#2005-014C "The Role of Data & Program Code Archives in the Future of Economic Research"
by Richard G. Anderson, William H. Greene, Bruce D. McCullough, and H. D. Vinod
February 2005
Revised July 2005

This essay examines the role of data and program-code archives in making economic research "replicable." Replication of published results is recognized as an essential part of the scientific method. Yet, historically, both the "demand for" and "supply of" replicable results in economics has been minimal. More...

PUBLISHED: Journal of Economic Methodology, March 2008, 15(1), pp. 99-119

#2003-026A "Retail Deposit Sweep Programs: Issues for Measurement, Modeling and Analysis"
by Richard G. Anderson
September 2003

Since January 1994, many banks in the United States have initiated retail-deposit sweep programs which reduce statutory reserve requirements by re-labeling transaction deposits as money market deposit accounts. As a result, approximately half of aggregate transaction deposits are now excluded from M1. More...

#2003-006A "Some Tables of Historical U.S. Currency and Monetary Aggregates Data"
by Richard G. Anderson


This paper includes revised and extended versions of tables of historical U.S.currency and monetary aggregates data compiled for the forthcoming work:
Susan B. Carter et.al., editors, Historical Statistics of the United States, Colonial Times to the Present, Millennial Edition. Three volumes. Cambridge University Press, forthcoming. More...

PUBLISHED: Content included in Susan B. Carter, Scott Sigmund Gartner, Michael R. Haines, Alan L. Olmstead, Richard Sutch, and Gavin Wright, eds., Historical Statistics of the United States Millennial Edition, 2006, Cambridge University Press.

#2001-008A "The Remarkable Stability of Monetary Base Velocity in the United States,1919-1999"
by Richard G. Anderson, and Robert H. Rasche
August 2001

This analysis examines the long-run demand for the adjusted monetary base in the United States, 1919-1999. When the "price" of the base is measured by the inverse of the yield on long-term, high-quality corporate bonds and an appropriate functional form is selected, the quantity of base money demanded is found to be a stable function "...of a small number of variables." More...

#2000-023A "Retail Sweep Programs and Bank Reserves, 1994--1999"
by Richard G. Anderson, and Robert H. Rasche
August 2000

Since January 1994, the Federal Reserve Board has permitted depository institutions in the United States to implement so-called retail sweep programs. The essence of these programs is computer software that dynamically reclassifies customer deposits between transaction accounts, which are subject to statutory reserve requirement ratios as high as 10 percent, and money market deposit accounts, which have a zero ratio. More...

PUBLISHED: Federal Reserve Bank of St. Louis Review, January/February 2001, 83(1), pp. 51-72

#2000-002A "The Domestic Adjusted Monetary Base"
by Richard G. Anderson, and Robert H. Rasche
January 2000

This paper provides a consistent, monthly measure of the amount of the U.S. adjusted monetary base that is domestically held, and of the amount held abroad. Most macroeconomic models that address the role of outside money as a determinant of the economy's aggregate price level are closed economy models, suggesting a need to accurately measure the domestic monetary base. More...

#1998-008C "A Vector Error-Correction Forecasting Model of the U.S. Economy."
by Richard G. Anderson, Dennis Hoffman, and Robert H. Rasche

Revised 2000

Any research or policy analysis in economics must be consistent with the time-series properties of observed macroeconomic data. Numerous previous studies reinforce the need to specify correctly a model's multivariate stochastic structure. More...

PUBLISHED: Journal of Macroeconomics, December 2002, 24(4), pp. 569-98

#1997-019A "Construction of an Estimated Domestic Monetary Base Using New Estimates of Foreign Holdings of US Currency"
by Richard G. Anderson, and Robert H. Rasche


This paper has been replaced with working paper 2000-002, "The Domestic Adjusted Monetary Base".

This paper provides a consistent, monthly measure of the amount of the U.S. adjusted monetary base that is domestically held, and of the amount held abroad. Most macroeconomic models that address the role of outside money as a determinant of the economy's aggregate price level are closed economy models, suggesting a need to accurately measure the domestic monetary base. More...

#1997-014A "Modeling US Households' Demand for Liquid Wealth in an Era of Financial Change"
by Sean Collins, and Richard G. Anderson
May 1997

Money demand models overpredicted M2 growth in the United States from 1990 to 1993. We examine this overprediction using a model of household demand for liquid wealth. More...

PUBLISHED: Journal of Money, Credit, and Banking, February 1998

#1996-014A "Defining the Adjusted Monetary Base in an Era of Financial Change"
by Richard G. Anderson, and Robert H. Rasche
November 1996

This paper examines how recent changes in the U.S. financial system have affected the appropriate definition, construction and interpretation of the St. Louis adjusted monetary base and adjusted reserves. Since 1990, reductions in statutory reserve requirements have significantly reduced the importance of the requirements as a constraint on the deposit and lending behavior of banks and other depository institutions. More...

PUBLISHED: Federal Reserve Bank of St. Louis Review, November/December 1996, 78(6)