Finance and Economics Discussion Series: Data for paper 2011-26
♣
Friedman's Monetary Economics in Practice
Figure 1. Federal Reserve primary credit rate and its spread over effective funds rate, monthly averages, percent, January 2007-June 2010
| Month | M1SL (M1 data, s.a., modern Federal Reserve Board definition, downloaded from FRED, 2010) | M2SL (M2 data, s.a., modern Federal Reserve Board definition, downloaded from FRED, 2010) |
|---|---|---|
| 19590101 | 138.9 | 286.6 |
| 19590201 | 139.4 | 287.7 |
| 19590301 | 139.7 | 289.2 |
| 19590401 | 139.7 | 290.1 |
| 19590501 | 140.7 | 292.2 |
| 19590601 | 141.2 | 294.1 |
| 19590701 | 141.7 | 295.2 |
| 19590801 | 141.9 | 296.4 |
| 19590901 | 141 | 296.7 |
| 19591001 | 140.5 | 296.5 |
| 19591101 | 140.4 | 297.1 |
| 19591201 | 140 | 297.8 |
| 19600101 | 140 | 298.2 |
| 19600201 | 139.9 | 298.5 |
| 19600301 | 139.8 | 299.4 |
| 19600401 | 139.6 | 300.1 |
| 19600501 | 139.6 | 300.9 |
| 19600601 | 139.6 | 302.3 |
| 19600701 | 140.2 | 304.1 |
| 19600801 | 141.3 | 306.9 |
| 19600901 | 141.2 | 308.4 |
| 19601001 | 140.9 | 309.5 |
| 19601101 | 140.9 | 310.9 |
| 19601201 | 140.7 | 312.4 |
| 19610101 | 141.1 | 314.1 |
| 19610201 | 141.6 | 316.5 |
| 19610301 | 141.9 | 318.3 |
| 19610401 | 142.1 | 319.9 |
| 19610501 | 142.7 | 322.2 |
| 19610601 | 142.9 | 324.3 |
| 19610701 | 142.9 | 325.6 |
| 19610801 | 143.5 | 327.6 |
| 19610901 | 143.8 | 329.5 |
| 19611001 | 144.1 | 331.1 |
| 19611101 | 144.8 | 333.4 |
| 19611201 | 145.2 | 335.5 |
| 19620101 | 145.2 | 337.5 |
| 19620201 | 145.7 | 340.1 |
| 19620301 | 146 | 343.1 |
| 19620401 | 146.4 | 345.5 |
| 19620501 | 146.8 | 347.5 |
| 19620601 | 146.6 | 349.3 |
| 19620701 | 146.5 | 350.8 |
| 19620801 | 146.6 | 352.8 |
| 19620901 | 146.3 | 354.9 |
| 19621001 | 146.7 | 357.2 |
| 19621101 | 147.3 | 359.8 |
| 19621201 | 147.8 | 362.7 |
| 19630101 | 148.3 | 365.2 |
| 19630201 | 148.9 | 367.9 |
| 19630301 | 149.2 | 370.7 |
| 19630401 | 149.7 | 373.3 |
| 19630501 | 150.4 | 376.1 |
| 19630601 | 150.4 | 378.4 |
| 19630701 | 151.3 | 381.1 |
| 19630801 | 151.8 | 383.6 |
| 19630901 | 152 | 386 |
| 19631001 | 152.6 | 388.3 |
| 19631101 | 153.7 | 391.5 |
| 19631201 | 153.3 | 393.2 |
| 19640101 | 153.7 | 395.2 |
| 19640201 | 154.3 | 397.6 |
| 19640301 | 154.5 | 399.8 |
| 19640401 | 154.8 | 401.7 |
| 19640501 | 155.3 | 404.2 |
| 19640601 | 155.6 | 407.1 |
| 19640701 | 156.8 | 410.1 |
| 19640801 | 157.8 | 413.4 |
| 19640901 | 158.7 | 416.9 |
| 19641001 | 159.2 | 419.1 |
| 19641101 | 160 | 422.1 |
| 19641201 | 160.3 | 424.7 |
| 19650101 | 160.7 | 427.5 |
| 19650201 | 160.9 | 430.4 |
| 19650301 | 161.5 | 433.2 |
| 19650401 | 162 | 435.4 |
| 19650501 | 161.7 | 437.1 |
| 19650601 | 162.2 | 440.1 |
| 19650701 | 163.1 | 442.9 |
| 19650801 | 163.7 | 445.8 |
| 19650901 | 164.9 | 449.5 |
| 19651001 | 166 | 452.6 |
| 19651101 | 166.7 | 455.7 |
| 19651201 | 167.8 | 459.2 |
| 19660101 | 169.1 | 462 |
| 19660201 | 169.6 | 464.6 |
| 19660301 | 170.5 | 467.2 |
| 19660401 | 171.8 | 469.3 |
| 19660501 | 171.3 | 470.1 |
| 19660601 | 171.6 | 471.2 |
| 19660701 | 170.3 | 470.9 |
| 19660801 | 170.8 | 472.6 |
| 19660901 | 172 | 475.4 |
| 19661001 | 171.2 | 475.7 |
| 19661101 | 171.4 | 477.3 |
| 19661201 | 172 | 480.2 |
| 19670101 | 171.9 | 481.6 |
| 19670201 | 173 | 485.1 |
| 19670301 | 174.8 | 489.7 |
| 19670401 | 174.2 | 492.1 |
| 19670501 | 175.7 | 497.2 |
| 19670601 | 177 | 502 |
| 19670701 | 178.1 | 506.3 |
| 19670801 | 179.7 | 510.8 |
| 19670901 | 180.7 | 514.7 |
| 19671001 | 181.6 | 518.2 |
| 19671101 | 182.4 | 521.2 |
| 19671201 | 183.3 | 524.8 |
| 19680101 | 184.3 | 527.4 |
| 19680201 | 184.7 | 530.4 |
| 19680301 | 185.5 | 533.2 |
| 19680401 | 186.6 | 535.7 |
| 19680501 | 188 | 538.9 |
| 19680601 | 189.4 | 542.6 |
| 19680701 | 190.5 | 545.6 |
| 19680801 | 191.8 | 549.4 |
| 19680901 | 192.7 | 553.6 |
| 19681001 | 194 | 557.6 |
| 19681101 | 196 | 562.4 |
| 19681201 | 197.4 | 566.8 |
| 19690101 | 198.7 | 569.3 |
| 19690201 | 199.3 | 571.9 |
| 19690301 | 200 | 574.4 |
| 19690401 | 200.7 | 575.7 |
| 19690501 | 200.8 | 576.5 |
| 19690601 | 201.3 | 578.5 |
| 19690701 | 201.7 | 579.5 |
| 19690801 | 201.7 | 580.1 |
| 19690901 | 202.1 | 582.1 |
| 19691001 | 202.9 | 583.4 |
| 19691101 | 203.6 | 585.4 |
| 19691201 | 203.9 | 587.9 |
| 19700101 | 206.2 | 589.6 |
| 19700201 | 205 | 586.3 |
| 19700301 | 205.7 | 587.3 |
| 19700401 | 206.7 | 588.4 |
| 19700501 | 207.2 | 591.5 |
| 19700601 | 207.6 | 595.2 |
| 19700701 | 208 | 599.1 |
| 19700801 | 209.9 | 604.9 |
| 19700901 | 211.8 | 611.2 |
| 19701001 | 212.9 | 616.4 |
| 19701101 | 213.7 | 621.1 |
| 19701201 | 214.4 | 626.5 |
| 19710101 | 215.5 | 633 |
| 19710201 | 217.4 | 641 |
| 19710301 | 218.8 | 649.9 |
| 19710401 | 220 | 658.4 |
| 19710501 | 222 | 666.7 |
| 19710601 | 223.5 | 673 |
| 19710701 | 224.9 | 679.6 |
| 19710801 | 225.6 | 685.5 |
| 19710901 | 226.5 | 692.5 |
| 19711001 | 227.2 | 698.4 |
| 19711101 | 227.8 | 704.6 |
| 19711201 | 228.3 | 710.3 |
| 19720101 | 230.1 | 717.7 |
| 19720201 | 232.3 | 725.7 |
| 19720301 | 234.3 | 733.5 |
| 19720401 | 235.6 | 738.4 |
| 19720501 | 235.9 | 743.4 |
| 19720601 | 236.6 | 749.7 |
| 19720701 | 238.8 | 759.5 |
| 19720801 | 240.9 | 768.7 |
| 19720901 | 243.2 | 778.3 |
| 19721001 | 245 | 786.9 |
| 19721101 | 246.4 | 793.9 |
| 19721201 | 249.2 | 802.3 |
| 19730101 | 251.5 | 810.3 |
| 19730201 | 252.2 | 814.1 |
| 19730301 | 251.7 | 815.3 |
| 19730401 | 252.7 | 819.7 |
| 19730501 | 254.9 | 826.8 |
| 19730601 | 256.7 | 833.3 |
| 19730701 | 257.5 | 836.5 |
| 19730801 | 257.7 | 838.8 |
| 19730901 | 257.9 | 839.3 |
| 19731001 | 259 | 842.6 |
| 19731101 | 261 | 848.9 |
| 19731201 | 262.9 | 855.5 |
| 19740101 | 263.8 | 859.7 |
| 19740201 | 265.3 | 864.2 |
| 19740301 | 266.7 | 870.1 |
| 19740401 | 267.2 | 872.9 |
| 19740501 | 267.6 | 874.6 |
| 19740601 | 268.5 | 877.8 |
| 19740701 | 269.3 | 881.4 |
| 19740801 | 270.1 | 884.1 |
| 19740901 | 271 | 887.9 |
| 19741001 | 272.3 | 893.3 |
| 19741101 | 273.7 | 898.6 |
| 19741201 | 274.2 | 902.1 |
| 19750101 | 273.9 | 906.3 |
| 19750201 | 275 | 914.1 |
| 19750301 | 276.4 | 925 |
| 19750401 | 276.2 | 935.1 |
| 19750501 | 279.2 | 947.9 |
| 19750601 | 282.4 | 963 |
| 19750701 | 283.7 | 975.1 |
| 19750801 | 284.1 | 983.1 |
| 19750901 | 285.7 | 991.5 |
| 19751001 | 285.4 | 997.8 |
| 19751101 | 286.8 | 1006.9 |
| 19751201 | 287.1 | 1016.2 |
| 19760101 | 288.4 | 1026.6 |
| 19760201 | 290.8 | 1040.3 |
| 19760301 | 292.7 | 1050 |
| 19760401 | 294.7 | 1060.8 |
| 19760501 | 295.9 | 1072.1 |
| 19760601 | 296.2 | 1077.6 |
| 19760701 | 297.2 | 1086.3 |
| 19760801 | 299 | 1098.7 |
| 19760901 | 299.6 | 1110.8 |
| 19761001 | 302 | 1125 |
| 19761101 | 303.6 | 1138.2 |
| 19761201 | 306.2 | 1152 |
| 19770101 | 308.3 | 1165.2 |
| 19770201 | 311.5 | 1177.6 |
| 19770301 | 313.9 | 1188.5 |
| 19770401 | 316 | 1199.6 |
| 19770501 | 317.2 | 1209 |
| 19770601 | 318.8 | 1217.8 |
| 19770701 | 320.2 | 1226.7 |
| 19770801 | 322.3 | 1237 |
| 19770901 | 324.5 | 1246.2 |
| 19771001 | 326.4 | 1254 |
| 19771101 | 328.6 | 1262.4 |
| 19771201 | 330.9 | 1270.3 |
| 19780101 | 334.4 | 1279.7 |
| 19780201 | 335.3 | 1285.5 |
| 19780301 | 337 | 1292.2 |
| 19780401 | 339.9 | 1300.4 |
| 19780501 | 344.9 | 1310.5 |
| 19780601 | 346.9 | 1318.5 |
| 19780701 | 347.6 | 1324.1 |
| 19780801 | 349.6 | 1333.5 |
| 19780901 | 352.2 | 1345 |
| 19781001 | 353.3 | 1352.3 |
| 19781101 | 355.4 | 1359.1 |
| 19781201 | 357.3 | 1366 |
| 19790101 | 358.6 | 1371.6 |
| 19790201 | 359.9 | 1377.8 |
| 19790301 | 362.5 | 1387.8 |
| 19790401 | 368 | 1402.1 |
| 19790501 | 369.6 | 1410.2 |
| 19790601 | 373.4 | 1423 |
| 19790701 | 377.2 | 1434.8 |
| 19790801 | 378.8 | 1446.6 |
| 19790901 | 379.3 | 1454.1 |
| 19791001 | 380.8 | 1460.4 |
| 19791101 | 380.8 | 1465.9 |
| 19791201 | 381.8 | 1473.7 |
| 19800101 | 385.8 | 1482.7 |
| 19800201 | 390.1 | 1494.6 |
| 19800301 | 388.4 | 1499.8 |
| 19800401 | 383.8 | 1502.2 |
| 19800501 | 384.8 | 1512.3 |
| 19800601 | 389.1 | 1529.2 |
| 19800701 | 394 | 1545.5 |
| 19800801 | 399.2 | 1561.5 |
| 19800901 | 404.8 | 1574 |
| 19801001 | 409 | 1584.8 |
| 19801101 | 410.7 | 1595.8 |
| 19801201 | 408.5 | 1599.8 |
| 19810101 | 411.3 | 1606.9 |
| 19810201 | 414.8 | 1618.7 |
| 19810301 | 419 | 1636.6 |
| 19810401 | 427.4 | 1659.2 |
| 19810501 | 424.7 | 1664.2 |
| 19810601 | 425.2 | 1670.3 |
| 19810701 | 426.9 | 1681.9 |
| 19810801 | 426.9 | 1694.3 |
| 19810901 | 427 | 1706 |
| 19811001 | 428.4 | 1721.8 |
| 19811101 | 431.3 | 1736.1 |
| 19811201 | 436.7 | 1755.5 |
| 19820101 | 442.7 | 1770.4 |
| 19820201 | 441.9 | 1774.5 |
| 19820301 | 442.7 | 1786.5 |
| 19820401 | 447.1 | 1803.9 |
| 19820501 | 446.7 | 1815.4 |
| 19820601 | 447.5 | 1826 |
| 19820701 | 448 | 1833.7 |
| 19820801 | 451.4 | 1848.5 |
| 19820901 | 456.9 | 1862.4 |
| 19821001 | 464.5 | 1873.7 |
| 19821101 | 471.5 | 1887.3 |
| 19821201 | 474.8 | 1909.3 |
| 19830101 | 477.2 | 1962.4 |
| 19830201 | 484.3 | 1999.6 |
| 19830301 | 490.6 | 2017.8 |
| 19830401 | 493.2 | 2031.1 |
| 19830501 | 500 | 2045.5 |
| 19830601 | 504 | 2055.8 |
| 19830701 | 507.8 | 2067.1 |
| 19830801 | 510.5 | 2076.2 |
| 19830901 | 512.8 | 2085.3 |
| 19831001 | 517.2 | 2101.5 |
| 19831101 | 519 | 2114.6 |
| 19831201 | 521.4 | 2125.7 |
| 19840101 | 525.1 | 2140.4 |
| 19840201 | 527.5 | 2160.5 |
| 19840301 | 531.4 | 2177.5 |
| 19840401 | 535 | 2193.9 |
| 19840501 | 536.7 | 2206.4 |
| 19840601 | 540.2 | 2217.4 |
| 19840701 | 540.9 | 2225.8 |
| 19840801 | 541 | 2232.5 |
| 19840901 | 543.1 | 2246.5 |
| 19841001 | 543.7 | 2261.1 |
| 19841101 | 547.5 | 2283.6 |
| 19841201 | 551.6 | 2308.8 |
| 19850101 | 557 | 2334.9 |
| 19850201 | 563.6 | 2356.4 |
| 19850301 | 566.6 | 2368.5 |
| 19850401 | 570.4 | 2377.8 |
| 19850501 | 575.1 | 2392.1 |
| 19850601 | 582.3 | 2415.2 |
| 19850701 | 589.1 | 2432 |
| 19850801 | 596.2 | 2446.5 |
| 19850901 | 603.3 | 2458.8 |
| 19851001 | 607.8 | 2470.6 |
| 19851101 | 612.2 | 2480.2 |
| 19851201 | 619.8 | 2494.6 |
| 19860101 | 621.4 | 2504.8 |
| 19860201 | 625.2 | 2515.3 |
| 19860301 | 633.5 | 2535.6 |
| 19860401 | 641 | 2560.3 |
| 19860501 | 652 | 2587.8 |
| 19860601 | 660.6 | 2608 |
| 19860701 | 670.3 | 2629.8 |
| 19860801 | 678.7 | 2649.7 |
| 19860901 | 687.4 | 2671.2 |
| 19861001 | 694.9 | 2691.1 |
| 19861101 | 705.4 | 2704.9 |
| 19861201 | 724.7 | 2731.6 |
| 19870101 | 730.2 | 2747.3 |
| 19870201 | 730.7 | 2751.1 |
| 19870301 | 733.8 | 2757 |
| 19870401 | 743.9 | 2771.3 |
| 19870501 | 745.8 | 2776.6 |
| 19870601 | 743.2 | 2778.2 |
| 19870701 | 743 | 2782.7 |
| 19870801 | 744.9 | 2791.8 |
| 19870901 | 747.6 | 2803.2 |
| 19871001 | 756.2 | 2818.8 |
| 19871101 | 753.2 | 2823.5 |
| 19871201 | 750.2 | 2831 |
| 19880101 | 756.2 | 2852 |
| 19880201 | 757.7 | 2875 |
| 19880301 | 761.8 | 2895.2 |
| 19880401 | 768.1 | 2915.3 |
| 19880501 | 771.7 | 2930.7 |
| 19880601 | 778.3 | 2942.8 |
| 19880701 | 781.4 | 2952.6 |
| 19880801 | 783.3 | 2957.7 |
| 19880901 | 783.7 | 2962.6 |
| 19881001 | 783.3 | 2971 |
| 19881101 | 784.9 | 2985.9 |
| 19881201 | 786.7 | 2993.9 |
| 19890101 | 785.7 | 2997.2 |
| 19890201 | 783.8 | 2997.6 |
| 19890301 | 783 | 3005.2 |
| 19890401 | 779.2 | 3011.4 |
| 19890501 | 775 | 3017.1 |
| 19890601 | 773.5 | 3033.4 |
| 19890701 | 777.8 | 3058.1 |
| 19890801 | 779.4 | 3080.1 |
| 19890901 | 781 | 3098.5 |
| 19891001 | 786.6 | 3120.3 |
| 19891101 | 787.9 | 3139.2 |
| 19891201 | 792.9 | 3158.4 |
| 19900101 | 795.4 | 3172.2 |
| 19900201 | 798.1 | 3184.6 |
| 19900301 | 801.6 | 3195.6 |
| 19900401 | 806.2 | 3207.1 |
| 19900501 | 804.3 | 3205.9 |
| 19900601 | 808.9 | 3218.7 |
| 19900701 | 810.1 | 3229 |
| 19900801 | 815.7 | 3246.5 |
| 19900901 | 820.1 | 3259.1 |
| 19901001 | 819.8 | 3263.8 |
| 19901101 | 822.1 | 3267.1 |
| 19901201 | 824.7 | 3276.3 |
| 19910101 | 827.1 | 3292.1 |
| 19910201 | 832.7 | 3308.9 |
| 19910301 | 838.8 | 3326.2 |
| 19910401 | 843.2 | 3337.1 |
| 19910501 | 848.8 | 3347.7 |
| 19910601 | 856.7 | 3356.6 |
| 19910701 | 861.5 | 3360.1 |
| 19910801 | 866.7 | 3359 |
| 19910901 | 870.2 | 3358.8 |
| 19911001 | 878 | 3364.2 |
| 19911101 | 887.6 | 3369.6 |
| 19911201 | 897 | 3376.4 |
| 19920101 | 910.4 | 3384.9 |
| 19920201 | 925.3 | 3403.9 |
| 19920301 | 936.7 | 3407.7 |
| 19920401 | 943.7 | 3403.5 |
| 19920501 | 950.5 | 3402.3 |
| 19920601 | 954.3 | 3397.2 |
| 19920701 | 963.2 | 3397.2 |
| 19920801 | 973.7 | 3402.2 |
| 19920901 | 988.1 | 3413.9 |
| 19921001 | 1003.8 | 3427.6 |
| 19921101 | 1015.7 | 3430.2 |
| 19921201 | 1024.9 | 3428.9 |
| 19930101 | 1030.4 | 3423.1 |
| 19930201 | 1033.5 | 3418.9 |
| 19930301 | 1038.5 | 3416.4 |
| 19930401 | 1047.6 | 3415.7 |
| 19930501 | 1065.9 | 3441 |
| 19930601 | 1075.1 | 3446.8 |
| 19930701 | 1084.5 | 3446.2 |
| 19930801 | 1094.2 | 3449.9 |
| 19930901 | 1104.2 | 3456.6 |
| 19931001 | 1113 | 3461.1 |
| 19931101 | 1124.2 | 3474.7 |
| 19931201 | 1129.6 | 3479.3 |
| 19940101 | 1131.6 | 3479.7 |
| 19940201 | 1136.3 | 3480.6 |
| 19940301 | 1140.2 | 3486 |
| 19940401 | 1141.1 | 3489.1 |
| 19940501 | 1143.3 | 3498.6 |
| 19940601 | 1145.1 | 3487.2 |
| 19940701 | 1150.6 | 3495.6 |
| 19940801 | 1150.6 | 3492.7 |
| 19940901 | 1151.9 | 3492.9 |
| 19941001 | 1150.1 | 3491.4 |
| 19941101 | 1151 | 3494.7 |
| 19941201 | 1150.6 | 3493.7 |
| 19950101 | 1151.4 | 3499 |
| 19950201 | 1147.4 | 3496.2 |
| 19950301 | 1146.7 | 3497.3 |
| 19950401 | 1149.3 | 3505.3 |
| 19950501 | 1145.4 | 3530.4 |
| 19950601 | 1144.2 | 3555.9 |
| 19950701 | 1145.4 | 3574.3 |
| 19950801 | 1145.5 | 3596.1 |
| 19950901 | 1141.9 | 3609.2 |
| 19951001 | 1137.3 | 3620.4 |
| 19951101 | 1134 | 3627.6 |
| 19951201 | 1127.5 | 3637.4 |
| 19960101 | 1123.5 | 3655.5 |
| 19960201 | 1118.5 | 3669.3 |
| 19960301 | 1122.5 | 3695.1 |
| 19960401 | 1124.8 | 3706 |
| 19960501 | 1116.5 | 3716.8 |
| 19960601 | 1115.1 | 3730.3 |
| 19960701 | 1112.5 | 3745 |
| 19960801 | 1101.6 | 3751.9 |
| 19960901 | 1096.1 | 3760.6 |
| 19961001 | 1086.1 | 3777.2 |
| 19961101 | 1083.6 | 3795.2 |
| 19961201 | 1081.6 | 3817.5 |
| 19970101 | 1081.5 | 3831.4 |
| 19970201 | 1078.8 | 3842.7 |
| 19970301 | 1071.8 | 3856.1 |
| 19970401 | 1064 | 3874.9 |
| 19970501 | 1063.9 | 3885.5 |
| 19970601 | 1065.7 | 3901.1 |
| 19970701 | 1066.2 | 3922.8 |
| 19970801 | 1074.4 | 3952 |
| 19970901 | 1067.6 | 3971.6 |
| 19971001 | 1065.5 | 3987.9 |
| 19971101 | 1070.1 | 4010.5 |
| 19971201 | 1072.8 | 4032.1 |
| 19980101 | 1074.3 | 4054.1 |
| 19980201 | 1077.9 | 4085.8 |
| 19980301 | 1077.5 | 4110.8 |
| 19980401 | 1076.2 | 4133.9 |
| 19980501 | 1078.4 | 4157.3 |
| 19980601 | 1077 | 4181.9 |
| 19980701 | 1075.1 | 4198.1 |
| 19980801 | 1074.8 | 4221.5 |
| 19980901 | 1080.2 | 4265.4 |
| 19981001 | 1085.9 | 4302.4 |
| 19981101 | 1094.6 | 4339.9 |
| 19981201 | 1095.8 | 4373.5 |
| 19990101 | 1097.8 | 4395.9 |
| 19990201 | 1097 | 4421.1 |
| 19990301 | 1097.8 | 4432.1 |
| 19990401 | 1101.9 | 4459.1 |
| 19990501 | 1102.6 | 4478.2 |
| 19990601 | 1099.7 | 4503.1 |
| 19990701 | 1098.6 | 4526.4 |
| 19990801 | 1099.1 | 4547.7 |
| 19990901 | 1096.3 | 4561.6 |
| 19991001 | 1102.3 | 4582.5 |
| 19991101 | 1111.7 | 4608.1 |
| 19991201 | 1122.7 | 4632.6 |
| 20000101 | 1121.9 | 4659.2 |
| 20000201 | 1109.3 | 4675.7 |
| 20000301 | 1108.3 | 4703.2 |
| 20000401 | 1113.5 | 4755.3 |
| 20000501 | 1105.8 | 4748.9 |
| 20000601 | 1103.3 | 4762.3 |
| 20000701 | 1103 | 4777.2 |
| 20000801 | 1100.4 | 4811.8 |
| 20000901 | 1099.1 | 4843.1 |
| 20001001 | 1098.7 | 4861.4 |
| 20001101 | 1092.4 | 4870.8 |
| 20001201 | 1087.7 | 4914.8 |
| 20010101 | 1097.5 | 4969.4 |
| 20010201 | 1101.5 | 5005.8 |
| 20010301 | 1109.9 | 5064.5 |
| 20010401 | 1115 | 5126.5 |
| 20010501 | 1119.6 | 5130.2 |
| 20010601 | 1126.4 | 5169.2 |
| 20010701 | 1139.8 | 5203 |
| 20010801 | 1149.8 | 5234.3 |
| 20010901 | 1204 | 5345 |
| 20011001 | 1165.9 | 5337.6 |
| 20011101 | 1171.6 | 5379.8 |
| 20011201 | 1182.2 | 5430.9 |
| 20020101 | 1190.4 | 5460.1 |
| 20020201 | 1190.7 | 5487.8 |
| 20020301 | 1193.2 | 5497.3 |
| 20020401 | 1185.8 | 5500.6 |
| 20020501 | 1189.3 | 5522.9 |
| 20020601 | 1192.2 | 5545.9 |
| 20020701 | 1199.6 | 5594.5 |
| 20020801 | 1185.9 | 5631.1 |
| 20020901 | 1194.6 | 5655.3 |
| 20021001 | 1203.8 | 5707.3 |
| 20021101 | 1209.4 | 5751.9 |
| 20021201 | 1220.4 | 5778.7 |
| 20030101 | 1226.3 | 5804.3 |
| 20030201 | 1238.6 | 5842 |
| 20030301 | 1239.2 | 5857.6 |
| 20030401 | 1248.3 | 5902.1 |
| 20030501 | 1268.1 | 5955.4 |
| 20030601 | 1280.3 | 5993.8 |
| 20030701 | 1287.9 | 6047.9 |
| 20030801 | 1294.1 | 6094.3 |
| 20030901 | 1296.8 | 6074 |
| 20031001 | 1297.3 | 6059.4 |
| 20031101 | 1298.2 | 6060.7 |
| 20031201 | 1306.9 | 6067.4 |
| 20040101 | 1305 | 6068 |
| 20040201 | 1321.6 | 6109.1 |
| 20040301 | 1330.2 | 6148.8 |
| 20040401 | 1331.7 | 6187.2 |
| 20040501 | 1331.5 | 6256.2 |
| 20040601 | 1342.4 | 6269.2 |
| 20040701 | 1340 | 6274.4 |
| 20040801 | 1353 | 6299.6 |
| 20040901 | 1360.9 | 6334.3 |
| 20041001 | 1360.7 | 6359 |
| 20041101 | 1376.3 | 6394.4 |
| 20041201 | 1376.8 | 6409.4 |
| 20050101 | 1365.5 | 6407.5 |
| 20050201 | 1372.6 | 6424.8 |
| 20050301 | 1372.7 | 6440.7 |
| 20050401 | 1357.3 | 6445.9 |
| 20050501 | 1365.2 | 6463.5 |
| 20050601 | 1378.3 | 6496.6 |
| 20050701 | 1366.3 | 6524.7 |
| 20050801 | 1375.9 | 6557 |
| 20050901 | 1377.3 | 6592 |
| 20051001 | 1374.5 | 6623.1 |
| 20051101 | 1377.7 | 6650.4 |
| 20051201 | 1375.1 | 6675.5 |
| 20060101 | 1380 | 6715.5 |
| 20060201 | 1380.3 | 6742.8 |
| 20060301 | 1384.4 | 6758.5 |
| 20060401 | 1379.9 | 6783.5 |
| 20060501 | 1386.2 | 6800.7 |
| 20060601 | 1372.6 | 6834.3 |
| 20060701 | 1368.3 | 6869.3 |
| 20060801 | 1368.6 | 6899.1 |
| 20060901 | 1361.3 | 6929.3 |
| 20061001 | 1369 | 6987.6 |
| 20061101 | 1372.2 | 7024.6 |
| 20061201 | 1367.1 | 7072.5 |
| 20070101 | 1373 | 7108.3 |
| 20070201 | 1366.1 | 7127 |
| 20070301 | 1368.1 | 7160.2 |
| 20070401 | 1378.2 | 7212.7 |
| 20070501 | 1379.8 | 7246.2 |
| 20070601 | 1363.6 | 7271.9 |
| 20070701 | 1367.6 | 7304.7 |
| 20070801 | 1370.7 | 7364.5 |
| 20070901 | 1371.2 | 7404.3 |
| 20071001 | 1377.8 | 7436.5 |
| 20071101 | 1374.3 | 7464 |
| 20071201 | 1374.5 | 7502.6 |
| 20080101 | 1379.8 | 7535.4 |
| 20080201 | 1385.6 | 7624.7 |
| 20080301 | 1388.3 | 7685.7 |
| 20080401 | 1390.7 | 7710.6 |
| 20080501 | 1390.1 | 7734 |
| 20080601 | 1396.8 | 7746.6 |
| 20080701 | 1413.8 | 7798.4 |
| 20080801 | 1398.8 | 7786.8 |
| 20080901 | 1458.5 | 7894.1 |
| 20081001 | 1471.7 | 8009.8 |
| 20081101 | 1516.9 | 8062.5 |
| 20081201 | 1602.1 | 8255.3 |
| 20090101 | 1583.5 | 8316.7 |
| 20090201 | 1574 | 8356.7 |
| 20090301 | 1577.4 | 8409.9 |
| 20090401 | 1608.5 | 8364.3 |
| 20090501 | 1608.5 | 8436.7 |
| 20090601 | 1646.2 | 8453 |
| 20090701 | 1649.9 | 8443 |
| 20090801 | 1648.4 | 8419.7 |
| 20090901 | 1660.8 | 8459.3 |
| 20091001 | 1676.2 | 8492.1 |
| 20091101 | 1687.5 | 8523.3 |
| 20091201 | 1696.6 | 8542.8 |
| 20100101 | 1680.7 | 8486 |
| 20100201 | 1714.8 | 8545.7 |
| 20100301 | 1713.1 | 8519.9 |
| 20100401 | 1701.4 | 8490.6 |
| 20100501 | 1706 | 8573 |
| 20100601 | 1721.5 | 8604.6 |
| 20100701 | 1716.4 | 8603.3 |
| 20100801 | 1742.8 | 8649.4 |
| 20100901 | 1765.6 | 8709.1 |
| 20101001 | 1779 | 8766.1 |
Figure 2. The money stock ($ billion) in three periods of credit market disruption.
| M1 annual average (Balke and Gordon 1986 p. 785) | M2 annual average (Balke and Gordon 1986 p. 785) | |
|---|---|---|
| 1927-1 | 25.49 | 61.02 |
| 1928-1 | 25.69 | 63.32 |
| 1929-1 | 25.79 | 63.44 |
| 1930-1 | 24.77 | 62.04 |
| 1931-1 | 22.78 | 57.24 |
| 1932-1 | 20.1 | 47.79 |
| 1933-1 | 19.06 | 42.21 |
| 1934-1 | 21.59 | 45.77 |
| 1935-1 | 25.52 | 52.66 |
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