FRB: Finance and Economics Discussion Series: Data

Figure 1 Data: M2 Velocity and Opportunity Cost

Quarter	Velocity	Opportunity Cost
4/1/64	1.683655399849	1.24946217
7/1/64	1.67560303126672	1.25437334
10/1/64	1.65529467531723	1.42803976
1/1/65	1.67124235147029	1.5836315
4/1/65	1.67385646809138	1.51727897
7/1/65	1.68177551934179	1.48671722
10/1/65	1.69602559416231	1.74394952
1/1/66	1.71615798536375	2.16058077
4/1/66	1.71661633347512	2.08988698
7/1/66	1.73542673901096	2.54630261
10/1/66	1.74755233046154	2.74445902
1/1/67	1.74274787145192	2.01012024
4/1/67	1.71204586602293	1.06847448
7/1/67	1.69724637681159	1.72186366
10/1/67	1.6939029535865	2.20139428
1/1/68	1.71804211189012	2.51562939
4/1/68	1.73688535739713	2.97385103
7/1/68	1.73301043310526	2.61629974
10/1/68	1.72538949489136	3.02963264
1/1/69	1.74064875261284	3.57996994
4/1/69	1.75309585716762	3.65611041
7/1/69	1.77760119422531	4.50816218
10/1/69	1.77732282118872	4.89002863
1/1/70	1.79252722324066	4.56780502
4/1/70	1.80853473043772	3.87566334
7/1/70	1.79891086380675	3.47704778
10/1/70	1.75664484979483	2.42102398
1/1/71	1.77431957583026	0.84750262
4/1/71	1.74068615185296	1.27877802
7/1/71	1.72090736779879	2.03809432
10/1/71	1.69439029007568	1.17674347
1/1/72	1.70031742386743	0.37910957
4/1/72	1.70761226136058	0.70756496
7/1/72	1.68285757642178	1.14246726
10/1/72	1.67683647349387	1.76297005
1/1/73	1.69776611879206	2.61345334
4/1/73	1.71497096540044	3.33099036
7/1/73	1.71416487711763	4.43208575
10/1/73	1.74213074204947	3.47353487
1/1/74	1.72858982266103	3.55044681
4/1/74	1.75319392069478	4.18111319
7/1/74	1.76761438154154	4.36015535
10/1/74	1.78508240534521	3.53736768
1/1/75	1.76974539229901	2.17304027
4/1/75	1.74608011243238	1.87690623
7/1/75	1.74303691901462	2.78688607
10/1/75	1.75364990565145	2.06098228
1/1/76	1.7560804003922	1.31336042
4/1/76	1.73519140320282	1.49991747
7/1/76	1.72082650646277	1.45678026
10/1/76	1.70275210822207	0.85852483
1/1/77	1.69274827967038	0.86785353
4/1/77	1.70430592322965	1.02546351
7/1/77	1.71626216340526	1.59148946
10/1/77	1.71815776270029	2.18316805
1/1/78	1.71775392751594	2.53029939
4/1/78	1.78390823026416	2.56336236
7/1/78	1.79798081247189	3.03528715
10/1/78	1.82628071810915	3.78439545
1/1/79	1.83570240742088	4.42545229
4/1/79	1.8387670294859	4.33595612
7/1/79	1.84780694267824	4.49531976
10/1/79	1.86184499999577	5.79847529
1/1/80	1.87388465747499	6.74446729
4/1/80	1.84867266764564	3.56834028
7/1/80	1.83296923734636	3.72892803
10/1/80	1.87862417370538	6.63888897
1/1/81	1.93233022089164	6.78288267
4/1/81	1.90274445801329	7.13312932
7/1/81	1.92507004840045	6.76028629
10/1/81	1.88947462308666	4.2143093
1/1/82	1.84218141576667	5.10698472
4/1/82	1.83531210401631	4.81920138
7/1/82	1.82457245041725	2.40040851
10/1/82	1.80606455145779	2.1707876
1/1/83	1.74816994558685	2.59372304
4/1/83	1.75503403470684	2.54494399
7/1/83	1.77999807163863	2.91017177
10/1/83	1.79743177764517	2.5303134
1/1/84	1.81353675493899	2.812623
4/1/84	1.82168375680581	3.14799602
7/1/84	1.83032913395503	3.18444632
10/1/84	1.81707682871356	2.20721143
1/1/85	1.80203340091272	2.14283178
4/1/85	1.79796394839969	1.66779778
7/1/85	1.79831976101813	1.64930963
10/1/85	1.79577218286425	1.64034096
1/1/86	1.79461734085671	1.38564873
4/1/86	1.76338503426167	1.08934307
7/1/86	1.74461114328375	0.89505849
10/1/86	1.72505763262893	0.9372231
1/1/87	1.72257537734133	1.17688131
4/1/87	1.73858683109765	1.25784551
7/1/87	1.75611484065383	1.49952995
10/1/87	1.77961190504521	1.12241887
1/1/88	1.77259625094513	0.97531104
4/1/88	1.77892795737082	1.4791459
7/1/88	1.79371494008869	2.0384896
10/1/88	1.81611815100847	2.48012703
1/1/89	1.84439185807446	2.95525352
4/1/89	1.86527727453287	2.46324961
7/1/89	1.85716914872862	2.10658709
10/1/89	1.83819808421999	2.04047858
1/1/90	1.85224334720121	2.34373423
4/1/90	1.86313649262303	2.31220577
7/1/90	1.86007126257312	2.11050916
10/1/90	1.84449120622062	1.72668082
1/1/91	1.83195211489383	1.19574503
4/1/91	1.83800351031337	1.07993829
7/1/91	1.85343559988688	1.12714671
10/1/91	1.86583169905509	0.7502829
1/1/92	1.87997868829734	0.78471124
4/1/92	1.91164705304813	0.78653912
7/1/92	1.93738300438274	0.5682487
10/1/92	1.95635759074432	0.76500427
1/1/93	1.97694061697604	0.7475172
4/1/93	1.99211416737158	0.87079775
7/1/93	2.00444959500063	0.98459196
10/1/93	2.02973101676816	1.10932164
1/1/94	2.05372955498014	1.31821453
4/1/94	2.08684936225788	1.95641753
7/1/94	2.10923363806957	2.28930758
10/1/94	2.14549758953168	2.86816167
1/1/95	2.16256604026155	3.04755571
4/1/95	2.15958114043187	2.76849456
7/1/95	2.1506308778503	2.55925351
10/1/95	2.15569797866065	2.44744248
1/1/96	2.1550965634007	2.22823029
4/1/96	2.17513841670714	2.36673488
7/1/96	2.18089179749646	2.38390524
10/1/96	2.18967420599271	2.23245532
1/1/97	2.19248055946976	2.34099931
4/1/97	2.20686703253411	2.25154292
7/1/97	2.2079627591131	2.27161186
10/1/97	2.19851785758775	2.27473473
1/1/98	2.18361057208126	2.29965924
4/1/98	2.16919266541623	2.22694686
7/1/98	2.16941889423875	2.07073959
10/1/98	2.15619448019835	1.62752785
1/1/99	2.14739920469771	1.92883021
4/1/99	2.14160162462176	2.01204156
7/1/99	2.1447330866629	2.13114984
10/1/99	2.1629625650577	2.3782594
1/1/00	2.1514914750412	2.74455326
4/1/00	2.16826130653419	2.77449917
7/1/00	2.15969679498907	2.91626262
10/1/00	2.15105150038184	2.87401766
1/1/01	2.10304699221798	1.92511234
4/1/01	2.07711777068002	1.23320156
7/1/01	2.03233789872837	1.13510544
10/1/01	1.99808150895366	0.46165649
1/1/02	1.98858849362782	0.59570544
4/1/02	1.9915271169147	0.62404771
7/1/02	1.9731809732627	0.58887741
10/1/02	1.94440804678199	0.37483452
1/1/03	1.93520263983182	0.52986879
4/1/03	1.92092656200838	0.33870446
7/1/03	1.92483477435729	0.34317146
10/1/03	1.95821114547772	0.3168533
1/1/04	1.97115093367709	0.32421333
4/1/04	1.96098010075597	0.48493501
7/1/04	1.9689080017605	0.81408524
10/1/04	1.97299172411627	1.21054656
1/1/05	2.00094993000401	1.56624015
4/1/05	2.01203255268335	1.71091953
7/1/05	2.0200081576039	2.05111945
10/1/05	2.01851002217094	2.35302672
1/1/06	2.03210299087404	2.74689252
4/1/06	2.03361681751782	2.82304733
7/1/06	2.02194973642487	2.83337696
10/1/06	2.00907817319776	2.71224457
1/1/07	2.00376557199364	2.7666013
4/1/07	1.99723428117895	2.44150926
7/1/07	1.98845415220676	1.94692313
10/1/07	1.97952027812999	1.11521989
1/1/08	1.94098895429592	0.21325074
4/1/08	1.92768701700741	0.39471093
7/1/08	1.90926901211514	0.27818895
10/1/08	1.80951847244682	-0.80563595
1/1/09	1.7343909645674	-0.38708407
4/1/09	1.71116435468665	-0.31674124
7/1/09	1.71183377167407	-0.26580843
10/1/09	1.71996838955961	-0.33113166
1/1/10	1.73439131257161	-0.23207376
4/1/10	1.74216834882795	-0.15933785
7/1/10	1.74502052316683	-0.14567133
10/1/10	1.74087639961511	-0.14025195
1/1/11	1.72168125600045	-0.12216766
4/1/11	1.71592730972042	-0.19349939
7/1/11	1.65604784046049	-0.20559943
10/1/11	1.64811878127868	-0.18445875
1/1/12	1.64542536823534	-0.06794209
4/1/12	1.63661084292666	-0.04577781
7/1/12	1.62027034166723	-0.03753926
10/1/12	1.59014380755934	-0.04687804
1/1/13	1.58067358553143	-0.016245
4/1/13	1.57650899387792	-0.0422413
7/1/13	1.56390155398893	-0.05088451
10/1/13	1.54635111037416	0.01789803

Return to Figure 1

Figure 2 Data: T-Bill Rate the Rate on M2 Components and the Opportunity Cost of M2

Quarter	T-bill	M2OR	M2OC
4/1/64	3.47666667	2.33817829	1.24946217
7/1/64	3.49666667	2.35427674	1.25437334
10/1/64	3.68333333	2.37693063	1.42803976
1/1/65	3.89	2.43900115	1.5836315
4/1/65	3.87333333	2.48777785	1.51727897
7/1/65	3.86666667	2.51130246	1.48671722
10/1/65	4.16666667	2.57096093	1.74394952
1/1/66	4.61	2.62409235	2.16058077
4/1/66	4.58666667	2.67001912	2.08988698
7/1/66	5.04333333	2.70000131	2.54630261
10/1/66	5.21	2.67967479	2.74445902
1/1/67	4.51333333	2.6721082	2.01012024
4/1/67	3.66	2.71196351	1.06847448
7/1/67	4.3	2.73406054	1.72186366
10/1/67	4.75333333	2.7357949	2.20139428
1/1/68	5.05	2.73751594	2.51562939
4/1/68	5.52	2.78200916	2.97385103
7/1/68	5.19666667	2.79345947	2.61629974
10/1/68	5.58666667	2.79804012	3.02963264
1/1/69	6.09333333	2.79227946	3.57996994
4/1/69	6.19666667	2.827774	3.65611041
7/1/69	7.02333333	2.87164554	4.50816218
10/1/69	7.35333333	2.85022557	4.89002863
1/1/70	7.21	3.01679932	4.56780502
4/1/70	6.67666667	3.12754529	3.87566334
7/1/70	6.32666667	3.14720823	3.47704778
10/1/70	5.35333333	3.1572257	2.42102398
1/1/71	3.84	3.12344899	0.84750262
4/1/71	4.25	3.12490987	1.27877802
7/1/71	5.01	3.17280677	2.03809432
10/1/71	4.23	3.2052202	1.17674347
1/1/72	3.43666667	3.1667898	0.37910957
4/1/72	3.77	3.18863273	0.70756496
7/1/72	4.22	3.22925377	1.14246726
10/1/72	4.86333333	3.29126702	1.76297005
1/1/73	5.7	3.3359322	2.61345334
4/1/73	6.60333333	3.59355701	3.33099036
7/1/73	8.32333333	4.37250549	4.43208575
10/1/73	7.5	4.4267136	3.47353487
1/1/74	7.61666667	4.47784759	3.55044681
4/1/74	8.15333333	4.43592623	4.18111319
7/1/74	8.19	4.29896681	4.36015535
10/1/74	7.36	4.20963502	3.53736768
1/1/75	5.75	3.83032191	2.17304027
4/1/75	5.39333333	3.74331102	1.87690623
7/1/75	6.33	3.84096437	2.78688607
10/1/75	5.62666667	3.80952718	2.06098228
1/1/76	4.91666667	3.7975937	1.31336042
4/1/76	5.15666667	3.86734059	1.49991747
7/1/76	5.15	3.90310033	1.45678026
10/1/76	4.67333333	3.99374889	0.85852483
1/1/77	4.63	3.93806738	0.86785353
4/1/77	4.84	4.00405563	1.02546351
7/1/77	5.49666667	4.13963486	1.59148946
10/1/77	6.11	4.20704738	2.18316805
1/1/78	6.39333333	4.16594944	2.53029939
4/1/78	6.47666667	4.22321635	2.56336236
7/1/78	7.31333333	4.66143582	3.03528715
10/1/78	8.57	5.29329557	3.78439545
1/1/79	9.38333333	5.55411655	4.42545229
4/1/79	9.37666667	5.63645742	4.33595612
7/1/79	9.67333333	5.80902938	4.49531976
10/1/79	11.84333333	6.95792469	5.79847529
1/1/80	13.35333333	7.76149608	6.74446729
4/1/80	9.61666667	6.71021129	3.56834028
7/1/80	9.15333333	5.99909008	3.72892803
10/1/80	13.61333333	8.17314333	6.63888897
1/1/81	14.39	8.92482157	6.78288267
4/1/81	14.90666667	9.18569866	7.13312932
7/1/81	15.05333333	9.72538077	6.76028629
10/1/81	11.75	8.44462824	4.2143093
1/1/82	12.81333333	8.76476256	5.10698472
4/1/82	12.42	8.59841299	4.81920138
7/1/82	9.31666667	7.51705577	2.40040851
10/1/82	7.90666667	6.17494413	2.1707876
1/1/83	8.10666667	5.97198309	2.59372304
4/1/83	8.39666667	6.34058079	2.54494399
7/1/83	9.14	6.7985586	2.91017177
10/1/83	8.8	6.80097904	2.5303134
1/1/84	9.17	6.92973355	2.812623
4/1/84	9.79666667	7.29331892	3.14799602
7/1/84	10.32	7.84435449	3.18444632
10/1/84	8.80333333	7.13039185	2.20721143
1/1/85	8.18333333	6.50761156	2.14283178
4/1/85	7.46	6.18928144	1.66779778
7/1/85	7.10666667	5.82123542	1.64930963
10/1/85	7.16666667	5.89560363	1.64034096
1/1/86	6.89666667	5.85666936	1.38564873
4/1/86	6.14	5.33324521	1.08934307
7/1/86	5.52333333	4.86465186	0.89505849
10/1/86	5.35333333	4.64014691	0.9372231
1/1/87	5.53666667	4.59680843	1.17688131
4/1/87	5.65666667	4.64456383	1.25784551
7/1/87	6.04333333	4.81926011	1.49952995
10/1/87	5.86333333	5.0022907	1.12241887
1/1/88	5.72333333	4.99871435	0.97531104
4/1/88	6.21	5.01924785	1.4791459
7/1/88	7.01	5.32703847	2.0384896
10/1/88	7.72666667	5.6684559	2.48012703
1/1/89	8.54	6.08843503	2.95525352
4/1/89	8.41	6.43679375	2.46324961
7/1/89	7.84333333	6.16951181	2.10658709
10/1/89	7.65333333	6.02726334	2.04047858
1/1/90	7.76	5.84097888	2.34373423
4/1/90	7.74666667	5.85782455	2.31220577
7/1/90	7.47666667	5.76393571	2.11050916
10/1/90	6.99	5.61702001	1.72668082
1/1/91	6.02333333	5.10114028	1.19574503
4/1/91	5.56	4.71877592	1.07993829
7/1/91	5.37666667	4.47521169	1.12714671
10/1/91	4.54	3.96081168	0.7502829
1/1/92	3.89333333	3.24147837	0.78471124
4/1/92	3.68	3.01486766	0.78653912
7/1/92	3.08333333	2.60723314	0.5682487
10/1/92	3.07	2.39657055	0.76500427
1/1/93	2.96	2.2989586	0.7475172
4/1/93	2.96666667	2.18267364	0.87079775
7/1/93	3.00333333	2.10716698	0.98459196
10/1/93	3.06	2.04167713	1.10932164
1/1/94	3.24333333	2.02491557	1.31821453
4/1/94	3.98666667	2.16843945	1.95641753
7/1/94	4.47666667	2.35389664	2.28930758
10/1/94	5.28	2.63102089	2.86816167
1/1/95	5.73666667	2.94077602	3.04755571
4/1/95	5.59666667	3.06956347	2.76849456
7/1/95	5.36666667	3.03229801	2.55925351
10/1/95	5.26	3.03001631	2.44744248
1/1/96	4.93	2.89694185	2.22823029
4/1/96	5.02	2.85438372	2.36673488
7/1/96	5.09666667	2.91901508	2.38390524
10/1/96	4.97666667	2.94244656	2.23245532
1/1/97	5.06	2.92279497	2.34099931
4/1/97	5.04666667	2.99805418	2.25154292
7/1/97	5.04666667	2.97797013	2.27161186
10/1/97	5.09	3.02109922	2.27473473
1/1/98	5.05333333	2.95700733	2.29965924
4/1/98	4.97666667	2.94794388	2.22694686
7/1/98	4.82333333	2.94091576	2.07073959
10/1/98	4.25333333	2.77917947	1.62752785
1/1/99	4.40666667	2.64007868	1.92883021
4/1/99	4.45333333	2.60641349	2.01204156
7/1/99	4.65	2.69604643	2.13114984
10/1/99	5.04333333	2.86783944	2.3782594
1/1/00	5.52	3.01136218	2.74455326
4/1/00	5.71333333	3.18877882	2.77449917
7/1/00	6.01666667	3.37334917	2.91626262
10/1/00	6.01666667	3.41574693	2.87401766
1/1/01	4.81666667	3.07980911	1.92511234
4/1/01	3.66	2.54727934	1.23320156
7/1/01	3.17	2.13174645	1.13510544
10/1/01	1.90666667	1.49044169	0.46165649
1/1/02	1.72333333	1.16689171	0.59570544
4/1/02	1.71666667	1.13165526	0.62404771
7/1/02	1.64333333	1.09120273	0.58887741
10/1/02	1.33333333	0.98633029	0.37483452
1/1/03	1.15666667	0.64974893	0.52986879
4/1/03	1.04	0.72134384	0.33870446
7/1/03	0.93	0.60419479	0.34317146
10/1/03	0.91666667	0.61686603	0.3168533
1/1/04	0.91666667	0.60950876	0.32421333
4/1/04	1.07666667	0.61275117	0.48493501
7/1/04	1.48666667	0.70470419	0.81408524
10/1/04	2.00666667	0.84494202	1.21054656
1/1/05	2.53666667	1.03907105	1.56624015
4/1/05	2.86333333	1.23464743	1.71091953
7/1/05	3.36	1.41412652	2.05111945
10/1/05	3.82666667	1.6028578	2.35302672
1/1/06	4.39333333	1.80793967	2.74689252
4/1/06	4.70333333	2.06084602	2.82304733
7/1/06	4.90666667	2.26692852	2.83337696
10/1/06	4.90333333	2.38449222	2.71224457
1/1/07	4.98333333	2.41540277	2.7666013
4/1/07	4.73666667	2.4778599	2.44150926
7/1/07	4.30333333	2.5132898	1.94692313
10/1/07	3.39	2.38220092	1.11521989
1/1/08	2.04333333	1.88196188	0.21325074
4/1/08	1.62666667	1.26849563	0.39471093
7/1/08	1.49333333	1.2477237	0.27818895
10/1/08	0.29666667	1.10725496	-0.80563595
1/1/09	0.21333333	0.60363859	-0.38708407
4/1/09	0.17333333	0.49263652	-0.31674124
7/1/09	0.15666667	0.42478044	-0.26580843
10/1/09	0.05666667	0.38860228	-0.33113166
1/1/10	0.10666667	0.34028721	-0.23207376
4/1/10	0.14666667	0.30815369	-0.15933785
7/1/10	0.15666667	0.30463991	-0.14567133
10/1/10	0.13666667	0.27891267	-0.14025195
1/1/11	0.12666667	0.25067803	-0.12216766
4/1/11	0.04666667	0.24082583	-0.19349939
7/1/11	0.02333333	0.22926043	-0.20559943
10/1/11	0.01333333	0.1979783	-0.18445875
1/1/12	0.06666667	0.135561	-0.06794209
4/1/12	0.08666667	0.1336868	-0.04577781
7/1/12	0.10333333	0.14236265	-0.03753926
10/1/12	0.08666667	0.13478772	-0.04687804
1/1/13	0.08666667	0.10415468	-0.016245
4/1/13	0.05	0.0929489	-0.0422413
7/1/13	0.03739583	0.0883897	-0.05088451
10/1/13	0.11		0.01789803

Return to Figure 2

Figure 3 Data: M2 Velocity and Opportunity Cost(Taylog25) 1960:Q1 to 2006:Q4

quarter	logv2	taylog25
1/1/60	0.598430078577075	0.974490359559277
4/1/60	0.589076613660054	0.504633987524299
7/1/60	0.577476489400487	0.00183384172452031
10/1/60	0.55398828583221	-0.0774369169728643
1/1/61	0.545852350118795	-0.056930750997552
4/1/61	0.548358979258882	-0.160458053599455
7/1/61	0.550827079518814	-0.249763779704906
10/1/61	0.55669620064094	-0.156973266998067
1/1/62	0.559204929479758	-0.195086842264998
4/1/62	0.550718635910455	-0.372073609306522
7/1/62	0.546735960123334	-0.246898706985686
10/1/62	0.532752401119482	-0.299158954059279
1/1/63	0.526175373915734	-0.179092295074375
4/1/63	0.519255476176902	-0.192011848374992
7/1/63	0.519666165882925	0.113304279088101
10/1/63	0.515618581965785	0.281830261442463
1/1/64	0.523718063442081	0.307182778344401
4/1/64	0.520957370174511	0.235521309155027
7/1/64	0.516160220178997	0.2393247569095
10/1/64	0.503919795211784	0.366412263909086
1/1/65	0.513523899972299	0.472155339475071
4/1/65	0.515063186238923	0.429154395152774
7/1/65	0.519919590847129	0.409820036405005
10/1/65	0.52833516126849	0.566717767627778
1/1/66	0.540075148639222	0.783409612325275
4/1/66	0.54043025342371	0.74990491634975
7/1/66	0.551290695823645	0.943628788079211
10/1/66	0.55823288645522	1.02068747121278
1/1/67	0.55546516389311	0.705700871342239
4/1/67	0.537699797213735	0.0741322957423773
7/1/67	0.529024133096072	0.556528511346228
10/1/67	0.527094763349322	0.799520299936125
1/1/68	0.541199791836193	0.935878721416749
4/1/68	0.5520545292781	1.10285734374809
7/1/68	0.549883081092351	0.975042769234154
10/1/68	0.545411321306802	1.11799425890171
1/1/69	0.554289949340414	1.28931313477647
4/1/69	0.561389642058242	1.30959658762831
7/1/69	0.575326822032878	1.52090170454807
10/1/69	0.575096814158171	1.59977973768712
1/1/70	0.583631017889032	1.5247345767931
4/1/70	0.592555848032696	1.36978976867722
7/1/70	0.587224928434693	1.26082597258793
10/1/70	0.563358981600488	0.882084166831329
1/1/71	0.573379586652018	-0.31462401658892
4/1/71	0.554250348480268	0.220610342836896
7/1/71	0.542868215390402	0.71616941913856
10/1/71	0.527350884057558	0.169755477317109
1/1/72	0.530806225579969	-1.0637208824992
4/1/72	0.535074545412487	-0.326422098924436
7/1/72	0.520469441430505	0.122185374253818
10/1/72	0.516900993980572	0.581821433087005
1/1/73	0.529287926533139	0.97269037340303
4/1/73	0.539419136667759	1.21757108333483
7/1/73	0.538922828484776	1.50930117659073
10/1/73	0.555104217041137	1.26698595639722
1/1/74	0.547297078127523	1.28627026927438
4/1/74	0.561412939643303	1.45227747898266
7/1/74	0.569645151792721	1.48888032364161
10/1/74	0.57946495082083	1.28314693432915
1/1/75	0.570805822379461	0.785603721190819
4/1/75	0.557348041432675	0.646293325523596
7/1/75	0.555640135256156	1.0430168472849
10/1/75	0.561680738990753	0.737799959813256
1/1/76	0.563065993034591	0.297029244179602
4/1/76	0.551113054007618	0.417110409345876
7/1/76	0.542817142575093	0.399140254533122
10/1/76	0.532224454465459	-0.169555040265632
1/1/77	0.526347462289539	-0.109928391463832
4/1/77	0.533152429608678	0.0351564572083988
7/1/77	0.5401145331285	0.481481996819683
10/1/77	0.541279321277903	0.804033275999306
1/1/78	0.541026395622952	0.950023313840795
4/1/78	0.578809900798438	0.963320787205769
7/1/78	0.586640530106454	1.12961507405356
10/1/78	0.602269241617474	1.35448786655862
1/1/79	0.607438552006582	1.51532912429865
4/1/79	0.609082976654752	1.49433239120201
7/1/79	0.614012416218941	1.53060501149968
10/1/79	0.621566340658245	1.79239664073808
1/1/80	0.628025024452155	1.93885754271451
4/1/80	0.614467024294946	1.21555010053457
7/1/80	0.605935476998878	1.33448242651867
10/1/80	0.630550564243991	1.9212649504662
1/1/81	0.658731579018734	1.95637127571974
4/1/81	0.643292088996936	2.0045283130291
7/1/81	0.654966094404529	1.9601019041877
10/1/81	0.636304184015635	1.4600846529272
1/1/82	0.610950796590302	1.67579107058718
4/1/82	0.607211612667036	1.61815915783996
7/1/82	0.601356523661584	0.865918210837211
10/1/82	0.591143130772444	0.8056609310677
1/1/83	0.558570332552321	0.985625072118027
4/1/83	0.562487923251576	0.96925020356598
7/1/83	0.57661276304478	1.10738699829311
10/1/83	0.586347965608116	0.968715082122584
1/1/84	0.595281264402892	1.07387756785247
4/1/84	0.599768927789908	1.18958848289767
7/1/84	0.604496103834408	1.20516416208126
10/1/84	0.597220747870022	0.826278001188281
1/1/85	0.588915127402494	0.797260439121662
4/1/85	0.586654606298314	0.549362806513879
7/1/85	0.586851125989485	0.541978154535485
10/1/85	0.58542436123593	0.537005543559041
1/1/86	0.584798838710965	0.359960458233064
4/1/86	0.567240696347463	0.119754473819863
7/1/86	0.55653169029542	-0.0741320103293689
10/1/86	0.54525775092241	-0.0361136257999744
1/1/87	0.543827514984821	0.196137225862088
4/1/87	0.55307610295567	0.263016735173638
7/1/87	0.563107117274033	0.424755347365613
10/1/87	0.576396372607992	0.141936206748772
1/1/88	0.572435066218695	0.018982486799438
4/1/88	0.576023095395525	0.418517225971987
7/1/88	0.584290321447602	0.74352038171176
10/1/88	0.596706819516895	0.937099380726628
1/1/89	0.61214437920948	1.11775324357325
4/1/89	0.623416453285155	0.938367310928139
7/1/89	0.619053473700724	0.784532216980728
10/1/89	0.608781430874058	0.752469811673402
1/1/90	0.616394065855394	0.886270293925199
4/1/90	0.622268110466994	0.87398836399133
7/1/90	0.620616034186185	0.782583563353926
10/1/90	0.612199795776102	0.582240078335001
1/1/91	0.605382632017153	0.219531261693141
4/1/91	0.608687014268613	0.113477592453015
7/1/91	0.617042686857333	0.151908844682846
10/1/91	0.62370046687997	-0.278011022126107
1/1/92	0.631264565620361	-0.240272538772594
4/1/92	0.647973446527662	-0.21807308550026
7/1/92	0.661346723836929	-0.546117167244177
10/1/92	0.67108067231207	-0.27992298017427
1/1/93	0.681552362215748	-0.276334106009441
4/1/93	0.68919122005575	-0.132737458701963
7/1/93	0.695363700408447	-0.00360424595093055
10/1/93	0.707895199210516	0.114211437428964
1/1/94	0.719657147561574	0.274060057027008
4/1/94	0.735652288790233	0.677601020846234
7/1/94	0.746329266955235	0.839573307908059
10/1/94	0.763380493419114	1.06500633227839
1/1/95	0.771290816882019	1.12883078453175
4/1/95	0.769917220813769	1.03325406306592
7/1/95	0.765763742263857	0.954710984306465
10/1/95	0.768110136884301	0.909707519667157
1/1/96	0.76783780684829	0.815480272634748
4/1/96	0.77709194262361	0.875555813645098
7/1/96	0.779728172213939	0.883274146935296
10/1/96	0.783754970283393	0.817857681155662
1/1/97	0.785040623978512	0.865104939273314
4/1/97	0.791575081660263	0.825550404754836
7/1/97	0.792070600635609	0.834924137413832
10/1/97	0.787781514302601	0.83627659898851
1/1/98	0.780978422450642	0.847714670296078
4/1/98	0.774350794196966	0.815597575855946
7/1/98	0.774458866644719	0.74031813835945
10/1/98	0.768350633470435	0.485305838429563
1/1/99	0.764255392596025	0.669775947524908
4/1/99	0.761549118881166	0.710336573408623
7/1/99	0.763015183074606	0.769976878732235
10/1/99	0.771481961265541	0.879746723241856
1/1/00	0.766165598454976	1.02372979511009
4/1/00	0.773927573041163	1.03599254781078
7/1/00	0.76996040666267	1.08710019441503
10/1/00	0.765956108048368	1.07068403986032
1/1/01	0.743389509054396	0.666770522506306
4/1/01	0.730983652924026	0.224070982758826
7/1/01	0.709187822941242	0.103655989967929
10/1/01	0.692191270708888	-0.770646206165282
1/1/02	0.687419154384827	-0.521738297877764
4/1/02	0.688901375725893	-0.465545263286057
7/1/02	0.679645577464684	-0.52380067422231
10/1/02	0.664958810196987	-1.01123869502297
1/1/03	0.660215031185279	-0.649717159266546
4/1/03	0.652810638385217	-1.09853768454536
7/1/03	0.654833621762141	-1.06968434670047
10/1/03	0.672033032527059	-1.14632506546712
1/1/04	0.678613821715401	-1.13106533927809
4/1/04	0.673450033060547	-0.755254486887957
7/1/04	0.677476846777496	-0.209302611021654
10/1/04	0.679553335684542	0.190008939396723
1/1/05	0.693621252165498	0.451276681743376
4/1/05	0.699142898696065	0.543366480075566
7/1/05	0.703101447853184	0.725352479622004
10/1/05	0.702361637428157	0.863793241646889
1/1/06	0.709075034017804	1.01959297120437
4/1/06	0.709815154582736	1.04843390872773
7/1/06	0.704061874331213	1.051874955013
10/1/06	0.697672616785025	1.00963623888955

Return to Figure 3

Figure 4 Data: M2 Velocity and Opportunity Cost(Taylog25) 1960:Q1 to 2006:Q4

quarter	logv2	taylog25
1/1/60	0.598430078577075	0.974490359559277
4/1/60	0.589076613660054	0.504633987524299
7/1/60	0.577476489400487	0.00183384172452031
10/1/60	0.55398828583221	-0.0774369169728643
1/1/61	0.545852350118795	-0.056930750997552
4/1/61	0.548358979258882	-0.160458053599455
7/1/61	0.550827079518814	-0.249763779704906
10/1/61	0.55669620064094	-0.156973266998067
1/1/62	0.559204929479758	-0.195086842264998
4/1/62	0.550718635910455	-0.372073609306522
7/1/62	0.546735960123334	-0.246898706985686
10/1/62	0.532752401119482	-0.299158954059279
1/1/63	0.526175373915734	-0.179092295074375
4/1/63	0.519255476176902	-0.192011848374992
7/1/63	0.519666165882925	0.113304279088101
10/1/63	0.515618581965785	0.281830261442463
1/1/64	0.523718063442081	0.307182778344401
4/1/64	0.520957370174511	0.235521309155027
7/1/64	0.516160220178997	0.2393247569095
10/1/64	0.503919795211784	0.366412263909086
1/1/65	0.513523899972299	0.472155339475071
4/1/65	0.515063186238923	0.429154395152774
7/1/65	0.519919590847129	0.409820036405005
10/1/65	0.52833516126849	0.566717767627778
1/1/66	0.540075148639222	0.783409612325275
4/1/66	0.54043025342371	0.74990491634975
7/1/66	0.551290695823645	0.943628788079211
10/1/66	0.55823288645522	1.02068747121278
1/1/67	0.55546516389311	0.705700871342239
4/1/67	0.537699797213735	0.0741322957423773
7/1/67	0.529024133096072	0.556528511346228
10/1/67	0.527094763349322	0.799520299936125
1/1/68	0.541199791836193	0.935878721416749
4/1/68	0.5520545292781	1.10285734374809
7/1/68	0.549883081092351	0.975042769234154
10/1/68	0.545411321306802	1.11799425890171
1/1/69	0.554289949340414	1.28931313477647
4/1/69	0.561389642058242	1.30959658762831
7/1/69	0.575326822032878	1.52090170454807
10/1/69	0.575096814158171	1.59977973768712
1/1/70	0.583631017889032	1.5247345767931
4/1/70	0.592555848032696	1.36978976867722
7/1/70	0.587224928434693	1.26082597258793
10/1/70	0.563358981600488	0.882084166831329
1/1/71	0.573379586652018	-0.31462401658892
4/1/71	0.554250348480268	0.220610342836896
7/1/71	0.542868215390402	0.71616941913856
10/1/71	0.527350884057558	0.169755477317109
1/1/72	0.530806225579969	-1.0637208824992
4/1/72	0.535074545412487	-0.326422098924436
7/1/72	0.520469441430505	0.122185374253818
10/1/72	0.516900993980572	0.581821433087005
1/1/73	0.529287926533139	0.97269037340303
4/1/73	0.539419136667759	1.21757108333483
7/1/73	0.538922828484776	1.50930117659073
10/1/73	0.555104217041137	1.26698595639722
1/1/74	0.547297078127523	1.28627026927438
4/1/74	0.561412939643303	1.45227747898266
7/1/74	0.569645151792721	1.48888032364161
10/1/74	0.57946495082083	1.28314693432915
1/1/75	0.570805822379461	0.785603721190819
4/1/75	0.557348041432675	0.646293325523596
7/1/75	0.555640135256156	1.0430168472849
10/1/75	0.561680738990753	0.737799959813256
1/1/76	0.563065993034591	0.297029244179602
4/1/76	0.551113054007618	0.417110409345876
7/1/76	0.542817142575093	0.399140254533122
10/1/76	0.532224454465459	-0.169555040265632
1/1/77	0.526347462289539	-0.109928391463832
4/1/77	0.533152429608678	0.0351564572083988
7/1/77	0.5401145331285	0.481481996819683
10/1/77	0.541279321277903	0.804033275999306
1/1/78	0.541026395622952	0.950023313840795
4/1/78	0.578809900798438	0.963320787205769
7/1/78	0.586640530106454	1.12961507405356
10/1/78	0.602269241617474	1.35448786655862
1/1/79	0.607438552006582	1.51532912429865
4/1/79	0.609082976654752	1.49433239120201
7/1/79	0.614012416218941	1.53060501149968
10/1/79	0.621566340658245	1.79239664073808
1/1/80	0.628025024452155	1.93885754271451
4/1/80	0.614467024294946	1.21555010053457
7/1/80	0.605935476998878	1.33448242651867
10/1/80	0.630550564243991	1.9212649504662
1/1/81	0.658731579018734	1.95637127571974
4/1/81	0.643292088996936	2.0045283130291
7/1/81	0.654966094404529	1.9601019041877
10/1/81	0.636304184015635	1.4600846529272
1/1/82	0.610950796590302	1.67579107058718
4/1/82	0.607211612667036	1.61815915783996
7/1/82	0.601356523661584	0.865918210837211
10/1/82	0.591143130772444	0.8056609310677
1/1/83	0.558570332552321	0.985625072118027
4/1/83	0.562487923251576	0.96925020356598
7/1/83	0.57661276304478	1.10738699829311
10/1/83	0.586347965608116	0.968715082122584
1/1/84	0.595281264402892	1.07387756785247
4/1/84	0.599768927789908	1.18958848289767
7/1/84	0.604496103834408	1.20516416208126
10/1/84	0.597220747870022	0.826278001188281
1/1/85	0.588915127402494	0.797260439121662
4/1/85	0.586654606298314	0.549362806513879
7/1/85	0.586851125989485	0.541978154535485
10/1/85	0.58542436123593	0.537005543559041
1/1/86	0.584798838710965	0.359960458233064
4/1/86	0.567240696347463	0.119754473819863
7/1/86	0.55653169029542	-0.0741320103293689
10/1/86	0.54525775092241	-0.0361136257999744
1/1/87	0.543827514984821	0.196137225862088
4/1/87	0.55307610295567	0.263016735173638
7/1/87	0.563107117274033	0.424755347365613
10/1/87	0.576396372607992	0.141936206748772
1/1/88	0.572435066218695	0.018982486799438
4/1/88	0.576023095395525	0.418517225971987
7/1/88	0.584290321447602	0.74352038171176
10/1/88	0.596706819516895	0.937099380726628
1/1/89	0.61214437920948	1.11775324357325
4/1/89	0.623416453285155	0.938367310928139
7/1/89	0.619053473700724	0.784532216980728
10/1/89	0.608781430874058	0.752469811673402
1/1/90	0.616394065855394	0.886270293925199
4/1/90	0.622268110466994	0.87398836399133
7/1/90	0.620616034186185	0.782583563353926
10/1/90	0.612199795776102	0.582240078335001
1/1/91	0.605382632017153	0.219531261693141
4/1/91	0.608687014268613	0.113477592453015
7/1/91	0.617042686857333	0.151908844682846
10/1/91	0.62370046687997	-0.278011022126107
1/1/92	0.631264565620361	-0.240272538772594
4/1/92	0.647973446527662	-0.21807308550026
7/1/92	0.661346723836929	-0.546117167244177
10/1/92	0.67108067231207	-0.27992298017427
1/1/93	0.681552362215748	-0.276334106009441
4/1/93	0.68919122005575	-0.132737458701963
7/1/93	0.695363700408447	-0.00360424595093055
10/1/93	0.707895199210516	0.114211437428964
1/1/94	0.719657147561574	0.274060057027008
4/1/94	0.735652288790233	0.677601020846234
7/1/94	0.746329266955235	0.839573307908059
10/1/94	0.763380493419114	1.06500633227839
1/1/95	0.771290816882019	1.12883078453175
4/1/95	0.769917220813769	1.03325406306592
7/1/95	0.765763742263857	0.954710984306465
10/1/95	0.768110136884301	0.909707519667157
1/1/96	0.76783780684829	0.815480272634748
4/1/96	0.77709194262361	0.875555813645098
7/1/96	0.779728172213939	0.883274146935296
10/1/96	0.783754970283393	0.817857681155662
1/1/97	0.785040623978512	0.865104939273314
4/1/97	0.791575081660263	0.825550404754836
7/1/97	0.792070600635609	0.834924137413832
10/1/97	0.787781514302601	0.83627659898851
1/1/98	0.780978422450642	0.847714670296078
4/1/98	0.774350794196966	0.815597575855946
7/1/98	0.774458866644719	0.74031813835945
10/1/98	0.768350633470435	0.485305838429563
1/1/99	0.764255392596025	0.669775947524908
4/1/99	0.761549118881166	0.710336573408623
7/1/99	0.763015183074606	0.769976878732235
10/1/99	0.771481961265541	0.879746723241856
1/1/00	0.766165598454976	1.02372979511009
4/1/00	0.773927573041163	1.03599254781078
7/1/00	0.76996040666267	1.08710019441503
10/1/00	0.765956108048368	1.07068403986032
1/1/01	0.743389509054396	0.666770522506306
4/1/01	0.730983652924026	0.224070982758826
7/1/01	0.709187822941242	0.103655989967929
10/1/01	0.692191270708888	-0.770646206165282
1/1/02	0.687419154384827	-0.521738297877764
4/1/02	0.688901375725893	-0.465545263286057
7/1/02	0.679645577464684	-0.52380067422231
10/1/02	0.664958810196987	-1.01123869502297
1/1/03	0.660215031185279	-0.649717159266546
4/1/03	0.652810638385217	-1.09853768454536
7/1/03	0.654833621762141	-1.06968434670047
10/1/03	0.672033032527059	-1.14632506546712
1/1/04	0.678613821715401	-1.13106533927809
4/1/04	0.673450033060547	-0.755254486887957
7/1/04	0.677476846777496	-0.209302611021654
10/1/04	0.679553335684542	0.190008939396723
1/1/05	0.693621252165498	0.451276681743376
4/1/05	0.699142898696065	0.543366480075566
7/1/05	0.703101447853184	0.725352479622004
10/1/05	0.702361637428157	0.863793241646889
1/1/06	0.709075034017804	1.01959297120437
4/1/06	0.709815154582736	1.04843390872773
7/1/06	0.704061874331213	1.051874955013
10/1/06	0.697672616785025	1.00963623888955

Return to Figure 4

Figure 5 Data: M2 Velocity and Opportunity Cost(Taylog25) 1960:Q1 to 2006:Q4

quarter	logv2	taylog25
1/1/60	0.598430078577075	0.974490359559277
4/1/60	0.589076613660054	0.504633987524299
7/1/60	0.577476489400487	0.00183384172452031
10/1/60	0.55398828583221	-0.0774369169728643
1/1/61	0.545852350118795	-0.056930750997552
4/1/61	0.548358979258882	-0.160458053599455
7/1/61	0.550827079518814	-0.249763779704906
10/1/61	0.55669620064094	-0.156973266998067
1/1/62	0.559204929479758	-0.195086842264998
4/1/62	0.550718635910455	-0.372073609306522
7/1/62	0.546735960123334	-0.246898706985686
10/1/62	0.532752401119482	-0.299158954059279
1/1/63	0.526175373915734	-0.179092295074375
4/1/63	0.519255476176902	-0.192011848374992
7/1/63	0.519666165882925	0.113304279088101
10/1/63	0.515618581965785	0.281830261442463
1/1/64	0.523718063442081	0.307182778344401
4/1/64	0.520957370174511	0.235521309155027
7/1/64	0.516160220178997	0.2393247569095
10/1/64	0.503919795211784	0.366412263909086
1/1/65	0.513523899972299	0.472155339475071
4/1/65	0.515063186238923	0.429154395152774
7/1/65	0.519919590847129	0.409820036405005
10/1/65	0.52833516126849	0.566717767627778
1/1/66	0.540075148639222	0.783409612325275
4/1/66	0.54043025342371	0.74990491634975
7/1/66	0.551290695823645	0.943628788079211
10/1/66	0.55823288645522	1.02068747121278
1/1/67	0.55546516389311	0.705700871342239
4/1/67	0.537699797213735	0.0741322957423773
7/1/67	0.529024133096072	0.556528511346228
10/1/67	0.527094763349322	0.799520299936125
1/1/68	0.541199791836193	0.935878721416749
4/1/68	0.5520545292781	1.10285734374809
7/1/68	0.549883081092351	0.975042769234154
10/1/68	0.545411321306802	1.11799425890171
1/1/69	0.554289949340414	1.28931313477647
4/1/69	0.561389642058242	1.30959658762831
7/1/69	0.575326822032878	1.52090170454807
10/1/69	0.575096814158171	1.59977973768712
1/1/70	0.583631017889032	1.5247345767931
4/1/70	0.592555848032696	1.36978976867722
7/1/70	0.587224928434693	1.26082597258793
10/1/70	0.563358981600488	0.882084166831329
1/1/71	0.573379586652018	-0.31462401658892
4/1/71	0.554250348480268	0.220610342836896
7/1/71	0.542868215390402	0.71616941913856
10/1/71	0.527350884057558	0.169755477317109
1/1/72	0.530806225579969	-1.0637208824992
4/1/72	0.535074545412487	-0.326422098924436
7/1/72	0.520469441430505	0.122185374253818
10/1/72	0.516900993980572	0.581821433087005
1/1/73	0.529287926533139	0.97269037340303
4/1/73	0.539419136667759	1.21757108333483
7/1/73	0.538922828484776	1.50930117659073
10/1/73	0.555104217041137	1.26698595639722
1/1/74	0.547297078127523	1.28627026927438
4/1/74	0.561412939643303	1.45227747898266
7/1/74	0.569645151792721	1.48888032364161
10/1/74	0.57946495082083	1.28314693432915
1/1/75	0.570805822379461	0.785603721190819
4/1/75	0.557348041432675	0.646293325523596
7/1/75	0.555640135256156	1.0430168472849
10/1/75	0.561680738990753	0.737799959813256
1/1/76	0.563065993034591	0.297029244179602
4/1/76	0.551113054007618	0.417110409345876
7/1/76	0.542817142575093	0.399140254533122
10/1/76	0.532224454465459	-0.169555040265632
1/1/77	0.526347462289539	-0.109928391463832
4/1/77	0.533152429608678	0.0351564572083988
7/1/77	0.5401145331285	0.481481996819683
10/1/77	0.541279321277903	0.804033275999306
1/1/78	0.541026395622952	0.950023313840795
4/1/78	0.578809900798438	0.963320787205769
7/1/78	0.586640530106454	1.12961507405356
10/1/78	0.602269241617474	1.35448786655862
1/1/79	0.607438552006582	1.51532912429865
4/1/79	0.609082976654752	1.49433239120201
7/1/79	0.614012416218941	1.53060501149968
10/1/79	0.621566340658245	1.79239664073808
1/1/80	0.628025024452155	1.93885754271451
4/1/80	0.614467024294946	1.21555010053457
7/1/80	0.605935476998878	1.33448242651867
10/1/80	0.630550564243991	1.9212649504662
1/1/81	0.658731579018734	1.95637127571974
4/1/81	0.643292088996936	2.0045283130291
7/1/81	0.654966094404529	1.9601019041877
10/1/81	0.636304184015635	1.4600846529272
1/1/82	0.610950796590302	1.67579107058718
4/1/82	0.607211612667036	1.61815915783996
7/1/82	0.601356523661584	0.865918210837211
10/1/82	0.591143130772444	0.8056609310677
1/1/83	0.558570332552321	0.985625072118027
4/1/83	0.562487923251576	0.96925020356598
7/1/83	0.57661276304478	1.10738699829311
10/1/83	0.586347965608116	0.968715082122584
1/1/84	0.595281264402892	1.07387756785247
4/1/84	0.599768927789908	1.18958848289767
7/1/84	0.604496103834408	1.20516416208126
10/1/84	0.597220747870022	0.826278001188281
1/1/85	0.588915127402494	0.797260439121662
4/1/85	0.586654606298314	0.549362806513879
7/1/85	0.586851125989485	0.541978154535485
10/1/85	0.58542436123593	0.537005543559041
1/1/86	0.584798838710965	0.359960458233064
4/1/86	0.567240696347463	0.119754473819863
7/1/86	0.55653169029542	-0.0741320103293689
10/1/86	0.54525775092241	-0.0361136257999744
1/1/87	0.543827514984821	0.196137225862088
4/1/87	0.55307610295567	0.263016735173638
7/1/87	0.563107117274033	0.424755347365613
10/1/87	0.576396372607992	0.141936206748772
1/1/88	0.572435066218695	0.018982486799438
4/1/88	0.576023095395525	0.418517225971987
7/1/88	0.584290321447602	0.74352038171176
10/1/88	0.596706819516895	0.937099380726628
1/1/89	0.61214437920948	1.11775324357325
4/1/89	0.623416453285155	0.938367310928139
7/1/89	0.619053473700724	0.784532216980728
10/1/89	0.608781430874058	0.752469811673402
1/1/90	0.616394065855394	0.886270293925199
4/1/90	0.622268110466994	0.87398836399133
7/1/90	0.620616034186185	0.782583563353926
10/1/90	0.612199795776102	0.582240078335001
1/1/91	0.605382632017153	0.219531261693141
4/1/91	0.608687014268613	0.113477592453015
7/1/91	0.617042686857333	0.151908844682846
10/1/91	0.62370046687997	-0.278011022126107
1/1/92	0.631264565620361	-0.240272538772594
4/1/92	0.647973446527662	-0.21807308550026
7/1/92	0.661346723836929	-0.546117167244177
10/1/92	0.67108067231207	-0.27992298017427
1/1/93	0.681552362215748	-0.276334106009441
4/1/93	0.68919122005575	-0.132737458701963
7/1/93	0.695363700408447	-0.00360424595093055
10/1/93	0.707895199210516	0.114211437428964
1/1/94	0.719657147561574	0.274060057027008
4/1/94	0.735652288790233	0.677601020846234
7/1/94	0.746329266955235	0.839573307908059
10/1/94	0.763380493419114	1.06500633227839
1/1/95	0.771290816882019	1.12883078453175
4/1/95	0.769917220813769	1.03325406306592
7/1/95	0.765763742263857	0.954710984306465
10/1/95	0.768110136884301	0.909707519667157
1/1/96	0.76783780684829	0.815480272634748
4/1/96	0.77709194262361	0.875555813645098
7/1/96	0.779728172213939	0.883274146935296
10/1/96	0.783754970283393	0.817857681155662
1/1/97	0.785040623978512	0.865104939273314
4/1/97	0.791575081660263	0.825550404754836
7/1/97	0.792070600635609	0.834924137413832
10/1/97	0.787781514302601	0.83627659898851
1/1/98	0.780978422450642	0.847714670296078
4/1/98	0.774350794196966	0.815597575855946
7/1/98	0.774458866644719	0.74031813835945
10/1/98	0.768350633470435	0.485305838429563
1/1/99	0.764255392596025	0.669775947524908
4/1/99	0.761549118881166	0.710336573408623
7/1/99	0.763015183074606	0.769976878732235
10/1/99	0.771481961265541	0.879746723241856
1/1/00	0.766165598454976	1.02372979511009
4/1/00	0.773927573041163	1.03599254781078
7/1/00	0.76996040666267	1.08710019441503
10/1/00	0.765956108048368	1.07068403986032
1/1/01	0.743389509054396	0.666770522506306
4/1/01	0.730983652924026	0.224070982758826
7/1/01	0.709187822941242	0.103655989967929
10/1/01	0.692191270708888	-0.770646206165282
1/1/02	0.687419154384827	-0.521738297877764
4/1/02	0.688901375725893	-0.465545263286057
7/1/02	0.679645577464684	-0.52380067422231
10/1/02	0.664958810196987	-1.01123869502297
1/1/03	0.660215031185279	-0.649717159266546
4/1/03	0.652810638385217	-1.09853768454536
7/1/03	0.654833621762141	-1.06968434670047
10/1/03	0.672033032527059	-1.14632506546712
1/1/04	0.678613821715401	-1.13106533927809
4/1/04	0.673450033060547	-0.755254486887957
7/1/04	0.677476846777496	-0.209302611021654
10/1/04	0.679553335684542	0.190008939396723
1/1/05	0.693621252165498	0.451276681743376
4/1/05	0.699142898696065	0.543366480075566
7/1/05	0.703101447853184	0.725352479622004
10/1/05	0.702361637428157	0.863793241646889
1/1/06	0.709075034017804	1.01959297120437
4/1/06	0.709815154582736	1.04843390872773
7/1/06	0.704061874331213	1.051874955013
10/1/06	0.697672616785025	1.00963623888955

Return to Figure 5

Figure 6 Data: M2 Velocity and Opportunity Cost(Taylog25) 1960:Q1 to 2006:Q4

quarter	logv2	taylog25
1/1/60	0.598430078577075	0.974490359559277
4/1/60	0.589076613660054	0.504633987524299
7/1/60	0.577476489400487	0.00183384172452031
10/1/60	0.55398828583221	-0.0774369169728643
1/1/61	0.545852350118795	-0.056930750997552
4/1/61	0.548358979258882	-0.160458053599455
7/1/61	0.550827079518814	-0.249763779704906
10/1/61	0.55669620064094	-0.156973266998067
1/1/62	0.559204929479758	-0.195086842264998
4/1/62	0.550718635910455	-0.372073609306522
7/1/62	0.546735960123334	-0.246898706985686
10/1/62	0.532752401119482	-0.299158954059279
1/1/63	0.526175373915734	-0.179092295074375
4/1/63	0.519255476176902	-0.192011848374992
7/1/63	0.519666165882925	0.113304279088101
10/1/63	0.515618581965785	0.281830261442463
1/1/64	0.523718063442081	0.307182778344401
4/1/64	0.520957370174511	0.235521309155027
7/1/64	0.516160220178997	0.2393247569095
10/1/64	0.503919795211784	0.366412263909086
1/1/65	0.513523899972299	0.472155339475071
4/1/65	0.515063186238923	0.429154395152774
7/1/65	0.519919590847129	0.409820036405005
10/1/65	0.52833516126849	0.566717767627778
1/1/66	0.540075148639222	0.783409612325275
4/1/66	0.54043025342371	0.74990491634975
7/1/66	0.551290695823645	0.943628788079211
10/1/66	0.55823288645522	1.02068747121278
1/1/67	0.55546516389311	0.705700871342239
4/1/67	0.537699797213735	0.0741322957423773
7/1/67	0.529024133096072	0.556528511346228
10/1/67	0.527094763349322	0.799520299936125
1/1/68	0.541199791836193	0.935878721416749
4/1/68	0.5520545292781	1.10285734374809
7/1/68	0.549883081092351	0.975042769234154
10/1/68	0.545411321306802	1.11799425890171
1/1/69	0.554289949340414	1.28931313477647
4/1/69	0.561389642058242	1.30959658762831
7/1/69	0.575326822032878	1.52090170454807
10/1/69	0.575096814158171	1.59977973768712
1/1/70	0.583631017889032	1.5247345767931
4/1/70	0.592555848032696	1.36978976867722
7/1/70	0.587224928434693	1.26082597258793
10/1/70	0.563358981600488	0.882084166831329
1/1/71	0.573379586652018	-0.31462401658892
4/1/71	0.554250348480268	0.220610342836896
7/1/71	0.542868215390402	0.71616941913856
10/1/71	0.527350884057558	0.169755477317109
1/1/72	0.530806225579969	-1.0637208824992
4/1/72	0.535074545412487	-0.326422098924436
7/1/72	0.520469441430505	0.122185374253818
10/1/72	0.516900993980572	0.581821433087005
1/1/73	0.529287926533139	0.97269037340303
4/1/73	0.539419136667759	1.21757108333483
7/1/73	0.538922828484776	1.50930117659073
10/1/73	0.555104217041137	1.26698595639722
1/1/74	0.547297078127523	1.28627026927438
4/1/74	0.561412939643303	1.45227747898266
7/1/74	0.569645151792721	1.48888032364161
10/1/74	0.57946495082083	1.28314693432915
1/1/75	0.570805822379461	0.785603721190819
4/1/75	0.557348041432675	0.646293325523596
7/1/75	0.555640135256156	1.0430168472849
10/1/75	0.561680738990753	0.737799959813256
1/1/76	0.563065993034591	0.297029244179602
4/1/76	0.551113054007618	0.417110409345876
7/1/76	0.542817142575093	0.399140254533122
10/1/76	0.532224454465459	-0.169555040265632
1/1/77	0.526347462289539	-0.109928391463832
4/1/77	0.533152429608678	0.0351564572083988
7/1/77	0.5401145331285	0.481481996819683
10/1/77	0.541279321277903	0.804033275999306
1/1/78	0.541026395622952	0.950023313840795
4/1/78	0.578809900798438	0.963320787205769
7/1/78	0.586640530106454	1.12961507405356
10/1/78	0.602269241617474	1.35448786655862
1/1/79	0.607438552006582	1.51532912429865
4/1/79	0.609082976654752	1.49433239120201
7/1/79	0.614012416218941	1.53060501149968
10/1/79	0.621566340658245	1.79239664073808
1/1/80	0.628025024452155	1.93885754271451
4/1/80	0.614467024294946	1.21555010053457
7/1/80	0.605935476998878	1.33448242651867
10/1/80	0.630550564243991	1.9212649504662
1/1/81	0.658731579018734	1.95637127571974
4/1/81	0.643292088996936	2.0045283130291
7/1/81	0.654966094404529	1.9601019041877
10/1/81	0.636304184015635	1.4600846529272
1/1/82	0.610950796590302	1.67579107058718
4/1/82	0.607211612667036	1.61815915783996
7/1/82	0.601356523661584	0.865918210837211
10/1/82	0.591143130772444	0.8056609310677
1/1/83	0.558570332552321	0.985625072118027
4/1/83	0.562487923251576	0.96925020356598
7/1/83	0.57661276304478	1.10738699829311
10/1/83	0.586347965608116	0.968715082122584
1/1/84	0.595281264402892	1.07387756785247
4/1/84	0.599768927789908	1.18958848289767
7/1/84	0.604496103834408	1.20516416208126
10/1/84	0.597220747870022	0.826278001188281
1/1/85	0.588915127402494	0.797260439121662
4/1/85	0.586654606298314	0.549362806513879
7/1/85	0.586851125989485	0.541978154535485
10/1/85	0.58542436123593	0.537005543559041
1/1/86	0.584798838710965	0.359960458233064
4/1/86	0.567240696347463	0.119754473819863
7/1/86	0.55653169029542	-0.0741320103293689
10/1/86	0.54525775092241	-0.0361136257999744
1/1/87	0.543827514984821	0.196137225862088
4/1/87	0.55307610295567	0.263016735173638
7/1/87	0.563107117274033	0.424755347365613
10/1/87	0.576396372607992	0.141936206748772
1/1/88	0.572435066218695	0.018982486799438
4/1/88	0.576023095395525	0.418517225971987
7/1/88	0.584290321447602	0.74352038171176
10/1/88	0.596706819516895	0.937099380726628
1/1/89	0.61214437920948	1.11775324357325
4/1/89	0.623416453285155	0.938367310928139
7/1/89	0.619053473700724	0.784532216980728
10/1/89	0.608781430874058	0.752469811673402
1/1/90	0.616394065855394	0.886270293925199
4/1/90	0.622268110466994	0.87398836399133
7/1/90	0.620616034186185	0.782583563353926
10/1/90	0.612199795776102	0.582240078335001
1/1/91	0.605382632017153	0.219531261693141
4/1/91	0.608687014268613	0.113477592453015
7/1/91	0.617042686857333	0.151908844682846
10/1/91	0.62370046687997	-0.278011022126107
1/1/92	0.631264565620361	-0.240272538772594
4/1/92	0.647973446527662	-0.21807308550026
7/1/92	0.661346723836929	-0.546117167244177
10/1/92	0.67108067231207	-0.27992298017427
1/1/93	0.681552362215748	-0.276334106009441
4/1/93	0.68919122005575	-0.132737458701963
7/1/93	0.695363700408447	-0.00360424595093055
10/1/93	0.707895199210516	0.114211437428964
1/1/94	0.719657147561574	0.274060057027008
4/1/94	0.735652288790233	0.677601020846234
7/1/94	0.746329266955235	0.839573307908059
10/1/94	0.763380493419114	1.06500633227839
1/1/95	0.771290816882019	1.12883078453175
4/1/95	0.769917220813769	1.03325406306592
7/1/95	0.765763742263857	0.954710984306465
10/1/95	0.768110136884301	0.909707519667157
1/1/96	0.76783780684829	0.815480272634748
4/1/96	0.77709194262361	0.875555813645098
7/1/96	0.779728172213939	0.883274146935296
10/1/96	0.783754970283393	0.817857681155662
1/1/97	0.785040623978512	0.865104939273314
4/1/97	0.791575081660263	0.825550404754836
7/1/97	0.792070600635609	0.834924137413832
10/1/97	0.787781514302601	0.83627659898851
1/1/98	0.780978422450642	0.847714670296078
4/1/98	0.774350794196966	0.815597575855946
7/1/98	0.774458866644719	0.74031813835945
10/1/98	0.768350633470435	0.485305838429563
1/1/99	0.764255392596025	0.669775947524908
4/1/99	0.761549118881166	0.710336573408623
7/1/99	0.763015183074606	0.769976878732235
10/1/99	0.771481961265541	0.879746723241856
1/1/00	0.766165598454976	1.02372979511009
4/1/00	0.773927573041163	1.03599254781078
7/1/00	0.76996040666267	1.08710019441503
10/1/00	0.765956108048368	1.07068403986032
1/1/01	0.743389509054396	0.666770522506306
4/1/01	0.730983652924026	0.224070982758826
7/1/01	0.709187822941242	0.103655989967929
10/1/01	0.692191270708888	-0.770646206165282
1/1/02	0.687419154384827	-0.521738297877764
4/1/02	0.688901375725893	-0.465545263286057
7/1/02	0.679645577464684	-0.52380067422231
10/1/02	0.664958810196987	-1.01123869502297
1/1/03	0.660215031185279	-0.649717159266546
4/1/03	0.652810638385217	-1.09853768454536
7/1/03	0.654833621762141	-1.06968434670047
10/1/03	0.672033032527059	-1.14632506546712
1/1/04	0.678613821715401	-1.13106533927809
4/1/04	0.673450033060547	-0.755254486887957
7/1/04	0.677476846777496	-0.209302611021654
10/1/04	0.679553335684542	0.190008939396723
1/1/05	0.693621252165498	0.451276681743376
4/1/05	0.699142898696065	0.543366480075566
7/1/05	0.703101447853184	0.725352479622004
10/1/05	0.702361637428157	0.863793241646889
1/1/06	0.709075034017804	1.01959297120437
4/1/06	0.709815154582736	1.04843390872773
7/1/06	0.704061874331213	1.051874955013
10/1/06	0.697672616785025	1.00963623888955

Return to Figure 6

Figure 7 Data: M2 Velocity and Opportunity Cost(Taylog25) 1960:Q1 to 2006:Q4

quarter	logv2	taylog25
1/1/60	0.598430078577075	0.974490359559277
4/1/60	0.589076613660054	0.504633987524299
7/1/60	0.577476489400487	0.00183384172452031
10/1/60	0.55398828583221	-0.0774369169728643
1/1/61	0.545852350118795	-0.056930750997552
4/1/61	0.548358979258882	-0.160458053599455
7/1/61	0.550827079518814	-0.249763779704906
10/1/61	0.55669620064094	-0.156973266998067
1/1/62	0.559204929479758	-0.195086842264998
4/1/62	0.550718635910455	-0.372073609306522
7/1/62	0.546735960123334	-0.246898706985686
10/1/62	0.532752401119482	-0.299158954059279
1/1/63	0.526175373915734	-0.179092295074375
4/1/63	0.519255476176902	-0.192011848374992
7/1/63	0.519666165882925	0.113304279088101
10/1/63	0.515618581965785	0.281830261442463
1/1/64	0.523718063442081	0.307182778344401
4/1/64	0.520957370174511	0.235521309155027
7/1/64	0.516160220178997	0.2393247569095
10/1/64	0.503919795211784	0.366412263909086
1/1/65	0.513523899972299	0.472155339475071
4/1/65	0.515063186238923	0.429154395152774
7/1/65	0.519919590847129	0.409820036405005
10/1/65	0.52833516126849	0.566717767627778
1/1/66	0.540075148639222	0.783409612325275
4/1/66	0.54043025342371	0.74990491634975
7/1/66	0.551290695823645	0.943628788079211
10/1/66	0.55823288645522	1.02068747121278
1/1/67	0.55546516389311	0.705700871342239
4/1/67	0.537699797213735	0.0741322957423773
7/1/67	0.529024133096072	0.556528511346228
10/1/67	0.527094763349322	0.799520299936125
1/1/68	0.541199791836193	0.935878721416749
4/1/68	0.5520545292781	1.10285734374809
7/1/68	0.549883081092351	0.975042769234154
10/1/68	0.545411321306802	1.11799425890171
1/1/69	0.554289949340414	1.28931313477647
4/1/69	0.561389642058242	1.30959658762831
7/1/69	0.575326822032878	1.52090170454807
10/1/69	0.575096814158171	1.59977973768712
1/1/70	0.583631017889032	1.5247345767931
4/1/70	0.592555848032696	1.36978976867722
7/1/70	0.587224928434693	1.26082597258793
10/1/70	0.563358981600488	0.882084166831329
1/1/71	0.573379586652018	-0.31462401658892
4/1/71	0.554250348480268	0.220610342836896
7/1/71	0.542868215390402	0.71616941913856
10/1/71	0.527350884057558	0.169755477317109
1/1/72	0.530806225579969	-1.0637208824992
4/1/72	0.535074545412487	-0.326422098924436
7/1/72	0.520469441430505	0.122185374253818
10/1/72	0.516900993980572	0.581821433087005
1/1/73	0.529287926533139	0.97269037340303
4/1/73	0.539419136667759	1.21757108333483
7/1/73	0.538922828484776	1.50930117659073
10/1/73	0.555104217041137	1.26698595639722
1/1/74	0.547297078127523	1.28627026927438
4/1/74	0.561412939643303	1.45227747898266
7/1/74	0.569645151792721	1.48888032364161
10/1/74	0.57946495082083	1.28314693432915
1/1/75	0.570805822379461	0.785603721190819
4/1/75	0.557348041432675	0.646293325523596
7/1/75	0.555640135256156	1.0430168472849
10/1/75	0.561680738990753	0.737799959813256
1/1/76	0.563065993034591	0.297029244179602
4/1/76	0.551113054007618	0.417110409345876
7/1/76	0.542817142575093	0.399140254533122
10/1/76	0.532224454465459	-0.169555040265632
1/1/77	0.526347462289539	-0.109928391463832
4/1/77	0.533152429608678	0.0351564572083988
7/1/77	0.5401145331285	0.481481996819683
10/1/77	0.541279321277903	0.804033275999306
1/1/78	0.541026395622952	0.950023313840795
4/1/78	0.578809900798438	0.963320787205769
7/1/78	0.586640530106454	1.12961507405356
10/1/78	0.602269241617474	1.35448786655862
1/1/79	0.607438552006582	1.51532912429865
4/1/79	0.609082976654752	1.49433239120201
7/1/79	0.614012416218941	1.53060501149968
10/1/79	0.621566340658245	1.79239664073808
1/1/80	0.628025024452155	1.93885754271451
4/1/80	0.614467024294946	1.21555010053457
7/1/80	0.605935476998878	1.33448242651867
10/1/80	0.630550564243991	1.9212649504662
1/1/81	0.658731579018734	1.95637127571974
4/1/81	0.643292088996936	2.0045283130291
7/1/81	0.654966094404529	1.9601019041877
10/1/81	0.636304184015635	1.4600846529272
1/1/82	0.610950796590302	1.67579107058718
4/1/82	0.607211612667036	1.61815915783996
7/1/82	0.601356523661584	0.865918210837211
10/1/82	0.591143130772444	0.8056609310677
1/1/83	0.558570332552321	0.985625072118027
4/1/83	0.562487923251576	0.96925020356598
7/1/83	0.57661276304478	1.10738699829311
10/1/83	0.586347965608116	0.968715082122584
1/1/84	0.595281264402892	1.07387756785247
4/1/84	0.599768927789908	1.18958848289767
7/1/84	0.604496103834408	1.20516416208126
10/1/84	0.597220747870022	0.826278001188281
1/1/85	0.588915127402494	0.797260439121662
4/1/85	0.586654606298314	0.549362806513879
7/1/85	0.586851125989485	0.541978154535485
10/1/85	0.58542436123593	0.537005543559041
1/1/86	0.584798838710965	0.359960458233064
4/1/86	0.567240696347463	0.119754473819863
7/1/86	0.55653169029542	-0.0741320103293689
10/1/86	0.54525775092241	-0.0361136257999744
1/1/87	0.543827514984821	0.196137225862088
4/1/87	0.55307610295567	0.263016735173638
7/1/87	0.563107117274033	0.424755347365613
10/1/87	0.576396372607992	0.141936206748772
1/1/88	0.572435066218695	0.018982486799438
4/1/88	0.576023095395525	0.418517225971987
7/1/88	0.584290321447602	0.74352038171176
10/1/88	0.596706819516895	0.937099380726628
1/1/89	0.61214437920948	1.11775324357325
4/1/89	0.623416453285155	0.938367310928139
7/1/89	0.619053473700724	0.784532216980728
10/1/89	0.608781430874058	0.752469811673402
1/1/90	0.616394065855394	0.886270293925199
4/1/90	0.622268110466994	0.87398836399133
7/1/90	0.620616034186185	0.782583563353926
10/1/90	0.612199795776102	0.582240078335001
1/1/91	0.605382632017153	0.219531261693141
4/1/91	0.608687014268613	0.113477592453015
7/1/91	0.617042686857333	0.151908844682846
10/1/91	0.62370046687997	-0.278011022126107
1/1/92	0.631264565620361	-0.240272538772594
4/1/92	0.647973446527662	-0.21807308550026
7/1/92	0.661346723836929	-0.546117167244177
10/1/92	0.67108067231207	-0.27992298017427
1/1/93	0.681552362215748	-0.276334106009441
4/1/93	0.68919122005575	-0.132737458701963
7/1/93	0.695363700408447	-0.00360424595093055
10/1/93	0.707895199210516	0.114211437428964
1/1/94	0.719657147561574	0.274060057027008
4/1/94	0.735652288790233	0.677601020846234
7/1/94	0.746329266955235	0.839573307908059
10/1/94	0.763380493419114	1.06500633227839
1/1/95	0.771290816882019	1.12883078453175
4/1/95	0.769917220813769	1.03325406306592
7/1/95	0.765763742263857	0.954710984306465
10/1/95	0.768110136884301	0.909707519667157
1/1/96	0.76783780684829	0.815480272634748
4/1/96	0.77709194262361	0.875555813645098
7/1/96	0.779728172213939	0.883274146935296
10/1/96	0.783754970283393	0.817857681155662
1/1/97	0.785040623978512	0.865104939273314
4/1/97	0.791575081660263	0.825550404754836
7/1/97	0.792070600635609	0.834924137413832
10/1/97	0.787781514302601	0.83627659898851
1/1/98	0.780978422450642	0.847714670296078
4/1/98	0.774350794196966	0.815597575855946
7/1/98	0.774458866644719	0.74031813835945
10/1/98	0.768350633470435	0.485305838429563
1/1/99	0.764255392596025	0.669775947524908
4/1/99	0.761549118881166	0.710336573408623
7/1/99	0.763015183074606	0.769976878732235
10/1/99	0.771481961265541	0.879746723241856
1/1/00	0.766165598454976	1.02372979511009
4/1/00	0.773927573041163	1.03599254781078
7/1/00	0.76996040666267	1.08710019441503
10/1/00	0.765956108048368	1.07068403986032
1/1/01	0.743389509054396	0.666770522506306
4/1/01	0.730983652924026	0.224070982758826
7/1/01	0.709187822941242	0.103655989967929
10/1/01	0.692191270708888	-0.770646206165282
1/1/02	0.687419154384827	-0.521738297877764
4/1/02	0.688901375725893	-0.465545263286057
7/1/02	0.679645577464684	-0.52380067422231
10/1/02	0.664958810196987	-1.01123869502297
1/1/03	0.660215031185279	-0.649717159266546
4/1/03	0.652810638385217	-1.09853768454536
7/1/03	0.654833621762141	-1.06968434670047
10/1/03	0.672033032527059	-1.14632506546712
1/1/04	0.678613821715401	-1.13106533927809
4/1/04	0.673450033060547	-0.755254486887957
7/1/04	0.677476846777496	-0.209302611021654
10/1/04	0.679553335684542	0.190008939396723
1/1/05	0.693621252165498	0.451276681743376
4/1/05	0.699142898696065	0.543366480075566
7/1/05	0.703101447853184	0.725352479622004
10/1/05	0.702361637428157	0.863793241646889
1/1/06	0.709075034017804	1.01959297120437
4/1/06	0.709815154582736	1.04843390872773
7/1/06	0.704061874331213	1.051874955013
10/1/06	0.697672616785025	1.00963623888955

Return to Figure 7

Figure 8 Data: M2 Velocity and Opportunity Cost (Taylog50) 1960:Q1 to 2013:Q1

quarter	logv2	taylog50
1/1/60	0.598430078577075	0.974490359559277
4/1/60	0.589076613660054	0.504633987524299
7/1/60	0.577476489400487	0.00183384172452031
10/1/60	0.55398828583221	-0.0774369169728643
1/1/61	0.545852350118795	-0.056930750997552
4/1/61	0.548358979258882	-0.160458053599455
7/1/61	0.550827079518814	-0.249763779704906
10/1/61	0.55669620064094	-0.156973266998067
1/1/62	0.559204929479758	-0.195086842264998
4/1/62	0.550718635910455	-0.372073609306522
7/1/62	0.546735960123334	-0.246898706985686
10/1/62	0.532752401119482	-0.299158954059279
1/1/63	0.526175373915734	-0.179092295074375
4/1/63	0.519255476176902	-0.192011848374992
7/1/63	0.519666165882925	0.113304279088101
10/1/63	0.515618581965785	0.281830261442463
1/1/64	0.523718063442081	0.307182778344401
4/1/64	0.520957370174511	0.235521309155027
7/1/64	0.516160220178997	0.2393247569095
10/1/64	0.503919795211784	0.366412263909086
1/1/65	0.513523899972299	0.472155339475071
4/1/65	0.515063186238923	0.429154395152774
7/1/65	0.519919590847129	0.409820036405005
10/1/65	0.52833516126849	0.566717767627778
1/1/66	0.540075148639222	0.783409612325275
4/1/66	0.54043025342371	0.74990491634975
7/1/66	0.551290695823645	0.943628788079211
10/1/66	0.55823288645522	1.02068747121278
1/1/67	0.55546516389311	0.705700871342239
4/1/67	0.537699797213735	0.0741322957423773
7/1/67	0.529024133096072	0.556528511346228
10/1/67	0.527094763349322	0.799520299936125
1/1/68	0.541199791836193	0.935878721416749
4/1/68	0.5520545292781	1.10285734374809
7/1/68	0.549883081092351	0.975042769234154
10/1/68	0.545411321306802	1.11799425890171
1/1/69	0.554289949340414	1.28931313477647
4/1/69	0.561389642058242	1.30959658762831
7/1/69	0.575326822032878	1.52090170454807
10/1/69	0.575096814158171	1.59977973768712
1/1/70	0.583631017889032	1.5247345767931
4/1/70	0.592555848032696	1.36978976867722
7/1/70	0.587224928434693	1.26082597258793
10/1/70	0.563358981600488	0.882084166831329
1/1/71	0.573379586652018	-0.294667697561831
4/1/71	0.554250348480268	0.220610342836896
7/1/71	0.542868215390402	0.71616941913856
10/1/71	0.527350884057558	0.169755477317109
1/1/72	0.530806225579969	-0.919868478332071
4/1/72	0.535074545412487	-0.326422098924436
7/1/72	0.520469441430505	0.122185374253818
10/1/72	0.516900993980572	0.581821433087005
1/1/73	0.529287926533139	0.97269037340303
4/1/73	0.539419136667759	1.21757108333483
7/1/73	0.538922828484776	1.50930117659073
10/1/73	0.555104217041137	1.26698595639722
1/1/74	0.547297078127523	1.28627026927438
4/1/74	0.561412939643303	1.45227747898266
7/1/74	0.569645151792721	1.48888032364161
10/1/74	0.57946495082083	1.28314693432915
1/1/75	0.570805822379461	0.785603721190819
4/1/75	0.557348041432675	0.646293325523596
7/1/75	0.555640135256156	1.0430168472849
10/1/75	0.561680738990753	0.737799959813256
1/1/76	0.563065993034591	0.297029244179602
4/1/76	0.551113054007618	0.417110409345876
7/1/76	0.542817142575093	0.399140254533122
10/1/76	0.532224454465459	-0.169555040265632
1/1/77	0.526347462289539	-0.109928391463832
4/1/77	0.533152429608678	0.0351564572083988
7/1/77	0.5401145331285	0.481481996819683
10/1/77	0.541279321277903	0.804033275999306
1/1/78	0.541026395622952	0.950023313840795
4/1/78	0.578809900798438	0.963320787205769
7/1/78	0.586640530106454	1.12961507405356
10/1/78	0.602269241617474	1.35448786655862
1/1/79	0.607438552006582	1.51532912429865
4/1/79	0.609082976654752	1.49433239120201
7/1/79	0.614012416218941	1.53060501149968
10/1/79	0.621566340658245	1.79239664073808
1/1/80	0.628025024452155	1.93885754271451
4/1/80	0.614467024294946	1.21555010053457
7/1/80	0.605935476998878	1.33448242651867
10/1/80	0.630550564243991	1.9212649504662
1/1/81	0.658731579018734	1.95637127571974
4/1/81	0.643292088996936	2.0045283130291
7/1/81	0.654966094404529	1.9601019041877
10/1/81	0.636304184015635	1.4600846529272
1/1/82	0.610950796590302	1.67579107058718
4/1/82	0.607211612667036	1.61815915783996
7/1/82	0.601356523661584	0.865918210837211
10/1/82	0.591143130772444	0.8056609310677
1/1/83	0.558570332552321	0.985625072118027
4/1/83	0.562487923251576	0.96925020356598
7/1/83	0.57661276304478	1.10738699829311
10/1/83	0.586347965608116	0.968715082122584
1/1/84	0.595281264402892	1.07387756785247
4/1/84	0.599768927789908	1.18958848289767
7/1/84	0.604496103834408	1.20516416208126
10/1/84	0.597220747870022	0.826278001188281
1/1/85	0.588915127402494	0.797260439121662
4/1/85	0.586654606298314	0.549362806513879
7/1/85	0.586851125989485	0.541978154535485
10/1/85	0.58542436123593	0.537005543559041
1/1/86	0.584798838710965	0.359960458233064
4/1/86	0.567240696347463	0.119754473819863
7/1/86	0.55653169029542	-0.0741320103293689
10/1/86	0.54525775092241	-0.0361136257999744
1/1/87	0.543827514984821	0.196137225862088
4/1/87	0.55307610295567	0.263016735173638
7/1/87	0.563107117274033	0.424755347365613
10/1/87	0.576396372607992	0.141936206748772
1/1/88	0.572435066218695	0.018982486799438
4/1/88	0.576023095395525	0.418517225971987
7/1/88	0.584290321447602	0.74352038171176
10/1/88	0.596706819516895	0.937099380726628
1/1/89	0.61214437920948	1.11775324357325
4/1/89	0.623416453285155	0.938367310928139
7/1/89	0.619053473700724	0.784532216980728
10/1/89	0.608781430874058	0.752469811673402
1/1/90	0.616394065855394	0.886270293925199
4/1/90	0.622268110466994	0.87398836399133
7/1/90	0.620616034186185	0.782583563353926
10/1/90	0.612199795776102	0.582240078335001
1/1/91	0.605382632017153	0.219531261693141
4/1/91	0.608687014268613	0.113477592453015
7/1/91	0.617042686857333	0.151908844682846
10/1/91	0.62370046687997	-0.278011022126107
1/1/92	0.631264565620361	-0.240272538772594
4/1/92	0.647973446527662	-0.21807308550026
7/1/92	0.661346723836929	-0.546117167244177
10/1/92	0.67108067231207	-0.27992298017427
1/1/93	0.681552362215748	-0.276334106009441
4/1/93	0.68919122005575	-0.132737458701963
7/1/93	0.695363700408447	-0.00360424595093055
10/1/93	0.707895199210516	0.114211437428964
1/1/94	0.719657147561574	0.274060057027008
4/1/94	0.735652288790233	0.677601020846234
7/1/94	0.746329266955235	0.839573307908059
10/1/94	0.763380493419114	1.06500633227839
1/1/95	0.771290816882019	1.12883078453175
4/1/95	0.769917220813769	1.03325406306592
7/1/95	0.765763742263857	0.954710984306465
10/1/95	0.768110136884301	0.909707519667157
1/1/96	0.76783780684829	0.815480272634748
4/1/96	0.77709194262361	0.875555813645098
7/1/96	0.779728172213939	0.883274146935296
10/1/96	0.783754970283393	0.817857681155662
1/1/97	0.785040623978512	0.865104939273314
4/1/97	0.791575081660263	0.825550404754836
7/1/97	0.792070600635609	0.834924137413832
10/1/97	0.787781514302601	0.83627659898851
1/1/98	0.780978422450642	0.847714670296078
4/1/98	0.774350794196966	0.815597575855946
7/1/98	0.774458866644719	0.74031813835945
10/1/98	0.768350633470435	0.485305838429563
1/1/99	0.764255392596025	0.669775947524908
4/1/99	0.761549118881166	0.710336573408623
7/1/99	0.763015183074606	0.769976878732235
10/1/99	0.771481961265541	0.879746723241856
1/1/00	0.766165598454976	1.02372979511009
4/1/00	0.773927573041163	1.03599254781078
7/1/00	0.76996040666267	1.08710019441503
10/1/00	0.765956108048368	1.07068403986032
1/1/01	0.743389509054396	0.666770522506306
4/1/01	0.730983652924026	0.224070982758826
7/1/01	0.709187822941242	0.103655989967929
10/1/01	0.692191270708888	-0.761336912261814
1/1/02	0.687419154384827	-0.521674742152712
4/1/02	0.688901375725893	-0.465545263286057
7/1/02	0.679645577464684	-0.52380067422231
10/1/02	0.664958810196987	-0.939109877841839
1/1/03	0.660215031185279	-0.641045115375949
4/1/03	0.652810638385217	-1.01299188722661
7/1/03	0.654833621762141	-1.00443363389328
10/1/03	0.672033032527059	-1.05717141389328
1/1/04	0.678613821715401	-1.04237026055995
4/1/04	0.673450033060547	-0.735537779106751
7/1/04	0.677476846777496	-0.209302611021654
10/1/04	0.679553335684542	0.190008939396723
1/1/05	0.693621252165498	0.451276681743376
4/1/05	0.699142898696065	0.543366480075566
7/1/05	0.703101447853184	0.725352479622004
10/1/05	0.702361637428157	0.863793241646889
1/1/06	0.709075034017804	1.01959297120437
4/1/06	0.709815154582736	1.04843390872773
7/1/06	0.704061874331213	1.051874955013
10/1/06	0.697672616785025	1.00963623888955
1/1/07	0.695033826904048	1.02965674769176
4/1/07	0.691761517967187	0.904142420689464
7/1/07	0.687355573024232	0.659561673547538
10/1/07	0.682856373209301	0.0800272860371039
1/1/08	0.663201449682062	-1.26324248993656
4/1/08	0.656326094765437	-0.910869946560461
7/1/08	0.646720924239559	-1.13093949432397
10/1/08	0.593059943271132	-3.30430172055995
1/1/09	0.550660101546765	-2.46814754055995
4/1/09	0.537174763840389	-2.32630631389328
7/1/09	0.537565256358347	-2.22448059389328
10/1/09	0.542308313787927	-2.35518300722661
1/1/10	0.55065821765701	-2.15728430055995
4/1/10	0.555130007498781	-2.01214082722661
7/1/10	0.55676716701341	-1.98440342722661
10/1/10	0.554387559529776	-1.97442490055995
1/1/11	0.543299217085186	-1.93771926722661
4/1/11	0.539956340322195	-2.08016186055995
7/1/11	0.504433732560304	-2.10416209389328
10/1/11	0.499635512059476	-2.06199234722661
1/1/12	0.497997018619341	-1.82901143389328
4/1/12	0.492627848182858	-1.78487169389328
7/1/12	0.482590800499574	-1.76821340055995
10/1/12	0.463823940667672	-1.78694936055995
1/1/13	0.457850853094533	-1.76459006722661

Return to Figure 8

Figure 9 Data: M2 Velocity and Opportunity Cost (Taylog50) 1960:Q1 to 2013:Q1

quarter	logv2	taylog50
1/1/60	0.598430078577075	0.974490359559277
4/1/60	0.589076613660054	0.504633987524299
7/1/60	0.577476489400487	0.00183384172452031
10/1/60	0.55398828583221	-0.0774369169728643
1/1/61	0.545852350118795	-0.056930750997552
4/1/61	0.548358979258882	-0.160458053599455
7/1/61	0.550827079518814	-0.249763779704906
10/1/61	0.55669620064094	-0.156973266998067
1/1/62	0.559204929479758	-0.195086842264998
4/1/62	0.550718635910455	-0.372073609306522
7/1/62	0.546735960123334	-0.246898706985686
10/1/62	0.532752401119482	-0.299158954059279
1/1/63	0.526175373915734	-0.179092295074375
4/1/63	0.519255476176902	-0.192011848374992
7/1/63	0.519666165882925	0.113304279088101
10/1/63	0.515618581965785	0.281830261442463
1/1/64	0.523718063442081	0.307182778344401
4/1/64	0.520957370174511	0.235521309155027
7/1/64	0.516160220178997	0.2393247569095
10/1/64	0.503919795211784	0.366412263909086
1/1/65	0.513523899972299	0.472155339475071
4/1/65	0.515063186238923	0.429154395152774
7/1/65	0.519919590847129	0.409820036405005
10/1/65	0.52833516126849	0.566717767627778
1/1/66	0.540075148639222	0.783409612325275
4/1/66	0.54043025342371	0.74990491634975
7/1/66	0.551290695823645	0.943628788079211
10/1/66	0.55823288645522	1.02068747121278
1/1/67	0.55546516389311	0.705700871342239
4/1/67	0.537699797213735	0.0741322957423773
7/1/67	0.529024133096072	0.556528511346228
10/1/67	0.527094763349322	0.799520299936125
1/1/68	0.541199791836193	0.935878721416749
4/1/68	0.5520545292781	1.10285734374809
7/1/68	0.549883081092351	0.975042769234154
10/1/68	0.545411321306802	1.11799425890171
1/1/69	0.554289949340414	1.28931313477647
4/1/69	0.561389642058242	1.30959658762831
7/1/69	0.575326822032878	1.52090170454807
10/1/69	0.575096814158171	1.59977973768712
1/1/70	0.583631017889032	1.5247345767931
4/1/70	0.592555848032696	1.36978976867722
7/1/70	0.587224928434693	1.26082597258793
10/1/70	0.563358981600488	0.882084166831329
1/1/71	0.573379586652018	-0.294667697561831
4/1/71	0.554250348480268	0.220610342836896
7/1/71	0.542868215390402	0.71616941913856
10/1/71	0.527350884057558	0.169755477317109
1/1/72	0.530806225579969	-0.919868478332071
4/1/72	0.535074545412487	-0.326422098924436
7/1/72	0.520469441430505	0.122185374253818
10/1/72	0.516900993980572	0.581821433087005
1/1/73	0.529287926533139	0.97269037340303
4/1/73	0.539419136667759	1.21757108333483
7/1/73	0.538922828484776	1.50930117659073
10/1/73	0.555104217041137	1.26698595639722
1/1/74	0.547297078127523	1.28627026927438
4/1/74	0.561412939643303	1.45227747898266
7/1/74	0.569645151792721	1.48888032364161
10/1/74	0.57946495082083	1.28314693432915
1/1/75	0.570805822379461	0.785603721190819
4/1/75	0.557348041432675	0.646293325523596
7/1/75	0.555640135256156	1.0430168472849
10/1/75	0.561680738990753	0.737799959813256
1/1/76	0.563065993034591	0.297029244179602
4/1/76	0.551113054007618	0.417110409345876
7/1/76	0.542817142575093	0.399140254533122
10/1/76	0.532224454465459	-0.169555040265632
1/1/77	0.526347462289539	-0.109928391463832
4/1/77	0.533152429608678	0.0351564572083988
7/1/77	0.5401145331285	0.481481996819683
10/1/77	0.541279321277903	0.804033275999306
1/1/78	0.541026395622952	0.950023313840795
4/1/78	0.578809900798438	0.963320787205769
7/1/78	0.586640530106454	1.12961507405356
10/1/78	0.602269241617474	1.35448786655862
1/1/79	0.607438552006582	1.51532912429865
4/1/79	0.609082976654752	1.49433239120201
7/1/79	0.614012416218941	1.53060501149968
10/1/79	0.621566340658245	1.79239664073808
1/1/80	0.628025024452155	1.93885754271451
4/1/80	0.614467024294946	1.21555010053457
7/1/80	0.605935476998878	1.33448242651867
10/1/80	0.630550564243991	1.9212649504662
1/1/81	0.658731579018734	1.95637127571974
4/1/81	0.643292088996936	2.0045283130291
7/1/81	0.654966094404529	1.9601019041877
10/1/81	0.636304184015635	1.4600846529272
1/1/82	0.610950796590302	1.67579107058718
4/1/82	0.607211612667036	1.61815915783996
7/1/82	0.601356523661584	0.865918210837211
10/1/82	0.591143130772444	0.8056609310677
1/1/83	0.558570332552321	0.985625072118027
4/1/83	0.562487923251576	0.96925020356598
7/1/83	0.57661276304478	1.10738699829311
10/1/83	0.586347965608116	0.968715082122584
1/1/84	0.595281264402892	1.07387756785247
4/1/84	0.599768927789908	1.18958848289767
7/1/84	0.604496103834408	1.20516416208126
10/1/84	0.597220747870022	0.826278001188281
1/1/85	0.588915127402494	0.797260439121662
4/1/85	0.586654606298314	0.549362806513879
7/1/85	0.586851125989485	0.541978154535485
10/1/85	0.58542436123593	0.537005543559041
1/1/86	0.584798838710965	0.359960458233064
4/1/86	0.567240696347463	0.119754473819863
7/1/86	0.55653169029542	-0.0741320103293689
10/1/86	0.54525775092241	-0.0361136257999744
1/1/87	0.543827514984821	0.196137225862088
4/1/87	0.55307610295567	0.263016735173638
7/1/87	0.563107117274033	0.424755347365613
10/1/87	0.576396372607992	0.141936206748772
1/1/88	0.572435066218695	0.018982486799438
4/1/88	0.576023095395525	0.418517225971987
7/1/88	0.584290321447602	0.74352038171176
10/1/88	0.596706819516895	0.937099380726628
1/1/89	0.61214437920948	1.11775324357325
4/1/89	0.623416453285155	0.938367310928139
7/1/89	0.619053473700724	0.784532216980728
10/1/89	0.608781430874058	0.752469811673402
1/1/90	0.616394065855394	0.886270293925199
4/1/90	0.622268110466994	0.87398836399133
7/1/90	0.620616034186185	0.782583563353926
10/1/90	0.612199795776102	0.582240078335001
1/1/91	0.605382632017153	0.219531261693141
4/1/91	0.608687014268613	0.113477592453015
7/1/91	0.617042686857333	0.151908844682846
10/1/91	0.62370046687997	-0.278011022126107
1/1/92	0.631264565620361	-0.240272538772594
4/1/92	0.647973446527662	-0.21807308550026
7/1/92	0.661346723836929	-0.546117167244177
10/1/92	0.67108067231207	-0.27992298017427
1/1/93	0.681552362215748	-0.276334106009441
4/1/93	0.68919122005575	-0.132737458701963
7/1/93	0.695363700408447	-0.00360424595093055
10/1/93	0.707895199210516	0.114211437428964
1/1/94	0.719657147561574	0.274060057027008
4/1/94	0.735652288790233	0.677601020846234
7/1/94	0.746329266955235	0.839573307908059
10/1/94	0.763380493419114	1.06500633227839
1/1/95	0.771290816882019	1.12883078453175
4/1/95	0.769917220813769	1.03325406306592
7/1/95	0.765763742263857	0.954710984306465
10/1/95	0.768110136884301	0.909707519667157
1/1/96	0.76783780684829	0.815480272634748
4/1/96	0.77709194262361	0.875555813645098
7/1/96	0.779728172213939	0.883274146935296
10/1/96	0.783754970283393	0.817857681155662
1/1/97	0.785040623978512	0.865104939273314
4/1/97	0.791575081660263	0.825550404754836
7/1/97	0.792070600635609	0.834924137413832
10/1/97	0.787781514302601	0.83627659898851
1/1/98	0.780978422450642	0.847714670296078
4/1/98	0.774350794196966	0.815597575855946
7/1/98	0.774458866644719	0.74031813835945
10/1/98	0.768350633470435	0.485305838429563
1/1/99	0.764255392596025	0.669775947524908
4/1/99	0.761549118881166	0.710336573408623
7/1/99	0.763015183074606	0.769976878732235
10/1/99	0.771481961265541	0.879746723241856
1/1/00	0.766165598454976	1.02372979511009
4/1/00	0.773927573041163	1.03599254781078
7/1/00	0.76996040666267	1.08710019441503
10/1/00	0.765956108048368	1.07068403986032
1/1/01	0.743389509054396	0.666770522506306
4/1/01	0.730983652924026	0.224070982758826
7/1/01	0.709187822941242	0.103655989967929
10/1/01	0.692191270708888	-0.761336912261814
1/1/02	0.687419154384827	-0.521674742152712
4/1/02	0.688901375725893	-0.465545263286057
7/1/02	0.679645577464684	-0.52380067422231
10/1/02	0.664958810196987	-0.939109877841839
1/1/03	0.660215031185279	-0.641045115375949
4/1/03	0.652810638385217	-1.01299188722661
7/1/03	0.654833621762141	-1.00443363389328
10/1/03	0.672033032527059	-1.05717141389328
1/1/04	0.678613821715401	-1.04237026055995
4/1/04	0.673450033060547	-0.735537779106751
7/1/04	0.677476846777496	-0.209302611021654
10/1/04	0.679553335684542	0.190008939396723
1/1/05	0.693621252165498	0.451276681743376
4/1/05	0.699142898696065	0.543366480075566
7/1/05	0.703101447853184	0.725352479622004
10/1/05	0.702361637428157	0.863793241646889
1/1/06	0.709075034017804	1.01959297120437
4/1/06	0.709815154582736	1.04843390872773
7/1/06	0.704061874331213	1.051874955013
10/1/06	0.697672616785025	1.00963623888955
1/1/07	0.695033826904048	1.02965674769176
4/1/07	0.691761517967187	0.904142420689464
7/1/07	0.687355573024232	0.659561673547538
10/1/07	0.682856373209301	0.0800272860371039
1/1/08	0.663201449682062	-1.26324248993656
4/1/08	0.656326094765437	-0.910869946560461
7/1/08	0.646720924239559	-1.13093949432397
10/1/08	0.593059943271132	-3.30430172055995
1/1/09	0.550660101546765	-2.46814754055995
4/1/09	0.537174763840389	-2.32630631389328
7/1/09	0.537565256358347	-2.22448059389328
10/1/09	0.542308313787927	-2.35518300722661
1/1/10	0.55065821765701	-2.15728430055995
4/1/10	0.555130007498781	-2.01214082722661
7/1/10	0.55676716701341	-1.98440342722661
10/1/10	0.554387559529776	-1.97442490055995
1/1/11	0.543299217085186	-1.93771926722661
4/1/11	0.539956340322195	-2.08016186055995
7/1/11	0.504433732560304	-2.10416209389328
10/1/11	0.499635512059476	-2.06199234722661
1/1/12	0.497997018619341	-1.82901143389328
4/1/12	0.492627848182858	-1.78487169389328
7/1/12	0.482590800499574	-1.76821340055995
10/1/12	0.463823940667672	-1.78694936055995
1/1/13	0.457850853094533	-1.76459006722661

Return to Figure 9

Figure 10 Data: Static Model Coefficient Estimates Across Time Beginning at 1964:Q1

Quarter	Taylog25 Ceofficient Value	Constant Coefficient Value
10/1/83	0.043866753578186	0.523554742336273
1/1/84	0.0437109582126141	0.52417254447937
4/1/84	0.0435898900032043	0.524749517440796
7/1/84	0.0433593392372131	0.525545597076416
10/1/84	0.0423946380615234	0.527381062507629
1/1/85	0.0416310578584671	0.528881251811981
4/1/85	0.0404885150492191	0.530807673931122
7/1/85	0.0394022203981876	0.532619476318359
10/1/85	0.0385219156742096	0.534191787242889
1/1/86	0.0375732220709324	0.535859405994415
4/1/86	0.0366150662302971	0.537396669387817
7/1/86	0.0358644686639309	0.538628280162811
10/1/86	0.0356687679886818	0.539119899272919
1/1/87	0.0356624573469162	0.539207339286804
4/1/87	0.0354492776095867	0.539510607719421
7/1/87	0.034953884780407	0.540447890758514
10/1/87	0.0340433232486248	0.542176365852356
1/1/88	0.0332659557461739	0.543652296066284
4/1/88	0.0331877395510674	0.544305741786957
7/1/88	0.0331981182098389	0.544822692871094
10/1/88	0.0335080921649933	0.545265972614288
1/1/89	0.0341745167970657	0.545475482940674
4/1/89	0.0346681252121925	0.545978009700775
7/1/89	0.0350439622998238	0.546518683433533
10/1/89	0.0355964489281178	0.546838998794556
1/1/90	0.0360422097146511	0.547155439853668
4/1/90	0.0361627414822578	0.547648966312408
7/1/90	0.0361719541251659	0.548274874687195
10/1/90	0.035842701792717	0.549294292926788
1/1/91	0.0362242870032787	0.549135684967041
4/1/91	0.0347748585045338	0.551075756549835
7/1/91	0.0332459956407547	0.553514957427979
10/1/91	0.02964798361063	0.557866334915161
1/1/92	0.0268279779702425	0.56116658449173
4/1/92	0.0225339289754629	0.566125273704529
7/1/92	0.0162255130708218	0.573286712169647
10/1/92	0.01196906901896	0.578859686851501
1/1/93	0.00864091981202364	0.583611845970154
4/1/93	0.00631316052749753	0.587452411651611
7/1/93	0.0050694546662271	0.590477585792542
10/1/93	0.00342426565475762	0.593693852424622
1/1/94	0.00248492020182312	0.596583962440491
4/1/94	0.0031628932338208	0.598292946815491
7/1/94	0.00399793405085802	0.598115861415863
10/1/94	0.00450402917340398	0.598061203956604
1/1/95	0.00464116968214512	0.598363816738129
4/1/95	0.00455404724925756	0.599004864692688
7/1/95	0.00508210761472583	0.599273681640625
10/1/95	0.00511252088472247	0.599810898303986
1/1/96	0.00456680683419108	0.600723087787628
4/1/96	0.00402559293434024	0.601825535297394
7/1/96	0.00335199595429003	0.603163957595825
10/1/96	0.00112248456571251	0.605801820755005
1/1/97	-0.00128166261129081	0.608741283416748
4/1/97	-0.00328504387289286	0.611364483833313
7/1/97	-0.00402760785073042	0.612967908382416
10/1/97	-0.00394942471757531	0.613945722579956
1/1/98	-0.0034795452374965	0.614654958248138
4/1/98	-0.00323014473542571	0.614975094795227
7/1/98	-0.0028827867936343	0.615107774734497
10/1/98	-0.00257168151438236	0.615022778511047
1/1/99	-0.00238744402304292	0.614949941635132
4/1/99	-0.00225117430090904	0.614891409873962
7/1/99	-0.00230308924801648	0.614884078502655
10/1/99	-0.00279615772888064	0.615031957626343
1/1/00	-0.00387300760485232	0.615415036678314
4/1/00	-0.00395329762250185	0.615399718284607
7/1/00	-0.00384061387740076	0.615404546260834
10/1/00	-0.00533221382647753	0.615896344184875
1/1/01	-0.00889791082590818	0.616973459720612
4/1/01	-0.0109524689614773	0.617267966270447
7/1/01	-0.0132030742242932	0.617298662662506
10/1/01	-0.0066738766618073	0.613199889659882
1/1/02	-0.0010909583652392	0.610300302505493
4/1/02	0.00395654793828726	0.607990205287933
7/1/02	0.00894303247332573	0.605937600135803
10/1/02	0.0152335437014699	0.603604376316071
1/1/03	0.020800556987524	0.602517366409302
4/1/03	0.0263430923223495	0.601541876792908
7/1/03	0.0307976379990578	0.600987493991852
10/1/03	0.0330381579697132	0.601164698600769
1/1/04	0.0346955619752407	0.601548790931702
4/1/04	0.0368931964039803	0.601841449737549
7/1/04	0.0388281792402267	0.602265477180481
10/1/04	0.0397081337869167	0.602959275245667
1/1/05	0.040271207690239	0.604020416736603
4/1/05	0.040305282920599	0.605107069015503
7/1/05	0.0400558263063431	0.606326520442963
10/1/05	0.0395490825176239	0.607720077037811
1/1/06	0.0385980755090714	0.609118342399597
4/1/06	0.0373253226280212	0.610942423343658
7/1/06	0.0356421731412411	0.613118827342987
10/1/06	0.0338943041861057	0.615887880325317
1/1/07	0.0325478091835976	0.619031012058258
4/1/07	0.0316482223570347	0.621980786323547
7/1/07	0.0315654240548611	0.624685406684875
10/1/07	0.0316732488572598	0.626680076122284
1/1/08	0.0311038419604301	0.629065096378326
4/1/08	0.0321682393550873	0.631463944911957
7/1/08	0.0338028706610203	0.634040951728821
10/1/08	0.0291999168694019	0.638494610786438
1/1/09	0.0319724604487419	0.640620231628418
4/1/09	0.0344246476888657	0.642460882663727
7/1/09	0.0363570712506771	0.644763112068176
10/1/09	0.0376286581158638	0.64809113740921
1/1/10	0.0388152450323105	0.651790738105774
4/1/10	0.0399093776941299	0.655691862106323
7/1/10	0.040867056697607	0.660102307796478
10/1/10	0.0417243763804436	0.665249526500702
1/1/11	0.0425486825406551	0.670600056648254
4/1/11	0.0431754626333714	0.676201403141022
7/1/11	0.0442669875919819	0.682265937328339
10/1/11	0.045207753777504	0.686951220035553
1/1/12	0.0461687967181206	0.691973447799683
4/1/12	0.0471293590962887	0.696235656738281
7/1/12	0.0481294877827168	0.697489559650421
10/1/12	0.0492462404072285	0.69952404499054
1/1/13	0.0503570400178432	0.700190246105194
4/1/13	0.0514236278831959	0.700985670089722
7/1/13	0.0514149144291878	0.702800989151001
10/1/13	0.0514136590063572	0.703190505504608

Note: quarters correspond to the last quarter used in each 10 year rolling window estimate.

Return to Figure 10

Figure 11 Data: M2 Velocity and Opportunity Cost (Taylog50) 1960:Q1 to 2013:Q1

quarter	logv2	taylog50
1/1/60	0.598430078577075	0.974490359559277
4/1/60	0.589076613660054	0.504633987524299
7/1/60	0.577476489400487	0.00183384172452031
10/1/60	0.55398828583221	-0.0774369169728643
1/1/61	0.545852350118795	-0.056930750997552
4/1/61	0.548358979258882	-0.160458053599455
7/1/61	0.550827079518814	-0.249763779704906
10/1/61	0.55669620064094	-0.156973266998067
1/1/62	0.559204929479758	-0.195086842264998
4/1/62	0.550718635910455	-0.372073609306522
7/1/62	0.546735960123334	-0.246898706985686
10/1/62	0.532752401119482	-0.299158954059279
1/1/63	0.526175373915734	-0.179092295074375
4/1/63	0.519255476176902	-0.192011848374992
7/1/63	0.519666165882925	0.113304279088101
10/1/63	0.515618581965785	0.281830261442463
1/1/64	0.523718063442081	0.307182778344401
4/1/64	0.520957370174511	0.235521309155027
7/1/64	0.516160220178997	0.2393247569095
10/1/64	0.503919795211784	0.366412263909086
1/1/65	0.513523899972299	0.472155339475071
4/1/65	0.515063186238923	0.429154395152774
7/1/65	0.519919590847129	0.409820036405005
10/1/65	0.52833516126849	0.566717767627778
1/1/66	0.540075148639222	0.783409612325275
4/1/66	0.54043025342371	0.74990491634975
7/1/66	0.551290695823645	0.943628788079211
10/1/66	0.55823288645522	1.02068747121278
1/1/67	0.55546516389311	0.705700871342239
4/1/67	0.537699797213735	0.0741322957423773
7/1/67	0.529024133096072	0.556528511346228
10/1/67	0.527094763349322	0.799520299936125
1/1/68	0.541199791836193	0.935878721416749
4/1/68	0.5520545292781	1.10285734374809
7/1/68	0.549883081092351	0.975042769234154
10/1/68	0.545411321306802	1.11799425890171
1/1/69	0.554289949340414	1.28931313477647
4/1/69	0.561389642058242	1.30959658762831
7/1/69	0.575326822032878	1.52090170454807
10/1/69	0.575096814158171	1.59977973768712
1/1/70	0.583631017889032	1.5247345767931
4/1/70	0.592555848032696	1.36978976867722
7/1/70	0.587224928434693	1.26082597258793
10/1/70	0.563358981600488	0.882084166831329
1/1/71	0.573379586652018	-0.294667697561831
4/1/71	0.554250348480268	0.220610342836896
7/1/71	0.542868215390402	0.71616941913856
10/1/71	0.527350884057558	0.169755477317109
1/1/72	0.530806225579969	-0.919868478332071
4/1/72	0.535074545412487	-0.326422098924436
7/1/72	0.520469441430505	0.122185374253818
10/1/72	0.516900993980572	0.581821433087005
1/1/73	0.529287926533139	0.97269037340303
4/1/73	0.539419136667759	1.21757108333483
7/1/73	0.538922828484776	1.50930117659073
10/1/73	0.555104217041137	1.26698595639722
1/1/74	0.547297078127523	1.28627026927438
4/1/74	0.561412939643303	1.45227747898266
7/1/74	0.569645151792721	1.48888032364161
10/1/74	0.57946495082083	1.28314693432915
1/1/75	0.570805822379461	0.785603721190819
4/1/75	0.557348041432675	0.646293325523596
7/1/75	0.555640135256156	1.0430168472849
10/1/75	0.561680738990753	0.737799959813256
1/1/76	0.563065993034591	0.297029244179602
4/1/76	0.551113054007618	0.417110409345876
7/1/76	0.542817142575093	0.399140254533122
10/1/76	0.532224454465459	-0.169555040265632
1/1/77	0.526347462289539	-0.109928391463832
4/1/77	0.533152429608678	0.0351564572083988
7/1/77	0.5401145331285	0.481481996819683
10/1/77	0.541279321277903	0.804033275999306
1/1/78	0.541026395622952	0.950023313840795
4/1/78	0.578809900798438	0.963320787205769
7/1/78	0.586640530106454	1.12961507405356
10/1/78	0.602269241617474	1.35448786655862
1/1/79	0.607438552006582	1.51532912429865
4/1/79	0.609082976654752	1.49433239120201
7/1/79	0.614012416218941	1.53060501149968
10/1/79	0.621566340658245	1.79239664073808
1/1/80	0.628025024452155	1.93885754271451
4/1/80	0.614467024294946	1.21555010053457
7/1/80	0.605935476998878	1.33448242651867
10/1/80	0.630550564243991	1.9212649504662
1/1/81	0.658731579018734	1.95637127571974
4/1/81	0.643292088996936	2.0045283130291
7/1/81	0.654966094404529	1.9601019041877
10/1/81	0.636304184015635	1.4600846529272
1/1/82	0.610950796590302	1.67579107058718
4/1/82	0.607211612667036	1.61815915783996
7/1/82	0.601356523661584	0.865918210837211
10/1/82	0.591143130772444	0.8056609310677
1/1/83	0.558570332552321	0.985625072118027
4/1/83	0.562487923251576	0.96925020356598
7/1/83	0.57661276304478	1.10738699829311
10/1/83	0.586347965608116	0.968715082122584
1/1/84	0.595281264402892	1.07387756785247
4/1/84	0.599768927789908	1.18958848289767
7/1/84	0.604496103834408	1.20516416208126
10/1/84	0.597220747870022	0.826278001188281
1/1/85	0.588915127402494	0.797260439121662
4/1/85	0.586654606298314	0.549362806513879
7/1/85	0.586851125989485	0.541978154535485
10/1/85	0.58542436123593	0.537005543559041
1/1/86	0.584798838710965	0.359960458233064
4/1/86	0.567240696347463	0.119754473819863
7/1/86	0.55653169029542	-0.0741320103293689
10/1/86	0.54525775092241	-0.0361136257999744
1/1/87	0.543827514984821	0.196137225862088
4/1/87	0.55307610295567	0.263016735173638
7/1/87	0.563107117274033	0.424755347365613
10/1/87	0.576396372607992	0.141936206748772
1/1/88	0.572435066218695	0.018982486799438
4/1/88	0.576023095395525	0.418517225971987
7/1/88	0.584290321447602	0.74352038171176
10/1/88	0.596706819516895	0.937099380726628
1/1/89	0.61214437920948	1.11775324357325
4/1/89	0.623416453285155	0.938367310928139
7/1/89	0.619053473700724	0.784532216980728
10/1/89	0.608781430874058	0.752469811673402
1/1/90	0.616394065855394	0.886270293925199
4/1/90	0.622268110466994	0.87398836399133
7/1/90	0.620616034186185	0.782583563353926
10/1/90	0.612199795776102	0.582240078335001
1/1/91	0.605382632017153	0.219531261693141
4/1/91	0.608687014268613	0.113477592453015
7/1/91	0.617042686857333	0.151908844682846
10/1/91	0.62370046687997	-0.278011022126107
1/1/92	0.631264565620361	-0.240272538772594
4/1/92	0.647973446527662	-0.21807308550026
7/1/92	0.661346723836929	-0.546117167244177
10/1/92	0.67108067231207	-0.27992298017427
1/1/93	0.681552362215748	-0.276334106009441
4/1/93	0.68919122005575	-0.132737458701963
7/1/93	0.695363700408447	-0.00360424595093055
10/1/93	0.707895199210516	0.114211437428964
1/1/94	0.719657147561574	0.274060057027008
4/1/94	0.735652288790233	0.677601020846234
7/1/94	0.746329266955235	0.839573307908059
10/1/94	0.763380493419114	1.06500633227839
1/1/95	0.771290816882019	1.12883078453175
4/1/95	0.769917220813769	1.03325406306592
7/1/95	0.765763742263857	0.954710984306465
10/1/95	0.768110136884301	0.909707519667157
1/1/96	0.76783780684829	0.815480272634748
4/1/96	0.77709194262361	0.875555813645098
7/1/96	0.779728172213939	0.883274146935296
10/1/96	0.783754970283393	0.817857681155662
1/1/97	0.785040623978512	0.865104939273314
4/1/97	0.791575081660263	0.825550404754836
7/1/97	0.792070600635609	0.834924137413832
10/1/97	0.787781514302601	0.83627659898851
1/1/98	0.780978422450642	0.847714670296078
4/1/98	0.774350794196966	0.815597575855946
7/1/98	0.774458866644719	0.74031813835945
10/1/98	0.768350633470435	0.485305838429563
1/1/99	0.764255392596025	0.669775947524908
4/1/99	0.761549118881166	0.710336573408623
7/1/99	0.763015183074606	0.769976878732235
10/1/99	0.771481961265541	0.879746723241856
1/1/00	0.766165598454976	1.02372979511009
4/1/00	0.773927573041163	1.03599254781078
7/1/00	0.76996040666267	1.08710019441503
10/1/00	0.765956108048368	1.07068403986032
1/1/01	0.743389509054396	0.666770522506306
4/1/01	0.730983652924026	0.224070982758826
7/1/01	0.709187822941242	0.103655989967929
10/1/01	0.692191270708888	-0.761336912261814
1/1/02	0.687419154384827	-0.521674742152712
4/1/02	0.688901375725893	-0.465545263286057
7/1/02	0.679645577464684	-0.52380067422231
10/1/02	0.664958810196987	-0.939109877841839
1/1/03	0.660215031185279	-0.641045115375949
4/1/03	0.652810638385217	-1.01299188722661
7/1/03	0.654833621762141	-1.00443363389328
10/1/03	0.672033032527059	-1.05717141389328
1/1/04	0.678613821715401	-1.04237026055995
4/1/04	0.673450033060547	-0.735537779106751
7/1/04	0.677476846777496	-0.209302611021654
10/1/04	0.679553335684542	0.190008939396723
1/1/05	0.693621252165498	0.451276681743376
4/1/05	0.699142898696065	0.543366480075566
7/1/05	0.703101447853184	0.725352479622004
10/1/05	0.702361637428157	0.863793241646889
1/1/06	0.709075034017804	1.01959297120437
4/1/06	0.709815154582736	1.04843390872773
7/1/06	0.704061874331213	1.051874955013
10/1/06	0.697672616785025	1.00963623888955
1/1/07	0.695033826904048	1.02965674769176
4/1/07	0.691761517967187	0.904142420689464
7/1/07	0.687355573024232	0.659561673547538
10/1/07	0.682856373209301	0.0800272860371039
1/1/08	0.663201449682062	-1.26324248993656
4/1/08	0.656326094765437	-0.910869946560461
7/1/08	0.646720924239559	-1.13093949432397
10/1/08	0.593059943271132	-3.30430172055995
1/1/09	0.550660101546765	-2.46814754055995
4/1/09	0.537174763840389	-2.32630631389328
7/1/09	0.537565256358347	-2.22448059389328
10/1/09	0.542308313787927	-2.35518300722661
1/1/10	0.55065821765701	-2.15728430055995
4/1/10	0.555130007498781	-2.01214082722661
7/1/10	0.55676716701341	-1.98440342722661
10/1/10	0.554387559529776	-1.97442490055995
1/1/11	0.543299217085186	-1.93771926722661
4/1/11	0.539956340322195	-2.08016186055995
7/1/11	0.504433732560304	-2.10416209389328
10/1/11	0.499635512059476	-2.06199234722661
1/1/12	0.497997018619341	-1.82901143389328
4/1/12	0.492627848182858	-1.78487169389328
7/1/12	0.482590800499574	-1.76821340055995
10/1/12	0.463823940667672	-1.78694936055995
1/1/13	0.457850853094533	-1.76459006722661

Return to Figure 11

Figure 12 Data: M2 Velocity and Opportunity Cost (Taylog00) 1960:Q1 to 2013:Q1

quarter	logv2	taylog00
1/1/60	0.598430078577075	0.974490359559277
4/1/60	0.589076613660054	0.504633987524299
7/1/60	0.577476489400487	0.00183384172452031
10/1/60	0.55398828583221	-0.0774369169728643
1/1/61	0.545852350118795	-0.056930750997552
4/1/61	0.548358979258882	-0.160458053599455
7/1/61	0.550827079518814	-0.249763779704906
10/1/61	0.55669620064094	-0.156973266998067
1/1/62	0.559204929479758	-0.195086842264998
4/1/62	0.550718635910455	-0.372073609306522
7/1/62	0.546735960123334	-0.246898706985686
10/1/62	0.532752401119482	-0.299158954059279
1/1/63	0.526175373915734	-0.179092295074375
4/1/63	0.519255476176902	-0.192011848374992
7/1/63	0.519666165882925	0.113304279088101
10/1/63	0.515618581965785	0.281830261442463
1/1/64	0.523718063442081	0.307182778344401
4/1/64	0.520957370174511	0.235521309155027
7/1/64	0.516160220178997	0.2393247569095
10/1/64	0.503919795211784	0.366412263909086
1/1/65	0.513523899972299	0.472155339475071
4/1/65	0.515063186238923	0.429154395152774
7/1/65	0.519919590847129	0.409820036405005
10/1/65	0.52833516126849	0.566717767627778
1/1/66	0.540075148639222	0.783409612325275
4/1/66	0.54043025342371	0.74990491634975
7/1/66	0.551290695823645	0.943628788079211
10/1/66	0.55823288645522	1.02068747121278
1/1/67	0.55546516389311	0.705700871342239
4/1/67	0.537699797213735	0.0741322957423773
7/1/67	0.529024133096072	0.556528511346228
10/1/67	0.527094763349322	0.799520299936125
1/1/68	0.541199791836193	0.935878721416749
4/1/68	0.5520545292781	1.10285734374809
7/1/68	0.549883081092351	0.975042769234154
10/1/68	0.545411321306802	1.11799425890171
1/1/69	0.554289949340414	1.28931313477647
4/1/69	0.561389642058242	1.30959658762831
7/1/69	0.575326822032878	1.52090170454807
10/1/69	0.575096814158171	1.59977973768712
1/1/70	0.583631017889032	1.5247345767931
4/1/70	0.592555848032696	1.36978976867722
7/1/70	0.587224928434693	1.26082597258793
10/1/70	0.563358981600488	0.882084166831329
1/1/71	0.573379586652018	-0.294667697561831
4/1/71	0.554250348480268	0.220610342836896
7/1/71	0.542868215390402	0.71616941913856
10/1/71	0.527350884057558	0.169755477317109
1/1/72	0.530806225579969	-0.919868478332071
4/1/72	0.535074545412487	-0.326422098924436
7/1/72	0.520469441430505	0.122185374253818
10/1/72	0.516900993980572	0.581821433087005
1/1/73	0.529287926533139	0.97269037340303
4/1/73	0.539419136667759	1.21757108333483
7/1/73	0.538922828484776	1.50930117659073
10/1/73	0.555104217041137	1.26698595639722
1/1/74	0.547297078127523	1.28627026927438
4/1/74	0.561412939643303	1.45227747898266
7/1/74	0.569645151792721	1.48888032364161
10/1/74	0.57946495082083	1.28314693432915
1/1/75	0.570805822379461	0.785603721190819
4/1/75	0.557348041432675	0.646293325523596
7/1/75	0.555640135256156	1.0430168472849
10/1/75	0.561680738990753	0.737799959813256
1/1/76	0.563065993034591	0.297029244179602
4/1/76	0.551113054007618	0.417110409345876
7/1/76	0.542817142575093	0.399140254533122
10/1/76	0.532224454465459	-0.169555040265632
1/1/77	0.526347462289539	-0.109928391463832
4/1/77	0.533152429608678	0.0351564572083988
7/1/77	0.5401145331285	0.481481996819683
10/1/77	0.541279321277903	0.804033275999306
1/1/78	0.541026395622952	0.950023313840795
4/1/78	0.578809900798438	0.963320787205769
7/1/78	0.586640530106454	1.12961507405356
10/1/78	0.602269241617474	1.35448786655862
1/1/79	0.607438552006582	1.51532912429865
4/1/79	0.609082976654752	1.49433239120201
7/1/79	0.614012416218941	1.53060501149968
10/1/79	0.621566340658245	1.79239664073808
1/1/80	0.628025024452155	1.93885754271451
4/1/80	0.614467024294946	1.21555010053457
7/1/80	0.605935476998878	1.33448242651867
10/1/80	0.630550564243991	1.9212649504662
1/1/81	0.658731579018734	1.95637127571974
4/1/81	0.643292088996936	2.0045283130291
7/1/81	0.654966094404529	1.9601019041877
10/1/81	0.636304184015635	1.4600846529272
1/1/82	0.610950796590302	1.67579107058718
4/1/82	0.607211612667036	1.61815915783996
7/1/82	0.601356523661584	0.865918210837211
10/1/82	0.591143130772444	0.8056609310677
1/1/83	0.558570332552321	0.985625072118027
4/1/83	0.562487923251576	0.96925020356598
7/1/83	0.57661276304478	1.10738699829311
10/1/83	0.586347965608116	0.968715082122584
1/1/84	0.595281264402892	1.07387756785247
4/1/84	0.599768927789908	1.18958848289767
7/1/84	0.604496103834408	1.20516416208126
10/1/84	0.597220747870022	0.826278001188281
1/1/85	0.588915127402494	0.797260439121662
4/1/85	0.586654606298314	0.549362806513879
7/1/85	0.586851125989485	0.541978154535485
10/1/85	0.58542436123593	0.537005543559041
1/1/86	0.584798838710965	0.359960458233064
4/1/86	0.567240696347463	0.119754473819863
7/1/86	0.55653169029542	-0.0741320103293689
10/1/86	0.54525775092241	-0.0361136257999744
1/1/87	0.543827514984821	0.196137225862088
4/1/87	0.55307610295567	0.263016735173638
7/1/87	0.563107117274033	0.424755347365613
10/1/87	0.576396372607992	0.141936206748772
1/1/88	0.572435066218695	0.018982486799438
4/1/88	0.576023095395525	0.418517225971987
7/1/88	0.584290321447602	0.74352038171176
10/1/88	0.596706819516895	0.937099380726628
1/1/89	0.61214437920948	1.11775324357325
4/1/89	0.623416453285155	0.938367310928139
7/1/89	0.619053473700724	0.784532216980728
10/1/89	0.608781430874058	0.752469811673402
1/1/90	0.616394065855394	0.886270293925199
4/1/90	0.622268110466994	0.87398836399133
7/1/90	0.620616034186185	0.782583563353926
10/1/90	0.612199795776102	0.582240078335001
1/1/91	0.605382632017153	0.219531261693141
4/1/91	0.608687014268613	0.113477592453015
7/1/91	0.617042686857333	0.151908844682846
10/1/91	0.62370046687997	-0.278011022126107
1/1/92	0.631264565620361	-0.240272538772594
4/1/92	0.647973446527662	-0.21807308550026
7/1/92	0.661346723836929	-0.546117167244177
10/1/92	0.67108067231207	-0.27992298017427
1/1/93	0.681552362215748	-0.276334106009441
4/1/93	0.68919122005575	-0.132737458701963
7/1/93	0.695363700408447	-0.00360424595093055
10/1/93	0.707895199210516	0.114211437428964
1/1/94	0.719657147561574	0.274060057027008
4/1/94	0.735652288790233	0.677601020846234
7/1/94	0.746329266955235	0.839573307908059
10/1/94	0.763380493419114	1.06500633227839
1/1/95	0.771290816882019	1.12883078453175
4/1/95	0.769917220813769	1.03325406306592
7/1/95	0.765763742263857	0.954710984306465
10/1/95	0.768110136884301	0.909707519667157
1/1/96	0.76783780684829	0.815480272634748
4/1/96	0.77709194262361	0.875555813645098
7/1/96	0.779728172213939	0.883274146935296
10/1/96	0.783754970283393	0.817857681155662
1/1/97	0.785040623978512	0.865104939273314
4/1/97	0.791575081660263	0.825550404754836
7/1/97	0.792070600635609	0.834924137413832
10/1/97	0.787781514302601	0.83627659898851
1/1/98	0.780978422450642	0.847714670296078
4/1/98	0.774350794196966	0.815597575855946
7/1/98	0.774458866644719	0.74031813835945
10/1/98	0.768350633470435	0.485305838429563
1/1/99	0.764255392596025	0.669775947524908
4/1/99	0.761549118881166	0.710336573408623
7/1/99	0.763015183074606	0.769976878732235
10/1/99	0.771481961265541	0.879746723241856
1/1/00	0.766165598454976	1.02372979511009
4/1/00	0.773927573041163	1.03599254781078
7/1/00	0.76996040666267	1.08710019441503
10/1/00	0.765956108048368	1.07068403986032
1/1/01	0.743389509054396	0.666770522506306
4/1/01	0.730983652924026	0.224070982758826
7/1/01	0.709187822941242	0.103655989967929
10/1/01	0.692191270708888	-0.761336912261814
1/1/02	0.687419154384827	-0.521674742152712
4/1/02	0.688901375725893	-0.465545263286057
7/1/02	0.679645577464684	-0.52380067422231
10/1/02	0.664958810196987	-0.939109877841839
1/1/03	0.660215031185279	-0.641045115375949
4/1/03	0.652810638385217	-1.01299188722661
7/1/03	0.654833621762141	-1.00443363389328
10/1/03	0.672033032527059	-1.05717141389328
1/1/04	0.678613821715401	-1.04237026055995
4/1/04	0.673450033060547	-0.735537779106751
7/1/04	0.677476846777496	-0.209302611021654
10/1/04	0.679553335684542	0.190008939396723
1/1/05	0.693621252165498	0.451276681743376
4/1/05	0.699142898696065	0.543366480075566
7/1/05	0.703101447853184	0.725352479622004
10/1/05	0.702361637428157	0.863793241646889
1/1/06	0.709075034017804	1.01959297120437
4/1/06	0.709815154582736	1.04843390872773
7/1/06	0.704061874331213	1.051874955013
10/1/06	0.697672616785025	1.00963623888955
1/1/07	0.695033826904048	1.02965674769176
4/1/07	0.691761517967187	0.904142420689464
7/1/07	0.687355573024232	0.659561673547538
10/1/07	0.682856373209301	0.0800272860371039
1/1/08	0.663201449682062	-1.05064291660323
4/1/08	0.656326094765437	-0.910869946560461
7/1/08	0.646720924239559	-1.0595633476573
10/1/08	0.593059943271132	-1.67314718055995
1/1/09	0.550660101546765	-1.67314718055995
4/1/09	0.537174763840389	-1.67314718055995
7/1/09	0.537565256358347	-1.67314718055995
10/1/09	0.542308313787927	-1.67314718055995
1/1/10	0.55065821765701	-1.67314718055995
4/1/10	0.555130007498781	-1.67314718055995
7/1/10	0.55676716701341	-1.67314718055995
10/1/10	0.554387559529776	-1.67314718055995
1/1/11	0.543299217085186	-1.67314718055995
4/1/11	0.539956340322195	-1.67314718055995
7/1/11	0.504433732560304	-1.67314718055995
10/1/11	0.499635512059476	-1.67314718055995
1/1/12	0.497997018619341	-1.67314718055995
4/1/12	0.492627848182858	-1.67314718055995
7/1/12	0.482590800499574	-1.67314718055995
10/1/12	0.463823940667672	-1.67314718055995
1/1/13	0.457850853094533	-1.67314718055995

Return to Figure 12

Figure 13 Data: M2 Velocity and Opportunity Cost (Taylog25) 1960:Q1 to 2013:Q1

quarter	logv2	taylog25
1/1/60	0.598430078577075	0.974490359559277
4/1/60	0.589076613660054	0.504633987524299
7/1/60	0.577476489400487	0.00183384172452031
10/1/60	0.55398828583221	-0.0774369169728643
1/1/61	0.545852350118795	-0.056930750997552
4/1/61	0.548358979258882	-0.160458053599455
7/1/61	0.550827079518814	-0.249763779704906
10/1/61	0.55669620064094	-0.156973266998067
1/1/62	0.559204929479758	-0.195086842264998
4/1/62	0.550718635910455	-0.372073609306522
7/1/62	0.546735960123334	-0.246898706985686
10/1/62	0.532752401119482	-0.299158954059279
1/1/63	0.526175373915734	-0.179092295074375
4/1/63	0.519255476176902	-0.192011848374992
7/1/63	0.519666165882925	0.113304279088101
10/1/63	0.515618581965785	0.281830261442463
1/1/64	0.523718063442081	0.307182778344401
4/1/64	0.520957370174511	0.235521309155027
7/1/64	0.516160220178997	0.2393247569095
10/1/64	0.503919795211784	0.366412263909086
1/1/65	0.513523899972299	0.472155339475071
4/1/65	0.515063186238923	0.429154395152774
7/1/65	0.519919590847129	0.409820036405005
10/1/65	0.52833516126849	0.566717767627778
1/1/66	0.540075148639222	0.783409612325275
4/1/66	0.54043025342371	0.74990491634975
7/1/66	0.551290695823645	0.943628788079211
10/1/66	0.55823288645522	1.02068747121278
1/1/67	0.55546516389311	0.705700871342239
4/1/67	0.537699797213735	0.0741322957423773
7/1/67	0.529024133096072	0.556528511346228
10/1/67	0.527094763349322	0.799520299936125
1/1/68	0.541199791836193	0.935878721416749
4/1/68	0.5520545292781	1.10285734374809
7/1/68	0.549883081092351	0.975042769234154
10/1/68	0.545411321306802	1.11799425890171
1/1/69	0.554289949340414	1.28931313477647
4/1/69	0.561389642058242	1.30959658762831
7/1/69	0.575326822032878	1.52090170454807
10/1/69	0.575096814158171	1.59977973768712
1/1/70	0.583631017889032	1.5247345767931
4/1/70	0.592555848032696	1.36978976867722
7/1/70	0.587224928434693	1.26082597258793
10/1/70	0.563358981600488	0.882084166831329
1/1/71	0.573379586652018	-0.31462401658892
4/1/71	0.554250348480268	0.220610342836896
7/1/71	0.542868215390402	0.71616941913856
10/1/71	0.527350884057558	0.169755477317109
1/1/72	0.530806225579969	-1.0637208824992
4/1/72	0.535074545412487	-0.326422098924436
7/1/72	0.520469441430505	0.122185374253818
10/1/72	0.516900993980572	0.581821433087005
1/1/73	0.529287926533139	0.97269037340303
4/1/73	0.539419136667759	1.21757108333483
7/1/73	0.538922828484776	1.50930117659073
10/1/73	0.555104217041137	1.26698595639722
1/1/74	0.547297078127523	1.28627026927438
4/1/74	0.561412939643303	1.45227747898266
7/1/74	0.569645151792721	1.48888032364161
10/1/74	0.57946495082083	1.28314693432915
1/1/75	0.570805822379461	0.785603721190819
4/1/75	0.557348041432675	0.646293325523596
7/1/75	0.555640135256156	1.0430168472849
10/1/75	0.561680738990753	0.737799959813256
1/1/76	0.563065993034591	0.297029244179602
4/1/76	0.551113054007618	0.417110409345876
7/1/76	0.542817142575093	0.399140254533122
10/1/76	0.532224454465459	-0.169555040265632
1/1/77	0.526347462289539	-0.109928391463832
4/1/77	0.533152429608678	0.0351564572083988
7/1/77	0.5401145331285	0.481481996819683
10/1/77	0.541279321277903	0.804033275999306
1/1/78	0.541026395622952	0.950023313840795
4/1/78	0.578809900798438	0.963320787205769
7/1/78	0.586640530106454	1.12961507405356
10/1/78	0.602269241617474	1.35448786655862
1/1/79	0.607438552006582	1.51532912429865
4/1/79	0.609082976654752	1.49433239120201
7/1/79	0.614012416218941	1.53060501149968
10/1/79	0.621566340658245	1.79239664073808
1/1/80	0.628025024452155	1.93885754271451
4/1/80	0.614467024294946	1.21555010053457
7/1/80	0.605935476998878	1.33448242651867
10/1/80	0.630550564243991	1.9212649504662
1/1/81	0.658731579018734	1.95637127571974
4/1/81	0.643292088996936	2.0045283130291
7/1/81	0.654966094404529	1.9601019041877
10/1/81	0.636304184015635	1.4600846529272
1/1/82	0.610950796590302	1.67579107058718
4/1/82	0.607211612667036	1.61815915783996
7/1/82	0.601356523661584	0.865918210837211
10/1/82	0.591143130772444	0.8056609310677
1/1/83	0.558570332552321	0.985625072118027
4/1/83	0.562487923251576	0.96925020356598
7/1/83	0.57661276304478	1.10738699829311
10/1/83	0.586347965608116	0.968715082122584
1/1/84	0.595281264402892	1.07387756785247
4/1/84	0.599768927789908	1.18958848289767
7/1/84	0.604496103834408	1.20516416208126
10/1/84	0.597220747870022	0.826278001188281
1/1/85	0.588915127402494	0.797260439121662
4/1/85	0.586654606298314	0.549362806513879
7/1/85	0.586851125989485	0.541978154535485
10/1/85	0.58542436123593	0.537005543559041
1/1/86	0.584798838710965	0.359960458233064
4/1/86	0.567240696347463	0.119754473819863
7/1/86	0.55653169029542	-0.0741320103293689
10/1/86	0.54525775092241	-0.0361136257999744
1/1/87	0.543827514984821	0.196137225862088
4/1/87	0.55307610295567	0.263016735173638
7/1/87	0.563107117274033	0.424755347365613
10/1/87	0.576396372607992	0.141936206748772
1/1/88	0.572435066218695	0.018982486799438
4/1/88	0.576023095395525	0.418517225971987
7/1/88	0.584290321447602	0.74352038171176
10/1/88	0.596706819516895	0.937099380726628
1/1/89	0.61214437920948	1.11775324357325
4/1/89	0.623416453285155	0.938367310928139
7/1/89	0.619053473700724	0.784532216980728
10/1/89	0.608781430874058	0.752469811673402
1/1/90	0.616394065855394	0.886270293925199
4/1/90	0.622268110466994	0.87398836399133
7/1/90	0.620616034186185	0.782583563353926
10/1/90	0.612199795776102	0.582240078335001
1/1/91	0.605382632017153	0.219531261693141
4/1/91	0.608687014268613	0.113477592453015
7/1/91	0.617042686857333	0.151908844682846
10/1/91	0.62370046687997	-0.278011022126107
1/1/92	0.631264565620361	-0.240272538772594
4/1/92	0.647973446527662	-0.21807308550026
7/1/92	0.661346723836929	-0.546117167244177
10/1/92	0.67108067231207	-0.27992298017427
1/1/93	0.681552362215748	-0.276334106009441
4/1/93	0.68919122005575	-0.132737458701963
7/1/93	0.695363700408447	-0.00360424595093055
10/1/93	0.707895199210516	0.114211437428964
1/1/94	0.719657147561574	0.274060057027008
4/1/94	0.735652288790233	0.677601020846234
7/1/94	0.746329266955235	0.839573307908059
10/1/94	0.763380493419114	1.06500633227839
1/1/95	0.771290816882019	1.12883078453175
4/1/95	0.769917220813769	1.03325406306592
7/1/95	0.765763742263857	0.954710984306465
10/1/95	0.768110136884301	0.909707519667157
1/1/96	0.76783780684829	0.815480272634748
4/1/96	0.77709194262361	0.875555813645098
7/1/96	0.779728172213939	0.883274146935296
10/1/96	0.783754970283393	0.817857681155662
1/1/97	0.785040623978512	0.865104939273314
4/1/97	0.791575081660263	0.825550404754836
7/1/97	0.792070600635609	0.834924137413832
10/1/97	0.787781514302601	0.83627659898851
1/1/98	0.780978422450642	0.847714670296078
4/1/98	0.774350794196966	0.815597575855946
7/1/98	0.774458866644719	0.74031813835945
10/1/98	0.768350633470435	0.485305838429563
1/1/99	0.764255392596025	0.669775947524908
4/1/99	0.761549118881166	0.710336573408623
7/1/99	0.763015183074606	0.769976878732235
10/1/99	0.771481961265541	0.879746723241856
1/1/00	0.766165598454976	1.02372979511009
4/1/00	0.773927573041163	1.03599254781078
7/1/00	0.76996040666267	1.08710019441503
10/1/00	0.765956108048368	1.07068403986032
1/1/01	0.743389509054396	0.666770522506306
4/1/01	0.730983652924026	0.224070982758826
7/1/01	0.709187822941242	0.103655989967929
10/1/01	0.692191270708888	-0.770646206165282
1/1/02	0.687419154384827	-0.521738297877764
4/1/02	0.688901375725893	-0.465545263286057
7/1/02	0.679645577464684	-0.52380067422231
10/1/02	0.664958810196987	-1.01123869502297
1/1/03	0.660215031185279	-0.649717159266546
4/1/03	0.652810638385217	-1.09853768454536
7/1/03	0.654833621762141	-1.06968434670047
10/1/03	0.672033032527059	-1.14632506546712
1/1/04	0.678613821715401	-1.13106533927809
4/1/04	0.673450033060547	-0.755254486887957
7/1/04	0.677476846777496	-0.209302611021654
10/1/04	0.679553335684542	0.190008939396723
1/1/05	0.693621252165498	0.451276681743376
4/1/05	0.699142898696065	0.543366480075566
7/1/05	0.703101447853184	0.725352479622004
10/1/05	0.702361637428157	0.863793241646889
1/1/06	0.709075034017804	1.01959297120437
4/1/06	0.709815154582736	1.04843390872773
7/1/06	0.704061874331213	1.051874955013
10/1/06	0.697672616785025	1.00963623888955
1/1/07	0.695033826904048	1.02965674769176
4/1/07	0.691761517967187	0.904142420689464
7/1/07	0.687355573024232	0.659561673547538
10/1/07	0.682856373209301	0.0800272860371039
1/1/08	0.663201449682062	-1.71540649851001
4/1/08	0.656326094765437	-1.13292284008044
7/1/08	0.646720924239559	-1.43010776552054
10/1/08	0.593059943271132	-5.60860344111989
1/1/09	0.550660101546765	-3.93629508111989
4/1/09	0.537174763840389	-3.65261262778656
7/1/09	0.537565256358347	-3.44896118778656
10/1/09	0.542308313787927	-3.71036601445322
1/1/10	0.55065821765701	-3.31456860111989
4/1/10	0.555130007498781	-3.02428165445322
7/1/10	0.55676716701341	-2.96880685445322
10/1/10	0.554387559529776	-2.94884980111989
1/1/11	0.543299217085186	-2.87543853445322
4/1/11	0.539956340322195	-3.16032372111989
7/1/11	0.504433732560304	-3.20832418778656
10/1/11	0.499635512059476	-3.12398469445322
1/1/12	0.497997018619341	-2.65802286778656
4/1/12	0.492627848182858	-2.56974338778656
7/1/12	0.482590800499574	-2.53642680111989
10/1/12	0.463823940667672	-2.57389872111989
1/1/13	0.457850853094533	-2.52918013445322

Return to Figure 13

Figure 14 Data: M2 Velocity and Opportunity Cost (Taylog25) with M2 Adjusted for Shifts Related to FDIC Policy Change 1960:Q1 to 2013:Q1

Quarter	Adjusted logv2	Taylog25
1/1/60	0.598430078577075	0.974490359559277
4/1/60	0.589076613660054	0.504633987524299
7/1/60	0.577476489400487	0.00183384172452031
10/1/60	0.55398828583221	-0.0774369169728643
1/1/61	0.545852350118795	-0.056930750997552
4/1/61	0.548358979258882	-0.160458053599455
7/1/61	0.550827079518814	-0.249763779704906
10/1/61	0.55669620064094	-0.156973266998067
1/1/62	0.559204929479758	-0.195086842264998
4/1/62	0.550718635910455	-0.372073609306522
7/1/62	0.546735960123334	-0.246898706985686
10/1/62	0.532752401119482	-0.299158954059279
1/1/63	0.526175373915734	-0.179092295074375
4/1/63	0.519255476176902	-0.192011848374992
7/1/63	0.519666165882925	0.113304279088101
10/1/63	0.515618581965785	0.281830261442463
1/1/64	0.523718063442081	0.307182778344401
4/1/64	0.520957370174511	0.235521309155027
7/1/64	0.516160220178997	0.2393247569095
10/1/64	0.503919795211784	0.366412263909086
1/1/65	0.513523899972299	0.472155339475071
4/1/65	0.515063186238923	0.429154395152774
7/1/65	0.519919590847129	0.409820036405005
10/1/65	0.52833516126849	0.566717767627778
1/1/66	0.540075148639222	0.783409612325275
4/1/66	0.54043025342371	0.74990491634975
7/1/66	0.551290695823645	0.943628788079211
10/1/66	0.55823288645522	1.02068747121278
1/1/67	0.55546516389311	0.705700871342239
4/1/67	0.537699797213735	0.0741322957423773
7/1/67	0.529024133096072	0.556528511346228
10/1/67	0.527094763349322	0.799520299936125
1/1/68	0.541199791836193	0.935878721416749
4/1/68	0.5520545292781	1.10285734374809
7/1/68	0.549883081092351	0.975042769234154
10/1/68	0.545411321306802	1.11799425890171
1/1/69	0.554289949340414	1.28931313477647
4/1/69	0.561389642058242	1.30959658762831
7/1/69	0.575326822032878	1.52090170454807
10/1/69	0.575096814158171	1.59977973768712
1/1/70	0.583631017889032	1.5247345767931
4/1/70	0.592555848032696	1.36978976867722
7/1/70	0.587224928434693	1.26082597258793
10/1/70	0.563358981600488	0.882084166831329
1/1/71	0.573379586652018	-0.31462401658892
4/1/71	0.554250348480268	0.220610342836896
7/1/71	0.542868215390402	0.71616941913856
10/1/71	0.527350884057558	0.169755477317109
1/1/72	0.530806225579969	-1.0637208824992
4/1/72	0.535074545412487	-0.326422098924436
7/1/72	0.520469441430505	0.122185374253818
10/1/72	0.516900993980572	0.581821433087005
1/1/73	0.529287926533139	0.97269037340303
4/1/73	0.539419136667759	1.21757108333483
7/1/73	0.538922828484776	1.50930117659073
10/1/73	0.555104217041137	1.26698595639722
1/1/74	0.547297078127523	1.28627026927438
4/1/74	0.561412939643303	1.45227747898266
7/1/74	0.569645151792721	1.48888032364161
10/1/74	0.57946495082083	1.28314693432915
1/1/75	0.570805822379461	0.785603721190819
4/1/75	0.557348041432675	0.646293325523596
7/1/75	0.555640135256156	1.0430168472849
10/1/75	0.561680738990753	0.737799959813256
1/1/76	0.563065993034591	0.297029244179602
4/1/76	0.551113054007618	0.417110409345876
7/1/76	0.542817142575093	0.399140254533122
10/1/76	0.532224454465459	-0.169555040265632
1/1/77	0.526347462289539	-0.109928391463832
4/1/77	0.533152429608678	0.0351564572083988
7/1/77	0.5401145331285	0.481481996819683
10/1/77	0.541279321277903	0.804033275999306
1/1/78	0.541026395622952	0.950023313840795
4/1/78	0.578809900798438	0.963320787205769
7/1/78	0.586640530106454	1.12961507405356
10/1/78	0.602269241617474	1.35448786655862
1/1/79	0.607438552006582	1.51532912429865
4/1/79	0.609082976654752	1.49433239120201
7/1/79	0.614012416218941	1.53060501149968
10/1/79	0.621566340658245	1.79239664073808
1/1/80	0.628025024452155	1.93885754271451
4/1/80	0.614467024294946	1.21555010053457
7/1/80	0.605935476998878	1.33448242651867
10/1/80	0.630550564243991	1.9212649504662
1/1/81	0.658731579018734	1.95637127571974
4/1/81	0.643292088996936	2.0045283130291
7/1/81	0.654966094404529	1.9601019041877
10/1/81	0.636304184015635	1.4600846529272
1/1/82	0.610950796590302	1.67579107058718
4/1/82	0.607211612667036	1.61815915783996
7/1/82	0.601356523661584	0.865918210837211
10/1/82	0.591143130772444	0.8056609310677
1/1/83	0.558570332552321	0.985625072118027
4/1/83	0.562487923251576	0.96925020356598
7/1/83	0.57661276304478	1.10738699829311
10/1/83	0.586347965608116	0.968715082122584
1/1/84	0.595281264402892	1.07387756785247
4/1/84	0.599768927789908	1.18958848289767
7/1/84	0.604496103834408	1.20516416208126
10/1/84	0.597220747870022	0.826278001188281
1/1/85	0.588915127402494	0.797260439121662
4/1/85	0.586654606298314	0.549362806513879
7/1/85	0.586851125989485	0.541978154535485
10/1/85	0.58542436123593	0.537005543559041
1/1/86	0.584798838710965	0.359960458233064
4/1/86	0.567240696347463	0.119754473819863
7/1/86	0.55653169029542	-0.0741320103293689
10/1/86	0.54525775092241	-0.0361136257999744
1/1/87	0.543827514984821	0.196137225862088
4/1/87	0.55307610295567	0.263016735173638
7/1/87	0.563107117274033	0.424755347365613
10/1/87	0.576396372607992	0.141936206748772
1/1/88	0.572435066218695	0.018982486799438
4/1/88	0.576023095395525	0.418517225971987
7/1/88	0.584290321447602	0.74352038171176
10/1/88	0.596706819516895	0.937099380726628
1/1/89	0.61214437920948	1.11775324357325
4/1/89	0.623416453285155	0.938367310928139
7/1/89	0.619053473700724	0.784532216980728
10/1/89	0.608781430874058	0.752469811673402
1/1/90	0.616394065855394	0.886270293925199
4/1/90	0.622268110466994	0.87398836399133
7/1/90	0.620616034186185	0.782583563353926
10/1/90	0.612199795776102	0.582240078335001
1/1/91	0.605382632017153	0.219531261693141
4/1/91	0.608687014268613	0.113477592453015
7/1/91	0.617042686857333	0.151908844682846
10/1/91	0.62370046687997	-0.278011022126107
1/1/92	0.631264565620361	-0.240272538772594
4/1/92	0.647973446527662	-0.21807308550026
7/1/92	0.661346723836929	-0.546117167244177
10/1/92	0.67108067231207	-0.27992298017427
1/1/93	0.681552362215748	-0.276334106009441
4/1/93	0.68919122005575	-0.132737458701963
7/1/93	0.695363700408447	-0.00360424595093055
10/1/93	0.707895199210516	0.114211437428964
1/1/94	0.719657147561574	0.274060057027008
4/1/94	0.735652288790233	0.677601020846234
7/1/94	0.746329266955235	0.839573307908059
10/1/94	0.763380493419114	1.06500633227839
1/1/95	0.771290816882019	1.12883078453175
4/1/95	0.769917220813769	1.03325406306592
7/1/95	0.765763742263857	0.954710984306465
10/1/95	0.768110136884301	0.909707519667157
1/1/96	0.76783780684829	0.815480272634748
4/1/96	0.77709194262361	0.875555813645098
7/1/96	0.779728172213939	0.883274146935296
10/1/96	0.783754970283393	0.817857681155662
1/1/97	0.785040623978512	0.865104939273314
4/1/97	0.791575081660263	0.825550404754836
7/1/97	0.792070600635609	0.834924137413832
10/1/97	0.787781514302601	0.83627659898851
1/1/98	0.780978422450642	0.847714670296078
4/1/98	0.774350794196966	0.815597575855946
7/1/98	0.774458866644719	0.74031813835945
10/1/98	0.768350633470435	0.485305838429563
1/1/99	0.764255392596025	0.669775947524908
4/1/99	0.761549118881166	0.710336573408623
7/1/99	0.763015183074606	0.769976878732235
10/1/99	0.771481961265541	0.879746723241856
1/1/00	0.766165598454976	1.02372979511009
4/1/00	0.773927573041163	1.03599254781078
7/1/00	0.76996040666267	1.08710019441503
10/1/00	0.765956108048368	1.07068403986032
1/1/01	0.743389509054396	0.666770522506306
4/1/01	0.730983652924026	0.224070982758826
7/1/01	0.709187822941242	0.103655989967929
10/1/01	0.692191270708888	-0.770646206165282
1/1/02	0.687419154384827	-0.521738297877764
4/1/02	0.688901375725893	-0.465545263286057
7/1/02	0.679645577464684	-0.52380067422231
10/1/02	0.664958810196987	-1.01123869502297
1/1/03	0.660215031185279	-0.649717159266546
4/1/03	0.652810638385217	-1.09853768454536
7/1/03	0.654833621762141	-1.06968434670047
10/1/03	0.672033032527059	-1.14632506546712
1/1/04	0.678613821715401	-1.13106533927809
4/1/04	0.673450033060547	-0.755254486887957
7/1/04	0.677476846777496	-0.209302611021654
10/1/04	0.679553335684542	0.190008939396723
1/1/05	0.693621252165498	0.451276681743376
4/1/05	0.699142898696065	0.543366480075566
7/1/05	0.703101447853184	0.725352479622004
10/1/05	0.702361637428157	0.863793241646889
1/1/06	0.709075034017804	1.01959297120437
4/1/06	0.709815154582736	1.04843390872773
7/1/06	0.704061874331213	1.051874955013
10/1/06	0.697672616785025	1.00963623888955
1/1/07	0.695033826904048	1.02965674769176
4/1/07	0.691761517967187	0.904142420689464
7/1/07	0.687355573024232	0.659561673547538
10/1/07	0.682856373209301	0.0800272860371039
1/1/08	0.663201449682062	-1.71540649851001
4/1/08	0.656326094765437	-1.13292284008044
7/1/08	0.646720924239559	-1.43010776552054
10/1/08	0.593059943271132	-5.60860344111989
1/1/09	0.550660101546765	-3.93629508111989
4/1/09	0.537174763840389	-3.65261262778656
7/1/09	0.537565256358347	-3.44896118778656
10/1/09	0.542308313787927	-3.71036601445322
1/1/10	0.55065821765701	-3.31456860111989
4/1/10	0.555130007498781	-3.02428165445322
7/1/10	0.55676716701341	-2.96880685445322
10/1/10	0.554387559529776	-2.94884980111989
1/1/11	0.543299217085186	-2.87543853445322
4/1/11	0.539956340322195	-3.16032372111989
7/1/11	0.536774003353278	-3.20832418778656
10/1/11	0.531390852668566	-3.12398469445322
1/1/12	0.529252106354446	-2.65802286778656
4/1/12	0.523480748781156	-2.56974338778656
7/1/12	0.512760045599152	-2.53642680111989
10/1/12	0.493306323529646	-2.57389872111989
1/1/13	0.486948228525035	-2.52918013445322

Return to Figure 14

Figure 15 Data: M2 Velocity and Opportunity Cost (Taylog50) with M2 Adjusted for Shifts Related to FDIC Policy Change 1960:Q1 to 2013:Q1

Quarter	Adjusted logv2	Taylog50
1/1/60	0.598430078577075	0.974490359559277
4/1/60	0.589076613660054	0.504633987524299
7/1/60	0.577476489400487	0.00183384172452031
10/1/60	0.55398828583221	-0.0774369169728643
1/1/61	0.545852350118795	-0.056930750997552
4/1/61	0.548358979258882	-0.160458053599455
7/1/61	0.550827079518814	-0.249763779704906
10/1/61	0.55669620064094	-0.156973266998067
1/1/62	0.559204929479758	-0.195086842264998
4/1/62	0.550718635910455	-0.372073609306522
7/1/62	0.546735960123334	-0.246898706985686
10/1/62	0.532752401119482	-0.299158954059279
1/1/63	0.526175373915734	-0.179092295074375
4/1/63	0.519255476176902	-0.192011848374992
7/1/63	0.519666165882925	0.113304279088101
10/1/63	0.515618581965785	0.281830261442463
1/1/64	0.523718063442081	0.307182778344401
4/1/64	0.520957370174511	0.235521309155027
7/1/64	0.516160220178997	0.2393247569095
10/1/64	0.503919795211784	0.366412263909086
1/1/65	0.513523899972299	0.472155339475071
4/1/65	0.515063186238923	0.429154395152774
7/1/65	0.519919590847129	0.409820036405005
10/1/65	0.52833516126849	0.566717767627778
1/1/66	0.540075148639222	0.783409612325275
4/1/66	0.54043025342371	0.74990491634975
7/1/66	0.551290695823645	0.943628788079211
10/1/66	0.55823288645522	1.02068747121278
1/1/67	0.55546516389311	0.705700871342239
4/1/67	0.537699797213735	0.0741322957423773
7/1/67	0.529024133096072	0.556528511346228
10/1/67	0.527094763349322	0.799520299936125
1/1/68	0.541199791836193	0.935878721416749
4/1/68	0.5520545292781	1.10285734374809
7/1/68	0.549883081092351	0.975042769234154
10/1/68	0.545411321306802	1.11799425890171
1/1/69	0.554289949340414	1.28931313477647
4/1/69	0.561389642058242	1.30959658762831
7/1/69	0.575326822032878	1.52090170454807
10/1/69	0.575096814158171	1.59977973768712
1/1/70	0.583631017889032	1.5247345767931
4/1/70	0.592555848032696	1.36978976867722
7/1/70	0.587224928434693	1.26082597258793
10/1/70	0.563358981600488	0.882084166831329
1/1/71	0.573379586652018	-0.294667697561831
4/1/71	0.554250348480268	0.220610342836896
7/1/71	0.542868215390402	0.71616941913856
10/1/71	0.527350884057558	0.169755477317109
1/1/72	0.530806225579969	-0.919868478332071
4/1/72	0.535074545412487	-0.326422098924436
7/1/72	0.520469441430505	0.122185374253818
10/1/72	0.516900993980572	0.581821433087005
1/1/73	0.529287926533139	0.97269037340303
4/1/73	0.539419136667759	1.21757108333483
7/1/73	0.538922828484776	1.50930117659073
10/1/73	0.555104217041137	1.26698595639722
1/1/74	0.547297078127523	1.28627026927438
4/1/74	0.561412939643303	1.45227747898266
7/1/74	0.569645151792721	1.48888032364161
10/1/74	0.57946495082083	1.28314693432915
1/1/75	0.570805822379461	0.785603721190819
4/1/75	0.557348041432675	0.646293325523596
7/1/75	0.555640135256156	1.0430168472849
10/1/75	0.561680738990753	0.737799959813256
1/1/76	0.563065993034591	0.297029244179602
4/1/76	0.551113054007618	0.417110409345876
7/1/76	0.542817142575093	0.399140254533122
10/1/76	0.532224454465459	-0.169555040265632
1/1/77	0.526347462289539	-0.109928391463832
4/1/77	0.533152429608678	0.0351564572083988
7/1/77	0.5401145331285	0.481481996819683
10/1/77	0.541279321277903	0.804033275999306
1/1/78	0.541026395622952	0.950023313840795
4/1/78	0.578809900798438	0.963320787205769
7/1/78	0.586640530106454	1.12961507405356
10/1/78	0.602269241617474	1.35448786655862
1/1/79	0.607438552006582	1.51532912429865
4/1/79	0.609082976654752	1.49433239120201
7/1/79	0.614012416218941	1.53060501149968
10/1/79	0.621566340658245	1.79239664073808
1/1/80	0.628025024452155	1.93885754271451
4/1/80	0.614467024294946	1.21555010053457
7/1/80	0.605935476998878	1.33448242651867
10/1/80	0.630550564243991	1.9212649504662
1/1/81	0.658731579018734	1.95637127571974
4/1/81	0.643292088996936	2.0045283130291
7/1/81	0.654966094404529	1.9601019041877
10/1/81	0.636304184015635	1.4600846529272
1/1/82	0.610950796590302	1.67579107058718
4/1/82	0.607211612667036	1.61815915783996
7/1/82	0.601356523661584	0.865918210837211
10/1/82	0.591143130772444	0.8056609310677
1/1/83	0.558570332552321	0.985625072118027
4/1/83	0.562487923251576	0.96925020356598
7/1/83	0.57661276304478	1.10738699829311
10/1/83	0.586347965608116	0.968715082122584
1/1/84	0.595281264402892	1.07387756785247
4/1/84	0.599768927789908	1.18958848289767
7/1/84	0.604496103834408	1.20516416208126
10/1/84	0.597220747870022	0.826278001188281
1/1/85	0.588915127402494	0.797260439121662
4/1/85	0.586654606298314	0.549362806513879
7/1/85	0.586851125989485	0.541978154535485
10/1/85	0.58542436123593	0.537005543559041
1/1/86	0.584798838710965	0.359960458233064
4/1/86	0.567240696347463	0.119754473819863
7/1/86	0.55653169029542	-0.0741320103293689
10/1/86	0.54525775092241	-0.0361136257999744
1/1/87	0.543827514984821	0.196137225862088
4/1/87	0.55307610295567	0.263016735173638
7/1/87	0.563107117274033	0.424755347365613
10/1/87	0.576396372607992	0.141936206748772
1/1/88	0.572435066218695	0.018982486799438
4/1/88	0.576023095395525	0.418517225971987
7/1/88	0.584290321447602	0.74352038171176
10/1/88	0.596706819516895	0.937099380726628
1/1/89	0.61214437920948	1.11775324357325
4/1/89	0.623416453285155	0.938367310928139
7/1/89	0.619053473700724	0.784532216980728
10/1/89	0.608781430874058	0.752469811673402
1/1/90	0.616394065855394	0.886270293925199
4/1/90	0.622268110466994	0.87398836399133
7/1/90	0.620616034186185	0.782583563353926
10/1/90	0.612199795776102	0.582240078335001
1/1/91	0.605382632017153	0.219531261693141
4/1/91	0.608687014268613	0.113477592453015
7/1/91	0.617042686857333	0.151908844682846
10/1/91	0.62370046687997	-0.278011022126107
1/1/92	0.631264565620361	-0.240272538772594
4/1/92	0.647973446527662	-0.21807308550026
7/1/92	0.661346723836929	-0.546117167244177
10/1/92	0.67108067231207	-0.27992298017427
1/1/93	0.681552362215748	-0.276334106009441
4/1/93	0.68919122005575	-0.132737458701963
7/1/93	0.695363700408447	-0.00360424595093055
10/1/93	0.707895199210516	0.114211437428964
1/1/94	0.719657147561574	0.274060057027008
4/1/94	0.735652288790233	0.677601020846234
7/1/94	0.746329266955235	0.839573307908059
10/1/94	0.763380493419114	1.06500633227839
1/1/95	0.771290816882019	1.12883078453175
4/1/95	0.769917220813769	1.03325406306592
7/1/95	0.765763742263857	0.954710984306465
10/1/95	0.768110136884301	0.909707519667157
1/1/96	0.76783780684829	0.815480272634748
4/1/96	0.77709194262361	0.875555813645098
7/1/96	0.779728172213939	0.883274146935296
10/1/96	0.783754970283393	0.817857681155662
1/1/97	0.785040623978512	0.865104939273314
4/1/97	0.791575081660263	0.825550404754836
7/1/97	0.792070600635609	0.834924137413832
10/1/97	0.787781514302601	0.83627659898851
1/1/98	0.780978422450642	0.847714670296078
4/1/98	0.774350794196966	0.815597575855946
7/1/98	0.774458866644719	0.74031813835945
10/1/98	0.768350633470435	0.485305838429563
1/1/99	0.764255392596025	0.669775947524908
4/1/99	0.761549118881166	0.710336573408623
7/1/99	0.763015183074606	0.769976878732235
10/1/99	0.771481961265541	0.879746723241856
1/1/00	0.766165598454976	1.02372979511009
4/1/00	0.773927573041163	1.03599254781078
7/1/00	0.76996040666267	1.08710019441503
10/1/00	0.765956108048368	1.07068403986032
1/1/01	0.743389509054396	0.666770522506306
4/1/01	0.730983652924026	0.224070982758826
7/1/01	0.709187822941242	0.103655989967929
10/1/01	0.692191270708888	-0.761336912261814
1/1/02	0.687419154384827	-0.521674742152712
4/1/02	0.688901375725893	-0.465545263286057
7/1/02	0.679645577464684	-0.52380067422231
10/1/02	0.664958810196987	-0.939109877841839
1/1/03	0.660215031185279	-0.641045115375949
4/1/03	0.652810638385217	-1.01299188722661
7/1/03	0.654833621762141	-1.00443363389328
10/1/03	0.672033032527059	-1.05717141389328
1/1/04	0.678613821715401	-1.04237026055995
4/1/04	0.673450033060547	-0.735537779106751
7/1/04	0.677476846777496	-0.209302611021654
10/1/04	0.679553335684542	0.190008939396723
1/1/05	0.693621252165498	0.451276681743376
4/1/05	0.699142898696065	0.543366480075566
7/1/05	0.703101447853184	0.725352479622004
10/1/05	0.702361637428157	0.863793241646889
1/1/06	0.709075034017804	1.01959297120437
4/1/06	0.709815154582736	1.04843390872773
7/1/06	0.704061874331213	1.051874955013
10/1/06	0.697672616785025	1.00963623888955
1/1/07	0.695033826904048	1.02965674769176
4/1/07	0.691761517967187	0.904142420689464
7/1/07	0.687355573024232	0.659561673547538
10/1/07	0.682856373209301	0.0800272860371039
1/1/08	0.663201449682062	-1.26324248993656
4/1/08	0.656326094765437	-0.910869946560461
7/1/08	0.646720924239559	-1.13093949432397
10/1/08	0.593059943271132	-3.30430172055995
1/1/09	0.550660101546765	-2.46814754055995
4/1/09	0.537174763840389	-2.32630631389328
7/1/09	0.537565256358347	-2.22448059389328
10/1/09	0.542308313787927	-2.35518300722661
1/1/10	0.55065821765701	-2.15728430055995
4/1/10	0.555130007498781	-2.01214082722661
7/1/10	0.55676716701341	-1.98440342722661
10/1/10	0.554387559529776	-1.97442490055995
1/1/11	0.543299217085186	-1.93771926722661
4/1/11	0.539956340322195	-2.08016186055995
7/1/11	0.536774003353278	-2.10416209389328
10/1/11	0.531390852668566	-2.06199234722661
1/1/12	0.529252106354446	-1.82901143389328
4/1/12	0.523480748781156	-1.78487169389328
7/1/12	0.512760045599152	-1.76821340055995
10/1/12	0.493306323529646	-1.78694936055995
1/1/13	0.486948228525035	-1.76459006722661

Return to Figure 15

Figure 16 Data: M2 Velocity and Opportunity Cost (Taylog00) with M2 Adjusted for Shifts Related to FDIC Policy Change 1960:Q1 to 2013:Q1

Quarter	Adjusted logv2	Taylog00
1/1/60	0.598430078577075	0.974490359559277
4/1/60	0.589076613660054	0.504633987524299
7/1/60	0.577476489400487	0.00183384172452031
10/1/60	0.55398828583221	-0.0774369169728643
1/1/61	0.545852350118795	-0.056930750997552
4/1/61	0.548358979258882	-0.160458053599455
7/1/61	0.550827079518814	-0.249763779704906
10/1/61	0.55669620064094	-0.156973266998067
1/1/62	0.559204929479758	-0.195086842264998
4/1/62	0.550718635910455	-0.372073609306522
7/1/62	0.546735960123334	-0.246898706985686
10/1/62	0.532752401119482	-0.299158954059279
1/1/63	0.526175373915734	-0.179092295074375
4/1/63	0.519255476176902	-0.192011848374992
7/1/63	0.519666165882925	0.113304279088101
10/1/63	0.515618581965785	0.281830261442463
1/1/64	0.523718063442081	0.307182778344401
4/1/64	0.520957370174511	0.235521309155027
7/1/64	0.516160220178997	0.2393247569095
10/1/64	0.503919795211784	0.366412263909086
1/1/65	0.513523899972299	0.472155339475071
4/1/65	0.515063186238923	0.429154395152774
7/1/65	0.519919590847129	0.409820036405005
10/1/65	0.52833516126849	0.566717767627778
1/1/66	0.540075148639222	0.783409612325275
4/1/66	0.54043025342371	0.74990491634975
7/1/66	0.551290695823645	0.943628788079211
10/1/66	0.55823288645522	1.02068747121278
1/1/67	0.55546516389311	0.705700871342239
4/1/67	0.537699797213735	0.0741322957423773
7/1/67	0.529024133096072	0.556528511346228
10/1/67	0.527094763349322	0.799520299936125
1/1/68	0.541199791836193	0.935878721416749
4/1/68	0.5520545292781	1.10285734374809
7/1/68	0.549883081092351	0.975042769234154
10/1/68	0.545411321306802	1.11799425890171
1/1/69	0.554289949340414	1.28931313477647
4/1/69	0.561389642058242	1.30959658762831
7/1/69	0.575326822032878	1.52090170454807
10/1/69	0.575096814158171	1.59977973768712
1/1/70	0.583631017889032	1.5247345767931
4/1/70	0.592555848032696	1.36978976867722
7/1/70	0.587224928434693	1.26082597258793
10/1/70	0.563358981600488	0.882084166831329
1/1/71	0.573379586652018	-0.294667697561831
4/1/71	0.554250348480268	0.220610342836896
7/1/71	0.542868215390402	0.71616941913856
10/1/71	0.527350884057558	0.169755477317109
1/1/72	0.530806225579969	-0.919868478332071
4/1/72	0.535074545412487	-0.326422098924436
7/1/72	0.520469441430505	0.122185374253818
10/1/72	0.516900993980572	0.581821433087005
1/1/73	0.529287926533139	0.97269037340303
4/1/73	0.539419136667759	1.21757108333483
7/1/73	0.538922828484776	1.50930117659073
10/1/73	0.555104217041137	1.26698595639722
1/1/74	0.547297078127523	1.28627026927438
4/1/74	0.561412939643303	1.45227747898266
7/1/74	0.569645151792721	1.48888032364161
10/1/74	0.57946495082083	1.28314693432915
1/1/75	0.570805822379461	0.785603721190819
4/1/75	0.557348041432675	0.646293325523596
7/1/75	0.555640135256156	1.0430168472849
10/1/75	0.561680738990753	0.737799959813256
1/1/76	0.563065993034591	0.297029244179602
4/1/76	0.551113054007618	0.417110409345876
7/1/76	0.542817142575093	0.399140254533122
10/1/76	0.532224454465459	-0.169555040265632
1/1/77	0.526347462289539	-0.109928391463832
4/1/77	0.533152429608678	0.0351564572083988
7/1/77	0.5401145331285	0.481481996819683
10/1/77	0.541279321277903	0.804033275999306
1/1/78	0.541026395622952	0.950023313840795
4/1/78	0.578809900798438	0.963320787205769
7/1/78	0.586640530106454	1.12961507405356
10/1/78	0.602269241617474	1.35448786655862
1/1/79	0.607438552006582	1.51532912429865
4/1/79	0.609082976654752	1.49433239120201
7/1/79	0.614012416218941	1.53060501149968
10/1/79	0.621566340658245	1.79239664073808
1/1/80	0.628025024452155	1.93885754271451
4/1/80	0.614467024294946	1.21555010053457
7/1/80	0.605935476998878	1.33448242651867
10/1/80	0.630550564243991	1.9212649504662
1/1/81	0.658731579018734	1.95637127571974
4/1/81	0.643292088996936	2.0045283130291
7/1/81	0.654966094404529	1.9601019041877
10/1/81	0.636304184015635	1.4600846529272
1/1/82	0.610950796590302	1.67579107058718
4/1/82	0.607211612667036	1.61815915783996
7/1/82	0.601356523661584	0.865918210837211
10/1/82	0.591143130772444	0.8056609310677
1/1/83	0.558570332552321	0.985625072118027
4/1/83	0.562487923251576	0.96925020356598
7/1/83	0.57661276304478	1.10738699829311
10/1/83	0.586347965608116	0.968715082122584
1/1/84	0.595281264402892	1.07387756785247
4/1/84	0.599768927789908	1.18958848289767
7/1/84	0.604496103834408	1.20516416208126
10/1/84	0.597220747870022	0.826278001188281
1/1/85	0.588915127402494	0.797260439121662
4/1/85	0.586654606298314	0.549362806513879
7/1/85	0.586851125989485	0.541978154535485
10/1/85	0.58542436123593	0.537005543559041
1/1/86	0.584798838710965	0.359960458233064
4/1/86	0.567240696347463	0.119754473819863
7/1/86	0.55653169029542	-0.0741320103293689
10/1/86	0.54525775092241	-0.0361136257999744
1/1/87	0.543827514984821	0.196137225862088
4/1/87	0.55307610295567	0.263016735173638
7/1/87	0.563107117274033	0.424755347365613
10/1/87	0.576396372607992	0.141936206748772
1/1/88	0.572435066218695	0.018982486799438
4/1/88	0.576023095395525	0.418517225971987
7/1/88	0.584290321447602	0.74352038171176
10/1/88	0.596706819516895	0.937099380726628
1/1/89	0.61214437920948	1.11775324357325
4/1/89	0.623416453285155	0.938367310928139
7/1/89	0.619053473700724	0.784532216980728
10/1/89	0.608781430874058	0.752469811673402
1/1/90	0.616394065855394	0.886270293925199
4/1/90	0.622268110466994	0.87398836399133
7/1/90	0.620616034186185	0.782583563353926
10/1/90	0.612199795776102	0.582240078335001
1/1/91	0.605382632017153	0.219531261693141
4/1/91	0.608687014268613	0.113477592453015
7/1/91	0.617042686857333	0.151908844682846
10/1/91	0.62370046687997	-0.278011022126107
1/1/92	0.631264565620361	-0.240272538772594
4/1/92	0.647973446527662	-0.21807308550026
7/1/92	0.661346723836929	-0.546117167244177
10/1/92	0.67108067231207	-0.27992298017427
1/1/93	0.681552362215748	-0.276334106009441
4/1/93	0.68919122005575	-0.132737458701963
7/1/93	0.695363700408447	-0.00360424595093055
10/1/93	0.707895199210516	0.114211437428964
1/1/94	0.719657147561574	0.274060057027008
4/1/94	0.735652288790233	0.677601020846234
7/1/94	0.746329266955235	0.839573307908059
10/1/94	0.763380493419114	1.06500633227839
1/1/95	0.771290816882019	1.12883078453175
4/1/95	0.769917220813769	1.03325406306592
7/1/95	0.765763742263857	0.954710984306465
10/1/95	0.768110136884301	0.909707519667157
1/1/96	0.76783780684829	0.815480272634748
4/1/96	0.77709194262361	0.875555813645098
7/1/96	0.779728172213939	0.883274146935296
10/1/96	0.783754970283393	0.817857681155662
1/1/97	0.785040623978512	0.865104939273314
4/1/97	0.791575081660263	0.825550404754836
7/1/97	0.792070600635609	0.834924137413832
10/1/97	0.787781514302601	0.83627659898851
1/1/98	0.780978422450642	0.847714670296078
4/1/98	0.774350794196966	0.815597575855946
7/1/98	0.774458866644719	0.74031813835945
10/1/98	0.768350633470435	0.485305838429563
1/1/99	0.764255392596025	0.669775947524908
4/1/99	0.761549118881166	0.710336573408623
7/1/99	0.763015183074606	0.769976878732235
10/1/99	0.771481961265541	0.879746723241856
1/1/00	0.766165598454976	1.02372979511009
4/1/00	0.773927573041163	1.03599254781078
7/1/00	0.76996040666267	1.08710019441503
10/1/00	0.765956108048368	1.07068403986032
1/1/01	0.743389509054396	0.666770522506306
4/1/01	0.730983652924026	0.224070982758826
7/1/01	0.709187822941242	0.103655989967929
10/1/01	0.692191270708888	-0.761336912261814
1/1/02	0.687419154384827	-0.521674742152712
4/1/02	0.688901375725893	-0.465545263286057
7/1/02	0.679645577464684	-0.52380067422231
10/1/02	0.664958810196987	-0.939109877841839
1/1/03	0.660215031185279	-0.641045115375949
4/1/03	0.652810638385217	-1.01299188722661
7/1/03	0.654833621762141	-1.00443363389328
10/1/03	0.672033032527059	-1.05717141389328
1/1/04	0.678613821715401	-1.04237026055995
4/1/04	0.673450033060547	-0.735537779106751
7/1/04	0.677476846777496	-0.209302611021654
10/1/04	0.679553335684542	0.190008939396723
1/1/05	0.693621252165498	0.451276681743376
4/1/05	0.699142898696065	0.543366480075566
7/1/05	0.703101447853184	0.725352479622004
10/1/05	0.702361637428157	0.863793241646889
1/1/06	0.709075034017804	1.01959297120437
4/1/06	0.709815154582736	1.04843390872773
7/1/06	0.704061874331213	1.051874955013
10/1/06	0.697672616785025	1.00963623888955
1/1/07	0.695033826904048	1.02965674769176
4/1/07	0.691761517967187	0.904142420689464
7/1/07	0.687355573024232	0.659561673547538
10/1/07	0.682856373209301	0.0800272860371039
1/1/08	0.663201449682062	-1.05064291660323
4/1/08	0.656326094765437	-0.910869946560461
7/1/08	0.646720924239559	-1.0595633476573
10/1/08	0.593059943271132	-1.67314718055995
1/1/09	0.550660101546765	-1.67314718055995
4/1/09	0.537174763840389	-1.67314718055995
7/1/09	0.537565256358347	-1.67314718055995
10/1/09	0.542308313787927	-1.67314718055995
1/1/10	0.55065821765701	-1.67314718055995
4/1/10	0.555130007498781	-1.67314718055995
7/1/10	0.55676716701341	-1.67314718055995
10/1/10	0.554387559529776	-1.67314718055995
1/1/11	0.543299217085186	-1.67314718055995
4/1/11	0.539956340322195	-1.67314718055995
7/1/11	0.536774003353278	-1.67314718055995
10/1/11	0.531390852668566	-1.67314718055995
1/1/12	0.529252106354446	-1.67314718055995
4/1/12	0.523480748781156	-1.67314718055995
7/1/12	0.512760045599152	-1.67314718055995
10/1/12	0.493306323529646	-1.67314718055995
1/1/13	0.486948228525035	-1.67314718055995

Return to Figure 16

Figure 17 Data: Spline Regressions From 1994:Q1 to 2011:Q1 Excluding 2008:Q4 and 2009:Q1

Quarter	Ajusted logv2	Taylog25
1/1/94	0.719657147561574	0.274060057027008
4/1/94	0.735652288790233	0.677601020846234
7/1/94	0.746329266955235	0.839573307908059
10/1/94	0.763380493419114	1.06500633227839
1/1/95	0.771290816882019	1.12883078453175
4/1/95	0.769917220813769	1.03325406306592
7/1/95	0.765763742263857	0.954710984306465
10/1/95	0.768110136884301	0.909707519667157
1/1/96	0.76783780684829	0.815480272634748
4/1/96	0.77709194262361	0.875555813645098
7/1/96	0.779728172213939	0.883274146935296
10/1/96	0.783754970283393	0.817857681155662
1/1/97	0.785040623978512	0.865104939273314
4/1/97	0.791575081660263	0.825550404754836
7/1/97	0.792070600635609	0.834924137413832
10/1/97	0.787781514302601	0.83627659898851
1/1/98	0.780978422450642	0.847714670296078
4/1/98	0.774350794196966	0.815597575855946
7/1/98	0.774458866644719	0.74031813835945
10/1/98	0.768350633470435	0.485305838429563
1/1/99	0.764255392596025	0.669775947524908
4/1/99	0.761549118881166	0.710336573408623
7/1/99	0.763015183074606	0.769976878732235
10/1/99	0.771481961265541	0.879746723241856
1/1/00	0.766165598454976	1.02372979511009
4/1/00	0.773927573041163	1.03599254781078
7/1/00	0.76996040666267	1.08710019441503
10/1/00	0.765956108048368	1.07068403986032
1/1/01	0.743389509054396	0.666770522506306
4/1/01	0.730983652924026	0.224070982758826
7/1/01	0.709187822941242	0.103655989967929
10/1/01	0.692191270708888	-0.770646206165282
1/1/02	0.687419154384827	-0.521738297877764
4/1/02	0.688901375725893	-0.465545263286057
7/1/02	0.679645577464684	-0.52380067422231
10/1/02	0.664958810196987	-1.01123869502297
1/1/03	0.660215031185279	-0.649717159266546
4/1/03	0.652810638385217	-1.09853768454536
7/1/03	0.654833621762141	-1.06968434670047
10/1/03	0.672033032527059	-1.14632506546712
1/1/04	0.678613821715401	-1.13106533927809
4/1/04	0.673450033060547	-0.755254486887957
7/1/04	0.677476846777496	-0.209302611021654
10/1/04	0.679553335684542	0.190008939396723
1/1/05	0.693621252165498	0.451276681743376
4/1/05	0.699142898696065	0.543366480075566
7/1/05	0.703101447853184	0.725352479622004
10/1/05	0.702361637428157	0.863793241646889
1/1/06	0.709075034017804	1.01959297120437
4/1/06	0.709815154582736	1.04843390872773
7/1/06	0.704061874331213	1.051874955013
10/1/06	0.697672616785025	1.00963623888955
1/1/07	0.695033826904048	1.02965674769176
4/1/07	0.691761517967187	0.904142420689464
7/1/07	0.687355573024232	0.659561673547538
10/1/07	0.682856373209301	0.0800272860371039
1/1/08	0.663201449682062	-1.71540649851001
4/1/08	0.656326094765437	-1.13292284008044
7/1/08	0.646720924239559	-1.43010776552054
10/1/08	0.593059943271132	-5.60860344111989
1/1/09	0.550660101546765	-3.93629508111989
4/1/09	0.537174763840389	-3.65261262778656
7/1/09	0.537565256358347	-3.44896118778656
10/1/09	0.542308313787927	-3.71036601445322
1/1/10	0.55065821765701	-3.31456860111989
4/1/10	0.555130007498781	-3.02428165445322
7/1/10	0.55676716701341	-2.96880685445322
10/1/10	0.554387559529776	-2.94884980111989
1/1/11	0.543299217085186	-2.87543853445322

Return to Figure 17

Figure 18 Data: Separate Regressions Over Three Sub-periods in 1994:Q1-2013:Q1 Excluding 2008:Q4 and 2009:Q1

Quarter	Adjusted logv2	Taylog25
1/1/94	0.719657147561574	0.274060057027008
4/1/94	0.735652288790233	0.677601020846234
7/1/94	0.746329266955235	0.839573307908059
10/1/94	0.763380493419114	1.06500633227839
1/1/95	0.771290816882019	1.12883078453175
4/1/95	0.769917220813769	1.03325406306592
7/1/95	0.765763742263857	0.954710984306465
10/1/95	0.768110136884301	0.909707519667157
1/1/96	0.76783780684829	0.815480272634748
4/1/96	0.77709194262361	0.875555813645098
7/1/96	0.779728172213939	0.883274146935296
10/1/96	0.783754970283393	0.817857681155662
1/1/97	0.785040623978512	0.865104939273314
4/1/97	0.791575081660263	0.825550404754836
7/1/97	0.792070600635609	0.834924137413832
10/1/97	0.787781514302601	0.83627659898851
1/1/98	0.780978422450642	0.847714670296078
4/1/98	0.774350794196966	0.815597575855946
7/1/98	0.774458866644719	0.74031813835945
10/1/98	0.768350633470435	0.485305838429563
1/1/99	0.764255392596025	0.669775947524908
4/1/99	0.761549118881166	0.710336573408623
7/1/99	0.763015183074606	0.769976878732235
10/1/99	0.771481961265541	0.879746723241856
1/1/00	0.766165598454976	1.02372979511009
4/1/00	0.773927573041163	1.03599254781078
7/1/00	0.76996040666267	1.08710019441503
10/1/00	0.765956108048368	1.07068403986032
1/1/01	0.743389509054396	0.666770522506306
4/1/01	0.730983652924026	0.224070982758826
7/1/01	0.709187822941242	0.103655989967929
10/1/01	0.692191270708888	-0.770646206165282
1/1/02	0.687419154384827	-0.521738297877764
4/1/02	0.688901375725893	-0.465545263286057
7/1/02	0.679645577464684	-0.52380067422231
10/1/02	0.664958810196987	-1.01123869502297
1/1/03	0.660215031185279	-0.649717159266546
4/1/03	0.652810638385217	-1.09853768454536
7/1/03	0.654833621762141	-1.06968434670047
10/1/03	0.672033032527059	-1.14632506546712
1/1/04	0.678613821715401	-1.13106533927809
4/1/04	0.673450033060547	-0.755254486887957
7/1/04	0.677476846777496	-0.209302611021654
10/1/04	0.679553335684542	0.190008939396723
1/1/05	0.693621252165498	0.451276681743376
4/1/05	0.699142898696065	0.543366480075566
7/1/05	0.703101447853184	0.725352479622004
10/1/05	0.702361637428157	0.863793241646889
1/1/06	0.709075034017804	1.01959297120437
4/1/06	0.709815154582736	1.04843390872773
7/1/06	0.704061874331213	1.051874955013
10/1/06	0.697672616785025	1.00963623888955
1/1/07	0.695033826904048	1.02965674769176
4/1/07	0.691761517967187	0.904142420689464
7/1/07	0.687355573024232	0.659561673547538
10/1/07	0.682856373209301	0.0800272860371039
1/1/08	0.663201449682062	-1.71540649851001
4/1/08	0.656326094765437	-1.13292284008044
7/1/08	0.646720924239559	-1.43010776552054
10/1/08	0.593059943271132	-5.60860344111989
1/1/09	0.550660101546765	-3.93629508111989
4/1/09	0.537174763840389	-3.65261262778656
7/1/09	0.537565256358347	-3.44896118778656
10/1/09	0.542308313787927	-3.71036601445322
1/1/10	0.55065821765701	-3.31456860111989
4/1/10	0.555130007498781	-3.02428165445322
7/1/10	0.55676716701341	-2.96880685445322
10/1/10	0.554387559529776	-2.94884980111989
1/1/11	0.543299217085186	-2.87543853445322
4/1/11	0.539956340322195	-3.16032372111989
7/1/11	0.536774003353278	-3.20832418778656
10/1/11	0.531390852668566	-3.12398469445322
1/1/12	0.529252106354446	-2.65802286778656
4/1/12	0.523480748781156	-2.56974338778656
7/1/12	0.512760045599152	-2.53642680111989
10/1/12	0.493306323529646	-2.57389872111989
1/1/13	0.486948228525035	-2.52918013445322

Return to Figure 18

Demand for M2 at the Zero Lower Bound: The Recent U.S. Experience

Figure 1 Data: M2 Velocity and Opportunity Cost

Figure 2 Data: T-Bill Rate the Rate on M2 Components and the Opportunity Cost of M2

Figure 3 Data: M2 Velocity and Opportunity Cost(Taylog25) 1960:Q1 to 2006:Q4

Figure 4 Data: M2 Velocity and Opportunity Cost(Taylog25) 1960:Q1 to 2006:Q4

Figure 5 Data: M2 Velocity and Opportunity Cost(Taylog25) 1960:Q1 to 2006:Q4

Figure 6 Data: M2 Velocity and Opportunity Cost(Taylog25) 1960:Q1 to 2006:Q4

Figure 7 Data: M2 Velocity and Opportunity Cost(Taylog25) 1960:Q1 to 2006:Q4

Figure 8 Data: M2 Velocity and Opportunity Cost (Taylog50) 1960:Q1 to 2013:Q1

Figure 9 Data: M2 Velocity and Opportunity Cost (Taylog50) 1960:Q1 to 2013:Q1

Figure 10 Data: Static Model Coefficient Estimates Across Time Beginning at 1964:Q1

Figure 11 Data: M2 Velocity and Opportunity Cost (Taylog50) 1960:Q1 to 2013:Q1

Figure 12 Data: M2 Velocity and Opportunity Cost (Taylog00) 1960:Q1 to 2013:Q1

Figure 13 Data: M2 Velocity and Opportunity Cost (Taylog25) 1960:Q1 to 2013:Q1

Figure 14 Data: M2 Velocity and Opportunity Cost (Taylog25) with M2 Adjusted for Shifts Related to FDIC Policy Change 1960:Q1 to 2013:Q1

Figure 15 Data: M2 Velocity and Opportunity Cost (Taylog50) with M2 Adjusted for Shifts Related to FDIC Policy Change 1960:Q1 to 2013:Q1

Figure 16 Data: M2 Velocity and Opportunity Cost (Taylog00) with M2 Adjusted for Shifts Related to FDIC Policy Change 1960:Q1 to 2013:Q1

Figure 17 Data: Spline Regressions From 1994:Q1 to 2011:Q1 Excluding 2008:Q4 and 2009:Q1

Figure 18 Data: Separate Regressions Over Three Sub-periods in 1994:Q1-2013:Q1 Excluding 2008:Q4 and 2009:Q1