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A Comprehensive Revision of the US Monetary Services (Divisia) Indexes

Anderson, Richard G. and Jones, Barry LU (2011) In Federal Reserve Bank of St. Louis Review 93(5). p.325-358
Abstract
The authors introduce a comprehensive revision of the Divisia monetary aggregates for the United States published by the Federal Reserve Bank of St. Louis, referred to as the Monetary Services Indexes (MSI). These revised MSI are available at five levels of aggregation, including a new broad level of aggregation that includes all of the assets currently reported on the Federal Reserve's H.6 statistical release. Several aspects of the new MS] differ from those previously published. One such change is that the checkable and savings deposit components of the MSI are now adjusted for the effects of retail sweep programs, beginning in 1994. Another change is that alternative MSI are provided using two alternative benchmark rates. In addition,... (More)
The authors introduce a comprehensive revision of the Divisia monetary aggregates for the United States published by the Federal Reserve Bank of St. Louis, referred to as the Monetary Services Indexes (MSI). These revised MSI are available at five levels of aggregation, including a new broad level of aggregation that includes all of the assets currently reported on the Federal Reserve's H.6 statistical release. Several aspects of the new MS] differ from those previously published. One such change is that the checkable and savings deposit components of the MSI are now adjusted for the effects of retail sweep programs, beginning in 1994. Another change is that alternative MSI are provided using two alternative benchmark rates. In addition, the authors have simplified the procedure used to construct the own rate of return for small-denomination time deposits and have discontinued the previous practice of applying an implicit return to some or all demand deposits. The revised indexes begin in 1967 rather than 1960 because of data limitations. (Less)
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author
organization
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type
Contribution to journal
publication status
published
subject
in
Federal Reserve Bank of St. Louis Review
volume
93
issue
5
pages
325 - 358
publisher
Federal Reserve Bank St Louis
external identifiers
  • wos:000295425200003
ISSN
0014-9187
language
English
LU publication?
yes
id
b4a0de63-61c9-422c-97a1-ef70e9c21f1a (old id 2211996)
alternative location
http://research.stlouisfed.org/publications/review/11/09/325-360Anderson.pdf
date added to LUP
2011-11-24 10:58:34
date last changed
2016-04-15 17:41:57
@article{b4a0de63-61c9-422c-97a1-ef70e9c21f1a,
  abstract     = {The authors introduce a comprehensive revision of the Divisia monetary aggregates for the United States published by the Federal Reserve Bank of St. Louis, referred to as the Monetary Services Indexes (MSI). These revised MSI are available at five levels of aggregation, including a new broad level of aggregation that includes all of the assets currently reported on the Federal Reserve's H.6 statistical release. Several aspects of the new MS] differ from those previously published. One such change is that the checkable and savings deposit components of the MSI are now adjusted for the effects of retail sweep programs, beginning in 1994. Another change is that alternative MSI are provided using two alternative benchmark rates. In addition, the authors have simplified the procedure used to construct the own rate of return for small-denomination time deposits and have discontinued the previous practice of applying an implicit return to some or all demand deposits. The revised indexes begin in 1967 rather than 1960 because of data limitations.},
  author       = {Anderson, Richard G. and Jones, Barry},
  issn         = {0014-9187},
  language     = {eng},
  number       = {5},
  pages        = {325--358},
  publisher    = {Federal Reserve Bank St Louis},
  series       = {Federal Reserve Bank of St. Louis Review},
  title        = {A Comprehensive Revision of the US Monetary Services (Divisia) Indexes},
  volume       = {93},
  year         = {2011},
}