Levels for 2003q2 and 2011q2 are calculated as approximately 5% and 4%, respectively, of total financial assets from the U.S. Census Bureau's Table 1--State and Local Government Finances by Level of Government and by State, Cash and security holdings, Other than insurance trust funds, adjusted to match financial accounts framework. Capital gains are estimated based on the percent change in the Dow Jones U.S. total stock market index ( FOF series FI073164013 ) applied to the previous quarter's level. Transactions are set at a flat -$850 million quarterly from 2003q2 forward. Data for the most recent ten years show no significant seasonality.
Last edited on: 01/22/2020