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June 1978

Benchmark Revisions of the Money Stock and Ranges of Money Stock Growth

by Richard W. Lang

Weekly data on the monetary aggregates since 1973 have been revised usually three or four times each year by the Board of Governors of the Federal Reserve System. These frequent revisions are made to incorporate “benchmark” adjustments to the components of the weekly monetary aggregates that are estimated for banks which are not members of the Federal Reserve System.