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August/September 1987, 
Vol. 69, No. 7
Posted 1987-08-01

A Revision in the Monetary Base


The adjusted monetary base, a series published by the Federal Reserve Rank of St. Louis, is a measure of the Federal Reserve’s influence on the money stock. In the second article in this issue, “A Revision in the Monetary Base,” R. Alton Gilbert describes how this series was recently revised to incorporate the final phase-in of the reserve requirement structure specified in the Monetary Control Act of 1980. The new structure of reserve requirements is used in deriving the adjusted monetary base from November 1980, when the phase-in began, to the present. Data for the prior series, which are used for periods before November 1980, are linked to the post-November 1980 data to create a continuous adjusted monetary base series.