Quarterly Money Demand in the United States

A data frame of quarterly indicators useful for modeling the demand for money in the United States. Data go from the first quarter of 1960 to the third quarter of 2024.

Usage

money_demand

Format

A data frame with 259 observations on the following 6 variables.

date

a date

m1

so-called 'narrow' money (M1) in supply, in billions, not seasonally adjusted

m2

monetary supply (M2), in billions, not seasonally adjusted

gnpdef

an implicit price deflator for gross national product (index, 2017 = 100)

ffer

the federal funds effective rate

rgnp

real gross national product (in 2017 dollars)

pcepi

the chain-type price index (index, 2017 == 100)

Details

Data come by way of fredr call. Be mindful of changes in the definition of the money supply, especially as they manifest in May 2020. Subject domain expertise goes a long way here. The "M2" indicator is the "M1" indicator with small-time deposits that are "close substitutes" for M1.