Accessible Version

Substitutability of Monetary Policy Instruments Accessible Data

Figure 1: Central Bank Balance Sheets as a Share of Nominal GDP

Percent

Date Federal Reserve European Central Bank Bank of England Bank of Japan
1/31/2006 6.18 11.92 NA 29.06
2/28/2006 6.22 12.16 NA 28.96
3/31/2006 6.13 12.25 NA 27.54
4/30/2006 6.19 12.32 NA 24.71
5/31/2006 6.22 12.31 6.00 23.35
6/30/2006 6.14 12.56 5.64 21.65
7/31/2006 6.10 12.53 5.53 22.08
8/31/2006 6.15 12.40 5.57 21.58
9/30/2006 6.13 12.48 5.42 22.41
10/31/2006 6.12 12.36 5.33 21.88
11/30/2006 6.13 12.43 5.41 22.41
12/31/2006 6.20 12.63 5.75 21.74
1/31/2007 6.14 12.42 5.23 21.54
2/28/2007 6.20 12.47 5.16 22.09
3/31/2007 6.12 12.56 5.27 21.13
4/30/2007 6.17 12.55 5.25 19.86
5/31/2007 6.12 12.64 5.38 20.13
6/30/2007 6.02 12.92 5.22 18.73
7/31/2007 5.99 12.73 5.23 20.22
8/31/2007 6.03 12.29 5.39 20.87
9/30/2007 6.12 13.23 6.31 20.98
10/31/2007 6.06 13.23 5.93 20.28
11/30/2007 6.01 13.61 6.18 21.06
12/31/2007 6.07 15.75 6.50 21.02
1/31/2008 6.14 13.86 5.95 21.35
2/29/2008 6.10 13.88 6.07 21.56
3/31/2008 6.10 14.13 6.19 21.40
4/30/2008 6.04 14.47 5.79 20.27
5/31/2008 6.13 14.70 5.85 20.87
6/30/2008 6.03 14.50 5.78 19.26
7/31/2008 6.20 14.93 5.93 20.71
8/31/2008 6.14 14.99 5.89 21.14
9/30/2008 8.17 18.22 8.72 21.79
10/31/2008 13.36 21.13 16.96 22.71
11/30/2008 14.37 20.67 15.29 23.73
12/31/2008 15.38 21.77 15.32 24.07
1/31/2009 13.29 20.19 12.24 23.80
2/28/2009 13.26 19.45 11.50 24.72
3/31/2009 14.39 19.81 11.85 25.48
4/30/2009 14.37 19.42 13.89 23.52
5/31/2009 14.48 19.44 13.81 24.24
6/30/2009 14.11 20.67 14.39 22.33
7/31/2009 13.92 20.02 15.99 23.38
8/31/2009 14.41 19.62 14.32 23.94
9/30/2009 14.85 19.86 14.68 23.83
10/31/2009 14.92 19.10 15.25 22.76
11/30/2009 15.15 18.84 15.19 23.91
12/31/2009 15.27 20.33 15.38 24.92
1/31/2010 15.33 20.03 16.09 24.83
2/28/2010 15.56 20.12 15.91 25.64
3/31/2010 15.67 20.67 16.13 24.57
4/30/2010 15.76 20.74 15.89 22.97
5/31/2010 15.71 22.15 15.96 24.26
6/30/2010 15.62 21.55 15.78 22.64
7/31/2010 15.53 20.99 15.86 23.38
8/31/2010 15.31 20.53 15.57 24.42
9/30/2010 15.24 19.46 15.38 23.79
10/31/2010 15.17 19.71 15.30 24.09
11/30/2010 15.45 19.95 15.36 25.30
12/31/2010 15.88 20.70 15.39 25.73
1/31/2011 16.02 20.78 14.93 25.73
2/28/2011 16.59 19.93 14.76 26.30
3/31/2011 17.16 19.35 14.74 28.93
4/30/2011 17.52 19.38 14.63 27.49
5/31/2011 17.99 19.41 14.63 27.74
6/30/2011 18.49 19.86 14.44 26.74
7/31/2011 18.44 20.41 14.53 27.55
8/31/2011 18.34 21.13 14.65 28.77
9/30/2011 18.28 23.30 14.81 27.80
10/31/2011 18.17 23.70 15.56 26.87
11/30/2011 17.89 24.79 17.06 28.95
12/31/2011 18.52 27.81 17.51 28.92
1/31/2012 18.40 27.07 18.14 27.56
2/29/2012 18.35 30.72 19.28 28.90
3/31/2012 17.97 30.11 20.01 27.81
4/30/2012 17.84 30.07 21.02 28.29
5/31/2012 17.65 30.51 21.31 28.75
6/30/2012 17.73 31.53 21.55 29.05
7/31/2012 17.59 31.34 22.09 29.48
8/31/2012 17.34 31.31 22.74 30.44
9/30/2012 17.25 31.07 23.30 30.48
10/31/2012 17.33 30.85 24.11 31.23
11/30/2012 17.47 30.79 24.14 31.74
12/31/2012 17.77 30.08 23.86 32.12
1/31/2013 18.31 28.12 23.46 32.29
2/28/2013 18.73 27.21 23.29 32.93
3/31/2013 19.33 26.88 23.33 33.07
4/30/2013 20.00 26.40 23.26 34.97
5/31/2013 20.37 25.74 23.19 36.81
6/30/2013 20.91 24.47 23.15 37.28
7/31/2013 21.38 24.04 23.06 39.08
8/31/2013 21.72 23.69 22.90 40.72
9/30/2013 22.16 23.55 22.67 41.21
10/31/2013 22.71 23.15 22.63 42.53
11/30/2013 23.09 22.88 22.58 44.22
12/31/2013 23.61 22.67 22.43 44.24
1/31/2014 24.00 22.05 22.36 45.65
2/28/2014 24.33 21.63 22.33 47.11
3/31/2014 24.72 21.38 22.24 47.16
4/30/2014 24.96 21.92 22.12 48.05
5/31/2014 24.96 21.70 22.00 49.57
6/30/2014 25.07 20.43 21.97 50.30
7/31/2014 25.15 20.28 21.91 52.46
8/31/2014 25.05 20.03 21.86 53.78
9/30/2014 25.16 20.14 21.79 53.99
10/31/2014 25.26 20.06 21.02 55.75
11/30/2014 25.20 19.87 21.04 57.65
12/31/2014 25.21 21.47 21.07 58.06
1/31/2015 25.16 21.12 21.05 59.71
2/28/2015 25.03 20.78 21.04 61.01
3/31/2015 24.93 22.41 21.14 61.13
4/30/2015 24.77 22.73 21.18 62.78
5/31/2015 24.61 23.10 21.28 64.64
6/30/2015 24.67 23.81 21.19 64.98
7/31/2015 24.57 24.13 21.30 66.58
8/31/2015 24.46 24.37 21.36 67.87
9/30/2015 24.46 24.86 21.26 68.68
10/31/2015 24.48 25.16 21.16 70.15
11/30/2015 24.40 25.59 21.11 71.68
12/31/2015 24.44 26.10 21.15 72.11
1/31/2016 24.40 26.30 21.10 74.38
2/29/2016 24.41 26.71 20.96 75.51
3/31/2016 24.35 27.40 21.02 75.61
4/30/2016 24.21 27.91 20.96 77.32
5/31/2016 24.03 28.60 20.85 79.50
6/30/2016 23.96 30.00 20.95 80.90
7/31/2016 23.88 30.43 21.08 82.78
8/31/2016 23.78 30.91 21.64 84.58
9/30/2016 23.68 31.75 21.83 85.24
10/31/2016 23.62 32.38 22.17 86.42
11/30/2016 23.50 32.91 22.91 87.82
12/31/2016 23.45 33.48 23.66 88.77
1/31/2017 23.39 34.18 24.44 89.65
2/28/2017 23.39 34.72 25.17 90.61
3/31/2017 23.32 37.16 25.82 90.88
4/30/2017 23.25 37.45 26.09 92.10
5/31/2017 23.12 37.81 26.39 92.47
6/30/2017 23.06 37.71 26.54 92.51
7/31/2017 22.97 37.92 26.81 92.81
8/31/2017 22.82 38.13 26.88 93.57
9/30/2017 22.75 38.31 26.75 93.57
10/31/2017 22.68 38.68 26.88 94.34
11/30/2017 22.47 39.15 26.85 94.96
12/31/2017 22.43 39.26 27.27 94.81
1/31/2018 22.21 39.37 27.40 95.87
2/28/2018 22.00 39.52 28.33 97.14
3/31/2018 21.92 39.51 28.19 96.34
4/30/2018 21.69 39.61 28.14 97.45
5/31/2018 21.33 39.63 28.11 98.37
6/30/2018 21.09 39.74 28.02 97.56
7/31/2018 20.87 39.84 27.93 99.42
8/31/2018 20.50 39.86 27.92 100.44
9/30/2018 20.30 39.78 27.85 99.66
10/31/2018 19.97 39.72 27.81 100.65
11/30/2018 19.70 39.96 27.55 101.18
12/31/2018 19.53 40.24 27.56 100.43

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Figure 2a: SOMA/GDP

Percent

Date Alternative SEP Baseline
3/1/2018 22.97 22.65
6/1/2018 22.74 22.03
9/1/2018 22.57 21.32
12/1/2018 22.48 20.62
3/1/2019 22.37 19.95
6/1/2019 22.25 19.25
9/1/2019 22.14 18.70
12/1/2019 22.04 18.48
3/1/2020 21.94 18.40
6/1/2020 21.83 18.31
9/1/2020 21.73 18.23
12/1/2020 21.64 18.15
3/1/2021 21.55 18.08
6/1/2021 21.45 18.00
9/1/2021 21.35 17.92
12/1/2021 21.26 17.85
3/1/2022 21.18 17.77
6/1/2022 21.07 17.69
9/1/2022 20.98 17.61
12/1/2022 20.89 17.53
3/1/2023 20.81 17.54
6/1/2023 20.71 17.58
9/1/2023 20.61 17.63
12/1/2023 20.52 17.68

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Figure 2b: Federal Funds Rate Paths

Percent

Date Alternative SEP Baseline
3/31/2018 1.62 1.45
6/30/2018 1.92 1.74
9/30/2018 2.11 1.92
12/31/2018 2.41 2.22
3/31/2019 2.47 2.28
6/30/2019 2.49 2.28
9/30/2019 2.54 2.32
12/31/2019 2.60 2.37
3/31/2020 2.67 2.43
6/30/2020 2.74 2.49
9/30/2020 2.80 2.54
12/31/2020 2.86 2.58
3/31/2021 2.90 2.61
6/30/2021 2.91 2.61
9/30/2021 2.92 2.61
12/31/2021 2.93 2.60
3/31/2022 2.94 2.60
6/30/2022 2.97 2.61
9/30/2022 2.99 2.63
12/31/2022 3.02 2.65
3/31/2023 3.05 2.67
6/30/2023 3.07 2.68
9/30/2023 3.08 2.69
12/31/2023 3.09 2.70

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Last Update: July 19, 2019