Review

The St. Louis adjusted monetary base equals the sum of the monetary (or source) base and the reserve adjustment magnitude (RAM). This article presents a revised measure of the monetary base and a new RAM. 

Commentary on "Measuring the Adjusted Monetary Base in an Era of Financial Change" by Richard G. Anderson and Robert H. Rasche.

Commentary on "Measuring the Adjusted Monetary Base in an Era of Financial Change" by Richard G. Anderson and Robert H. Rasche.

Commentary on "The Sensitivity of Empirical Studies to Alternative Measures of the Monetary Base and Reserves" by Michael J. Dueker and Apostolos Serletis.

Commentary on "The Sensitivity of Empirical Studies to Alternative Measures of the Monetary Base and Reserves" by Michael J. Dueker and Apostolos Serletis.

At its February 1994 meeting, the Federal Open Market Committee broke a long-standing practice by immediately announcing its decision to increase the degree of pressure in reserve markets. Previously, the Fed had argued that immediate disclosure of policy decisions would create an announcement effect and would increase financial market uncertainty and volatility.