Please accept our sincere apology for the inconvenience due to an error in the Monetary Services Index (MSI) data series.
We located a minor programming error in the code that calculates the MSI data. This error affects all data published beginning with the August 2011 MSI release. We have repaired the error and recalculated the entire series beginning 1967. The revised MSI data have been posted on the MSI web page. Fortunately, data published in the July 2011 release and earlier are not affected by the error.
We appreciate your patience.
Richard Anderson and Barry Jones have produced a new MSI series representing a comprehensive revision of previous data. Suggested citation of users of the data: Anderson, Richard G. and Barry E. Jones, "A Comprehensive Revision of the Monetary Services (Divisia) Indexes for the United States", Federal Reserve Bank of St. Louis Review, September/October 2011, pp. 325-359.
The new MSI differ from the earlier series in a number of aspects:
The MSI_P file contains our 'preferred' MSI, which are calculated using our preferred benchmark rate. The MSI_A file contains our 'alternative' MSI which are calculated using our alternative benchmark rate. The SUMS file contains simple sum monetary aggregates that are directly comparable to the MSI. M2M, MZM and M2 correspond to the monetary aggregates on FRED. M1ADJ is M1 adjusted for retail sweeps, ALL is M2 plus institutional type money market mutual funds.
Download new MSI series (MSI_A.xls)
Download new MSI series (MSI_P.xls)
Download comparable simple sum monetary aggregates (SUMS.xls)
Note that the Monetary Services Indexes are available in FRED also.
The MSI measure the flow of monetary services received each period by households and firms from their holdings of monetary assets (levels of the indexes are sometimes referred to as Divisia monetary aggregates). For a survey of the relevant monetary aggregation theory, see Anderson, Richard G., Jones, Barry E. and Travis D. Nesmith, "Monetary Aggregation Theory and Statistical Index Numbers," Federal Reserve Bank of St. Louis Review, January/February 1997, pp. 31-51. For a shorter overview and details of the current data, see Anderson, Richard G. and Barry E. Jones, "A comprehensive Revision of the Monetary Services (Divisia) Indexes for the United States," Federal Reserve Bank of St. Louis Review, September/October 2011, pp. 325-359.
We continue to add to our document library working papers and published articles on the MSI. We urge authors to submit their papers; published papers must be accompanied by appropriate copyright information and waivers. Unpublished working papers and work-in-progress will be reviewed prior to posting. Some may be rejected. Posting of working papers shall not to be interpreted or publicized as "publication," nor as an endorsement the Federal Reserve Bank of St. Louis.
The previous vintage of the MSI can be downloaded as a zipped archive. These data were not updated after February 2006.