The authors introduce the Federal Reserve Bank of St. Louis monetary services index (MSI) project, which seeks to provide researchers and policymakers with an extended database of new measures of monetary aggregates—the  MSIs—and related data. The MSIs differ considerably from the monetary aggregates that have been published by the Federal Reserve Board for more than 35 years. The MSIs are based on microeconomic models of consumer and firm decisionmaking that do not impose strong ex ante assumptions regarding the elasticities of substitution among monetary assets.

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