.6 | 51.6 51.6 | 51.6 51.6 | 51.7 | 51.8 | 51.9 |

I 52.0 (

I 41.6 I 40.4

39.8 | 38.7

37.2 | 36.2 I 35.7

36.4 I 37.0

37.6 38.3 38.7 40.0 41.0 41.8 43.4 44.8 45.8 46.5 j 46.9 47.1 47.5 | 46.7 46.1 48.0 50.1 52.0

| 53.4 53.2 53.7 53.6 54.9 56.5 | 16.9

| 58.1 59.5 60.3 60.6 60.1 58.5 j 56.6 57.7 58.0 56.9 | 54.4 53.6 52.0 1 49.2 |

| 1.6 | 1.6 | 1.6 | 1.6 I 1.7 | 1.8 | 1.8 1 1.7 1 1.7 1.7 I 1-7 1.7

1.8 1.9 1-9 I 1.9 |

I 2.1 | I 2.0 |

1.9 | 1-9 | 1.9 | 2.1 I 2.2 | 2.2 2.3

I 2.4 | I 2.4 | I 2.4 I 2.4 | I 2.6 | I 2.8 | 2.9 I 3.1 | 3.2

3.2 3.2 3.2

1 3.2 I 3.3 | 3.3 | 3.4 j 3.4 | 3.5 | 3.3 | 3.1 I 3.1 I 3.1 j 3.3 |

! COMMERCIAL | I PAPEfi | L i 1 15.1 | 1 15.5 J I 16.0 | 1 16.5 | I 16.8 | I 17.1 | 1 17.0 | 1 17.0 1 1 17.1 | 1 17.2 | 1 17.2 |

17.8 | 18.5 | 18.5 | 18.7 { 18.5 | 18.3 | 19.3 | 20.0 | 20.6 | 21.3 | 21.5 | 21.9 | 22.5 | 22.7 | 23.2 | 23.9 | 24.6 | 25.2 | 26.5 J 28.0 | 29.4 | 30.6 |

1 31.9 | 33.2 I 24.0 | 35.0 | 36.1 | 37.4 | 38.5 I 39.5 | 39.9 | 38.7 | 37.8 | 36.9 | 35.7 | 34.9 | 34.5 |




1 9 7 1 J A N . - . F E B - . . | H A R . . . | A P B . . . I H A Y . . , J U N . . . J U L . . . A U G . . . S E P . . . O C T . , . N O ? . . . D E C . . .

1 9 7 2 J A N . . . F E B . . . H A R . . . A P R . . . H A Y - . . | J U N . . . J U L * . . A U G . . . I S E P . . . O C T . . . I N O V . . . I D E C . . .

1 9 7 3 J A N . . . F E B . . . H A R . . . | A P R . . . | H A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . | O C T . . . N O V . . . D E C . . .

1 9 7 4 J A N . . . F E B . . . i H A R . . . A P R . . . H A Y . . . J U N . . . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

ZL LARGE TIHE DEPOSITS " " ~" AT |

COHHERCIAL I BANKS

4 6 . 9 4 8 . 8 5 0 . 8 4 8 . 4

| 4 8 . 2 4 9 . 3

| 5 0 . 7 5 0 . 3

| 5 1 . 3 I 5 3 . 2 | 5 4 . 1 ! 5 6 . 1

5 6 . 9 | 5 7 . 7

5 8 . 1 5 9 . 3 6 1 . 6 6 3 . 0 6 3 . 5 6 4 . 8 6 6 . 3 6 6 . 6 6 9 . 1 7 0 . 7

7 1 . 6 | 7 6 . 6

8 5 . 4 8 8 . 0

| 8 9 . 2 9 0 . 0 I 9 4 . 5

1 0 0 . 3 | 1 0 6 . 2 1 0 6 . 9 1 0 6 . 8 I 1 0 7 . 6 I

1 1 0 . 8 I 1 1 4 . 5 1 1 6 . 8 1 2 2 . 9 | 1 2 7 . 8

I 1 3 2 . 0 1 3 5 . 0 1 3 5 . 9 | 1 3 7 . 5 1 3 7 . 2

I 1 3 6 . 4 I 1 3 9 . 1

AT | I THRIFT L_IJSTITUTIONS

075 I 0 . 9 j I 0 . 9 | | 1 . 0 I 1 . 1 1 1 . 1 1 1 . 2 I 1 . 3 1 1 . 3 1 1 -4 1 1-5 1 1 . 5

1 . 6 I 1 -7 I 1 -7 I 1 . 8 1 1 . 9 I 2 . 0 I 2 . 1 1 2 . 1 j

2 . 2 | 2 . 3

2 . 4 | 2 . 5

2 . 5 2 . 6 | 2 . 7 | 2 . 8 j 2 . 9 2 . 9

I 3 . 0 j 3 . 1 3 . 2 | 3 . 3 3 . 4 3 . 6

3 . 7 3 . 9 4 . 0 | 4 . 1 4 . 2 | 4 . 2 j

I 4 . 3 4 . 4 | 4 . 5 | 4 . 7 J 5 . 1 5 . 3

TOTAL j

4777 4 9 . 7 5 1 . 7 4 9 . 4 4 9 . 3 5 0 . 4

I 5 1 . 8 | 5 1 . 5

| 5 2 . 6 5 4 . 6

| 5 5 . 5 5 7 . 6

| 5 8 . 5 | 5 9 . 4 | 5 9 . 8 | 6 1 . 1

6 3 . 5 | 6 4 . 9 6 5 . 5 6 7 . 0 6 8 . 5 6 8 . 9 7 1 . 5 7 3 . 2

7 4 . 2 7 9 . 2 | 8 8 . 1 9 0 . 8 j 9 2 . 1 9 3 . 0 9 7 . 6 |

1 0 3 . 4 1 0 9 . 4 1 1 0 . 2 1 1 0 . 2 | 1 1 1 . 2

1 1 4 . 6 1 1 8 . 3 1 2 0 . 8 1 2 7 . 0 1 3 1 . 9 1 3 6 . 2 1 3 9 . 3 1 4 0 . 3 1 4 2 . 0 1 4 1 . 9 | 1 4 1 . 4 1 4 4 . 4

SAVINGS BONDS

5277 5 2 . 3 5 2 . 4 | 5 2 . 6 5 2 . 8

I 5 3 . 0 5 3 . 3

| 5 3 . 5 | 5 3 . 7 | 5 3 . 9 | 54.. 1 ! 5 4 . 3

5 4 . 6 | 5 4 . 8

5 5 . 1 I 5 5 . 3

5 5 . 6 I 5 5 . 9 | 5 6 . 1

5 6 . 4 | 5 6 . 7 | 5 7 . 0 | 5 7 . 3

5 7 . 6

I 5 7 . 8 5 8 . 1

| 5 8 . 4 | 5 8 . 7 | 5 9 . 0 | 5 9 . 3

5 9 . 5 | 5 9 . 7

5 9 . 8 | 6 0 . 0

6 0 . 2 { 6 0 . 4

6 0 . 5 6 0 . 7 6 1 . 0

| 6 1 . 3 6 1 . 5

| 6 1 . 8 6 2 . 0 6 2 . 2 6 2 . 4 6 2 . 7 | 6 3 . 0 6 3 . 2

SHORT-TERH TREASURY

SECURITIES

4778 4 5 . 3 4 2 . 8

I 4 1 . 8 3 9 . 1

| 4 0 . 0 | 4 2 . 3 | 4 1 . 7

3 9 . 3 I 3 7 . 8 | 3 6 . 6

3 6 . 3

3 6 . 1 | 3 6 . 0 I 3 6 . 6 | 3 6 . 5 | 3 6 . 3 | 3 6 . 8 | 3 5 . 9 | 3 5 . 9 | 3 6 . 3 | 3 7 . 6 I 39. . 6

4 1 . 1

I 4 1 . 5 | 4 2 . 7 I 4 3 . 4

4 4 . 8 1 4 5 . 6 | | 4 7 . 1

4 7 . 7 4 8 . 6 4 9 . 2 |

I 4 9 . 3 | 4 9 . 3 I 5 0 . 0

5 0 . 1 I 5 0 . 5 | I 5 2 . 0 | | 5 3 . 2 | I 5 2 . 1 ] I 5 2 . 0 |

5 1 . 8 | 5 1 . 8 | 5 2 . 8 5 4 . 4 5 3 . 6 | 5 3 . 6 |

BANKERS ! ACCEPTANCES

575 3 . 3 | 3 . 3 3 . 5 3 . 6

| 3 . 8 I 3 . 9 | 4 . 2 I 4 . 5 | 4 . 0 | 3 . 8

3 . 5

I 3 . 6 | 4 . 0 | 4 . 0 I 3 . 9 I 3 . 7 I 3 . 4

3 . 2 3 . 1 3 . 1

1 3 . 1 \ 3 . 3

3 . 3

3 . 3 | 3 . 3 | 3 . 4 1 3 . 4

3 . 4 3 . 7 3 . 9 4 . 1 4 . 4 4 . 6 4 . 7 4 . 7

4 . 9 5 . 1 5 . 3 5 . 5 | 6 . 2 7 . 3 8 . 9

1 0 . 0 9 . 9 9 . 9

1 0 . 2 1 0 . 6 |

COHHERCIAL | PAPER |

347T | 3 3 . 6 | 3 3 . 0 | 3 2 . 6 | 3 2 . 4 |

1 3 1 . 8 | 3 1 . 4 |

1 3 1 . 7 | I 32 .1 | 1 3 2 . 5 | 1 3 2 . 5 | 1 3 2 . 7 |

1 3 3 . 1 | 1 3 2 . 9 | 1 3 3 . 3 | 1 3 3 . 7 | I 3 3 . 6 | 1 3 4 . 3 | 1 3 5 . 0 | 1 3 4 . 9 |

3 4 . 6 | 1 3 4 . 8 | 1 3 5 . 0 |

3 5 . 2 I

3 5 . 5 | 1 3 4 . 9 | 1 3 4 . 3 | 1 3 4 . 3 |

3 5 . 0 | | 3 6 . 0 | 1 3 6 . 1 | | 3 6 . 8 | | 3 8 . 0 | I 3 9 . 5 |

41 .4 | 4 1 . 9 |

43 .4 | 4 5 . 5 |

1 45 .4 | 4 4 . 8 |

1 4 5 . 3 | 1 4 5 . 8 | 1 45 .6 | 1 4 7 . 3 |

4 9 . 2 | | 4 9 . 9 |

5 0 . 3 | 50 .1 |




1975 JAN... FEB... 11 An ... APE... HAY... JUN.... JUL.. AUG... SEP... OCT... NO?... DEC.

1976 JAN... FEB... BAR... APR... HAY... JUN... JUL... AUG... SEP... OCT... NOV... DEC.

1977 JAN. FEB....] HAR...J APR... HAY... JUN... JUL... AU6...I SEP... OCT...| NOV... DEC...

1978 JAN... FEB... HAR... APR...J HAY... JUN... JUL... AUG... SEP... OCT... NOV... DEC...

I LARG1_TIHE DEPOSITS I AT | COHHERCIAL | BANKS j

140.6 I 139.2 | 136.8 | 131.9 | 128.7 | 126.6 | 124.5 | 122.3 | 123.2 | 124.1 | 125.0

123.5 | 120.7 I 117.7 | 119.0 | 118.8 | 114.9 | | 118.3 | 119.4 | I 115.7 | | 113.8 j | 111.6

110.3 | 110.3 |

I 109.8 | 109.9 | 110.3 |

I 110.2 | 110.8 |

I 114.4 | 117.8 120.7 |

I 122.9 | 127.2 | 131.1 | 134.9 j 137.9 | 140.7 | 145.9 | 150.7 | 156.1 | 159.5 | 163.9 | 166.9 | 169.0 | 169.7 | 175.9 |

I 178.1 |

I AT | THRIFT L INSTITUTIONS 1 5.7 I 5.9 I 6.2 I 6.3 | 6.3

6.2 I 6.2 I 6.2

6.2 I 6.3

6.3 1 6.4

6.6 6.6 6.6 6.5 6.5

| 6.5 6.8 7.1 7.3 | 7.6 7.8 7.9 8.0 7.9 8.1 | 8.3 | 8.5 j 8.8 | 9.1 9.4 | 9.6 9.8

10.0 10.3 10.8 11.4 | 12.1 12.8 13.4 | 13.9 | 14.3 | 14.8 | 15.3 I 15.7 16.1 16.6 |

I TOTAL I 1 4 6 7 3 I 145.2 I 143.0 | 138.2 | 134.9 I 132.9 | 130.8 I 128.5 I 129.4 | 130.3 I 131.3 I 129.8 I 127.2 | 124.2 | 125.6 | 125.4 I 121.4

124.8 I 126.2 | 122.8 1 121.1 |

119.1 118.1 ] 118.2 117.8 117.8 118.4 | 118.5 119.3 | 123.2 127.0 130.1 | 132.6

I 137.0 141.1 | 145.2 148.8 152.1 | 158.0 | 163.6 | 169.5 173.4 | 178.2 181.7 | 184.3 { 185.4 | 192.0 | 194.6

I SAVINGS | BONDS | 6376 | 63.9 | 64.2 | 64.5 | 64.9 I 65.2 I 65.6 | 65.9 I 66.3 | 66.6 I 66.9

67.2 ! 67.6 I 67.9 I 66.3 | 68.7 | 69.1

69.5 | 69.8 I 70.3

70.8 I 71.1 I 71.4 | I 71.7

72.2 I 72.6

73.0 | I 73.5

73.9 | I 74.4 |

74.8 I 75.1 I 75.4 | 75.7 | 76.0 | 76.4 | 76.8 77.4 | 77.8 | 78.3 | 78.8 | 79.1 | 79.4 | 79.6 | 79.8 | 79.9 I 80.1 |

I 80.3 |

| SHORT-TERH | TREASURY I SECURITIES

| BANKERS | ACCEPTANCES

I L I 54.7 I 55.2 | 55.8 | 57.1 | 58.8 | 60.9 I 63.0 | 65.0 I 66.3 | 70.0 I 74.5

77.1 I 78.1 | 77.9 I 78.3 1 79.1 | I 78.8 | 79.9 I 81.3 I 81.7 |

8 i.1 I 82.4

82.7 81.1 80.3 81.2 | 81.7 | 82.1 | 81.7 | 81.7 j 83.3 | 85.3 | 86.3 | 87.7 { 89.1 I 89.9 90.9 | 90.5 | 91.5 | 91.9 | 92.3 | 93.2 | 94.1 j 95.1 | 96.9 | 97.3 | 97.2 | 99.3 |

| 11.0 | 10.4 | 10.2 | 10.2 | 9.9 | 9.6 I 8.9 I 8.5 | 8.5 I 8.7 I 8.7 I 8.4

8.4 | 8.8 | 8.9 | 8.9 1 9*1 I 9.1 1 9.3 1 9.3 j | 9.0 | 9.0

9.0 8.8 9.9

10.5 | 10.7 | 10.8 11.0 | 11.3 | 11.2 | 11.5 11.7 | 11.8 | 11.9 11.8 | 12.9 13.9 | 14.5 | 15.1 | 15.6 | 16.1 | 16.7 | 17.3 I 17.2 | 17.6 | 19.8 | 21.4 |

| COHHERCIAL f | PAPER | L L 1 50.2 | 1 50.7 | 1 50.7 | 1 50.9 | | 50.8 | | 49.8 | | 48.9 | 1 49.6 | 1 ^9.3 | 1 48.7 | 1 48.5 |

48.0 | I 48.0 | 1 48.3 | | 48.8 | | 49.0 | | 49.2 | | 49.8 | 1 50.2 J

50.5 | 50.1 | 50.0 |

1 50.7 | 51.7 | 52.2 | 52.7 | 53.5 | 54.7 I 55.7 | 57.6 | 58.5 | 59.0 | 60.0 | 61.5 | 62.3 | 62.9 | 6a. 3 | 65.1 | 65.9 | 67.5 | 69.1 | 70.4 | 71.7 | 72.3 | 73.2 | 74.9 | 76.9 | 79.2 |


TABLE 3 COMPONENTS OP MONEY STOCK MEASURES AND LIQUID ASSETS


1 9 7 9 J A N . . . F E B . . . M A R . . . A P E . . . H A Y . . . J O N . - . J U L . . . A U G . . . S E P . . . O C T . . . N O V . . . D E C . . .

1 9 8 0 J A N . . . F E B . . . H A f i . . . A P R . . . M A Y . . . J U N . . . i J U L . . . A U G . . . S E P . . . O C T . N O V . . . | D E C . . .

1 9 8 1 J A N . . . F E B . . . I MAR.* . A P R . . . H A Y . . . J O N . , . | J U L . . . A U G . . . S E P . . . . O C T . . . N O V . . . D E C . . .

I Z L A p E TIME DEPOSITS | AT | COMMERCIAL | BANKS _ | 1 8 0 . " | 1 8 1 . 6 | 1 8 1 . 1 | 1 7 9 . 3 | 179.* | 1 7 7 . 1 | 1 7 9 . 1

1 8 1 . 5 | 1 8 6 . 7 | 1 9 1 . 7 I 1 9 0 . 9 |

1 8 9 . 7

I 1 9 0 . 3 I 1 9 2 . 7

1 9 5 . 1 | | 1 9 7 . 4 j

1 9 9 . 6 | 1 9 4 . 9 |

I 1 9 1 . 8 | | 1 9 2 . 3 |

1 9 4 . 5 | 1 9 8 . 1

2 0 4 . 1 | 2 1 2 . 7

2 2 1 . 0 | 2 2 5 . 2 j 2 2 2 . 8 | 2 2 0 . 2 | 2 2 9 . 3 | 2 3 6 . 2 |

I 2 4 3 . 1 | 2 4 8 . 6 | 2 4 9 . 9 | 2 4 9 . 0 |

| 2 4 6 . 9 | I 2 4 6 . 0 1

I AT | THRIFT L INSTITUTIONS^ I 1 7 . 3 I 1 8 . 0 I 1 8 . 8 I 1 9 . 5 I 2 0 . 4

2 2 . 2 I 2 3 . 9 I 2 5 . 2 I 2 6 . 4 | 2 8 . 1

3 0 . 4 3 2 . 2

3 3 . 6 3 4 . 9 3 6 . 0 | 3 7 . 3 | 3 8 . 1 | 3 9 . 0 | 3 9 . 6 | 4 0 . 4 j 4 1 . 5 | 4 3 . 0 4 3 . 9 | 4 5 . 3 |

4 6 . 5 4 6 . 6 ] 4 7 . 0 j 4 7 . 4 4 9 . 1 4 9 . 4 5 0 . 0 5 1 . 3 5 2 . 5 | 5 3 . 3 5 3 . 7 | 5 4 . 4

I TOTAL

I 1 9 7 7 4 I 1 9 9 . 6 I 1 9 9 . 9 j I 1 9 8 . 8 | 1 9 9 . 8 j I 1 9 9 . 3

2 0 2 . 9 | 2 0 6 . 6 I 2 1 3 . 0 | 2 1 9 . 9 I 2 2 1 . 3 I 2 2 1 . 8

2 2 3 . 9 2 2 7 . 6 | 2 3 1 . 1 2 3 4 . 8 | 2 3 7 . 7 | 2 3 3 . 8 [ 2 3 1 . 4 | 2 3 2 . 7 | 2 3 5 . 9 { 2 4 1 . 0 | 2 4 7 . 9 | 2 5 7 . 9

2 6 7 . 5 I 2 7 1 . 7 | 2 6 9 . 8

I 2 6 7 . 6 | 2 7 8 . 4 | 2 8 5 . 6 | 2 9 3 . 1 | 2 9 9 . 9 3 0 2 . 3 3 0 2 . 2 3 0 0 . 6 | 3 0 0 . 4 |

SAVINGS BONDS

80?4 | 8 0 . 6 |

8 0 . 6 i | 8 0 . 8 |

8 0 . 8 | 8 0 . 9 | 8 0 . 9 |

% 8 0 . 7 | I 8 0 . 6 | | 6 0 . 3 | | 8 0 . 0 |

7 9 . 6

7 9 . 0 | 7 8 . 1 | 7 6 . 9 | 7 5 . 4 | 7 4 . 2 | 7 3 . 8 | 7 3 . 6 | 7 3 . 3 | 7 3 . 1 J 7 2 . 8 | 7 2 . 6 | 7 2 . 3 |

7 1 . 7 | 7 1 . 0 | 7 0 . 6 | 7 0 . 3 { 7 0 . 0 | 6 9 . 7 | 6 9 . 4 | 6 8 . 9 | 6 8 . 4 | 6 7 . 9

SHORT-TERM TREASURY

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