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

Version Date: Mar 11, 2009

Cite this study |

Principal Investigator(s):
William T. Gavin, Federal Reserve Bank of St. Louis

https://doi.org/10.3886/ICPSR25061.v1

Version V1

Slide tabs to view more

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.

Citation

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

Export Citation:

  • RIS (generic format for RefWorks, EndNote, etc.)
  • EndNote

Funding

Federal Reserve Bank of St. Louis. Research Division

Subject Terms

Geographic Coverage

Distributor(s)

Inter-university Consortium for Political and Social Research
Hide

Data Collection Notes

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

  2. 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.

Hide

Original Release Date

2009-03-11

Version History

2018-02-15 The citation of this study may have changed due to the new version control system that has been implemented. The previous citation was:
  • 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
Hide

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.

  • The public-use data files in this collection are available for access by the general public. Access does not require affiliation with an ICPSR member institution.