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More Money: Understanding Recent Changes in the Monetary Base (ICPSR 25061)

Principal Investigator(s):

Summary:

The financial crisis that began in the summer of 2007 took a turn for the worse in September 2008. Until then, Federal Reserve actions taken to improve the functioning financial markets did not affect the monetary base. The unusual lending and purchase of private debt was offset by the sale of United States Treasury securities so that the total size of the balance sheet of the Federal Reserve remained relatively unchanged. In September, however, the Federal Reserve stopped selling securities as it made massive purchases of private debt and issued hundreds of billions of dollars in short-term loans. The result was a doubling of the size of the monetary base in the final four months of 2008. This article discusses the details of the programs that the Federal Reserve has initiated since the crisis began, shows which programs have grown as the monetary base grew, and discusses some factors that will determine whether this rapid increase in the monetary base will lead to rapid inflation.

Access Notes

  • These data are flagged as replication datasets and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator(s) if further information is desired.

  • These data are freely available.

Dataset(s)

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Study Description

Citation

Gavin, William T. More Money: Understanding Recent Changes in the Monetary Base . ICPSR25061-v1. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2009-03-11. http://doi.org/10.3886/ICPSR25061.v1

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Funding

This study was funded by:

  • Federal Reserve Bank of St. Louis. Research Division

Scope of Study

Subject Terms:   bank deposits, banking, economic conditions, economic growth, economic policy, Federal Open Market Committee, Federal Reserve System, financial planning, financial policy, government securities, inflation, loans, monetary policy

Geographic Coverage:   United States

Data Collection Notes:

The zipped package contains a Microsoft Excel file, which includes the data, figures, and tables used in the publication.

These data are part of ICPSR's Publication-Related Archive and are distributed exactly as they arrived from the data depositor. ICPSR has not checked or processed this material. Users should consult the investigator if further information is desired.

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