FRB: January 2004 Statistical Supplement--Aggregate Reserves of Depository Institutions and Monetary Base

Statistical Supplement | January 2004

Statistical Supplement to the Federal Reserve Bulletin, January 2004

1.20 Aggregate Reserves of Depository Institutions and Monetary Base¹
Item		1999 Dec	2000 Dec	2001 Dec	2002 Dec	2003
Billions of dollars, averages of daily figures
Item		1999 Dec	2000 Dec	2001 Dec	2002 Dec	Mar	Apr	May	June	July	Aug	Sept	Oct
		Seasonally adjusted
Adjusted for Changes in Reserve Requirements²
1	Total reserves³	41.81	38.54	41.24	40.22	40.97	40.81	40.99	42.80	43.93	46.28	44.96	43.99
2	Nonborrowed reserves⁴	41.49	38.33	41.18	40.14	40.95	40.78	40.93	42.63	43.80	45.95	44.78	43.88
3	Required reserves	40.51	37.11	39.60	38.21	39.34	39.27	39.37	40.94	42.00	42.52	43.46	42.53
4	Monetary base⁵	593.16	584.77	635.62	681.90	695.14	698.22^r	701.18	703.17	703.53	709.23^r	711.23^r	715.78
		Not seasonally adjusted
5	Total reserves⁶	41.89	38.53	41.20	40.13	40.60	41.16	41.79	41.86	43.58	46.06	44.38	43.15
6	Nonborrowed reserves	41.57	38.32	41.13	40.05	40.57	41.14	41.73	41.70	43.44	45.73	44.20	43.04
7	Required reserves⁷	40.59	37.10	39.55	38.12	38.96	39.63	40.17	40.00	41.65	42.30	42.88	41.68
8	Monetary base⁸	600.72	590.06	639.91	686.23	693.91	697.83	701.58	703.33	705.80	709.20^r	709.24^r	712.97

Not Adjusted for Changes in Reserve Requirements⁹
9	Total reserves¹⁰	41.65	38.47	41.08	40.27	40.60	41.17	41.80	41.87	43.59	46.08	44.41	43.19
10	Nonborrowed reserves	41.33	38.26	41.01	40.19	40.58	41.14	41.75	41.71	43.46	45.76	44.23	43.08
11	Required reserves	40.36	37.05	39.43	38.26	38.96	39.64	40.18	40.02	41.67	42.32	42.91	41.73
12	Monetary base¹¹	608.02	596.98	648.74	697.15	705.04	709.10	712.76	714.36	717.02	720.51^r	720.71^r	724.46
13	Excess reserves¹²	1.30	1.43	1.65	2.01	1.64	1.53	1.62	1.85	1.92	3.76	1.51	1.47
14	Borrowings from the Federal Reserve	.32	.21	.07	.08	.02	.03	.06	.16	.13	.33	.18	.11

1. Latest monthly and biweekly figures are available from the Board's H.3 (502) weekly statistical release. Historical data starting in 1959 and estimates of the effect on required reserves of changes in reserve requirements are available from the Money and Reserves Projections Section, Division of Monetary Affairs, Board of Governors of the Federal Reserve System, Washington, DC 20551. Return to table

2. Figures reflect adjustments for discontinuities, or "breaks," associated with regulatory changes in reserve requirements. (See also table 1.10.) Return to table

3. Seasonally adjusted, break-adjusted total reserves equal seasonally adjusted, break-adjusted required reserves (line 4) plus excess reserves (line 16). Return to table

4. Seasonally adjusted, break-adjusted nonborrowed reserves equal seasonally adjusted, break-adjusted total reserves (line 1) less total borrowings of depository institutions from the Federal Reserve (line 17). Return to table

5. The seasonally adjusted, break-adjusted monetary base consists of (1) seasonally adjusted, break-adjusted total reserves (line 1), plus (2) the seasonally adjusted currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the seasonally adjusted, break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. Return to table

6. Break-adjusted total reserves equal break-adjusted required reserves (line 9) plus excess reserves (line 16). Return to table

7. To adjust required reserves for discontinuities that are due to regulatory changes in reserve requirements, a multiplicative procedure is used to estimate what required reserves would have been in past periods had current reserve requirements been in effect. Break-adjusted required reserves include required reserves against transactions deposits and nonpersonal time and savings deposits (but not reservable nondeposit liabilities). Return to table

8. The break-adjusted monetary base equals (1) break-adjusted total reserves (line 6), plus (2) the (unadjusted) currency component of the money stock, plus (3) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the break-adjusted difference between current vault cash and the amount applied to satisfy current reserve requirements. Return to table

9. Reflects actual reserve requirements, including those on nondeposit liabilities, with no adjustments to eliminate the effects of discontinuities associated with regulatory changes in reserve requirements. Return to table

10. Reserve balances with Federal Reserve Banks plus vault cash used to satisfy reserve requirements. Return to table

11. The monetary base, not break-adjusted and not seasonally adjusted, consists of (1) total reserves (line 11), plus (2) required clearing balances and adjustments to compensate for float at Federal Reserve Banks, plus (3) the currency component of the money stock, plus (4) (for all quarterly reporters on the "Report of Transaction Accounts, Other Deposits and Vault Cash" and for all those weekly reporters whose vault cash exceeds their required reserves) the difference between current vault cash and the amount applied to satisfy current reserve requirements. Since February 1984, currency and vault cash figures have been measured over the computation periods ending on Mondays. Return to table

12. Unadjusted total reserves (line 11) less unadjusted required reserves (line 14). Return to table

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Last update: May 25, 2005