Demand for Voluntary Balance Requirements: the U.S. Experience with Contractual Clearing Balances from 2000 to 2007, Accessible Data
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Figure 1: Aggregate Clearing Balances, Weekly Averages from January 7, 1981, to July 11, 2012, millions of U.S. dollars.
This figure depicts the evolution of clearing balances from January 7, 1981, the first week of data on clearing balances, to July 11, 2012, the last week of data on clearing balances.
Clearing balance levels are reported as weekly averages in millions of U.S. dollars. Clearing balance gradually increase from near zero at the start of the period to just below 2,000 million by the end of 1990. Starting in 1991, clearing balances start to rise at a more rapid pace and peak at slightly above 6,000 million by the end of 1993. With the start of 1994, clearing balance levels begin to decrease, reaching a trough of around 4,000 million in April 1995. Clearing balance levels rise thereafter and begin to level off between 6000 million and 7000 million in July 1997. Levels remain within 6,000 and 8,000 million from July 1997 up until the start of the sample analysis period, which begins on August 23, 2000. From this point forward, clearing balances rise at a persistent pace, reaching a high of nearly 12,000 million in December 2003. From January 2004 forward, clearing balances were on a relatively steady decline until the clearing balance program was discontinued as of July 12, 2012. Data from December 18, 2002, to July 11, 2012, are publically available through the H.4.1 statistical release.
Figure 2: Target Federal Funds Rate and Aggregate Clearing Balances, Maintenance Period Averages from August 23, 2000, to December 19, 2007.
This figure depicts the evolution of clearing balance levels in millions of dollars relative to the target federal funds rate in percent; each data series was converted to a 14-day maintenance period average. The series appear to be negatively correlated: clearing balances increase over the period in which the target federal funds rate is declining (around February 2001 to December 2003). In contrast, from January 2004 through the end of July 2006, clearing balances are steadily decreasing as the target federal funds rate was increasing. Data on the target federal funds rates offered during this time frame are available on the Board of Governors' website at https://www.federalreserve.gov/monetarypolicy/openmarket.htm. Data on clearing balances are publically available starting December 18, 2002, through the H.4.1 statistical release.