The Federal Reserve Bank of St. Louis’ adjusted monetary base equals the sum of the monetary base and a reserve adjustment magnitude (RAM) that maps changes in reserve requirements into equivalent changes in the monetary base. The authors present a revised measure of the adjusted reserves component of the adjusted monetary base that includes depository institutions’ required clearing balance contracts with the Federal Reserve. They also present a new RAM that recognizes that an increasing number of institutions do not significantly change their demand for base money relative to transaction deposits following changes in reserve requirements.