[Economic Report of the President (1999)]
[Administration of William J. Clinton]
[Online through the Government Printing Office, www.gpo.gov]



MONEY STOCK, CREDIT, AND FINANCE


[[Page 410]]


Table B-71.--Aggregate reserves of depository institutions and monetary base, 1959-98
[Averages of daily figures\1\; millions of dollars; seasonally adjusted, except as noted]
--------------------------------------------------------------------------------------------------------------------------------------------------------
Adjusted for changes in reserve requirements\2\         Borrowings of depository
--------------------------------------------------------  institutions from the  Federal
Reserves of depository institutions                           Reserve, NSA
---------------------------------------------           --------------------------------
Year and month                                                 Nonbor-
rowed                  Mone-
Total     Nonbor-      plus     Required   tary base    Total     Seasonal   Extended
rowed     extended                                                 credit
credit
--------------------------------------------------------------------------------------------------------------------------------------------------------
December:
1959.........................................................     11,109     10,168     10,168     10,603      40,880        941  .........  .........

1960.........................................................     11,247     11,172     11,172     10,503      40,977         74  .........  .........
1961.........................................................     11,499     11,366     11,366     10,915      41,853        133  .........  .........
1962.........................................................     11,604     11,344     11,344     11,033      42,957        260  .........  .........
1963.........................................................     11,730     11,397     11,397     11,239      45,003        332  .........  .........
1964.........................................................     12,011     11,747     11,747     11,605      47,161        264  .........  .........

1965.........................................................     12,316     11,872     11,872     11,892      49,620        444  .........  .........
1966.........................................................     12,223     11,690     11,690     11,884      51,565        532  .........  .........
1967.........................................................     13,180     12,952     12,952     12,805      54,579        228  .........  .........
1968.........................................................     13,767     13,021     13,021     13,341      58,357        746  .........  .........
1969.........................................................     14,168     13,049     13,049     13,882      61,569      1,119  .........  .........

1970.........................................................     14,558     14,225     14,225     14,309      65,013        332  .........  .........
1971.........................................................     15,230     15,104     15,104     15,049      69,108        126  .........  .........
1972.........................................................     16,645     15,595     15,595     16,361      75,167      1,050  .........  .........
1973.........................................................     17,021     15,723     15,723     16,717      81,073      1,298         41  .........
1974.........................................................     17,550     16,823     16,970     17,292      87,535        727         32        147

1975.........................................................     17,822     17,692     17,704     17,556      93,887        130         14         12
1976.........................................................     18,388     18,335     18,335     18,115     101,515         53         13  .........
1977.........................................................     18,990     18,420     18,420     18,800     110,324        569         55  .........
1978.........................................................     19,753     18,885     18,885     19,521     120,445        868        135  .........
1979.........................................................     20,720     19,248     19,248     20,279     131,143      1,473         82  .........

1980.........................................................     22,015     20,325     20,328     21,501     142,004      1,690        116          3
1981.........................................................     22,443     21,807     21,956     22,124     149,021        636         54        148
1982.........................................................     23,600     22,966     23,152     23,100     160,127        634         33        186
1983.........................................................     25,367     24,593     24,595     24,806     175,467        774         96          2
1984.........................................................     26,836     23,649     26,254     25,981     187,328      3,186        113      2,604

1985.........................................................     31,426     30,108     30,607     30,389     203,492      1,318         56        499
1986.........................................................     39,025     38,198     38,501     37,655     223,609        827         38        303
1987.........................................................     38,975     38,198     38,681     37,929     239,814        777         93        483
1988.........................................................     40,435     38,719     39,963     39,386     257,043      1,716        130      1,244
1989.........................................................     40,501     40,236     40,256     39,581     267,764        265         84         20

1990.........................................................     41,789     41,464     41,486     40,125     293,247        326         76         23
1991.........................................................     45,535     45,343     45,344     44,556     317,446        192         38          1
1992.........................................................     54,358     54,234     54,235     53,202     351,030        124         18          1
1993.........................................................     60,524     60,442     60,442     59,461     386,531         82         31          0
1994.........................................................     59,406     59,197     59,197     58,238     418,121        209        100          0

1995.........................................................     56,399     56,141     56,141     55,121     434,168        257         40          0
1996.........................................................     50,083     49,928     49,928     48,660     452,383        155         68          0
1997.........................................................     46,669     46,345     46,345     44,986     480,152        324         79          0
1998p........................................................     44,910     44,793     44,793     43,318     513,952        117         15          0

1997:Jan.......................................................     49,615     49,570     49,570     48,392     454,044         45         19          0
Feb........................................................     48,854     48,812     48,812     47,823     455,538         42         21          0
Mar........................................................     48,056     47,900     47,900     46,896     456,882        156         37          0
Apr........................................................     47,336     47,075     47,075     46,326     458,104        261         88          0
May........................................................     46,750     46,507     46,507     45,510     459,474        243        173          0
June.......................................................     46,909     46,542     46,542     45,591     461,784        367        243          0

July.......................................................     46,722     46,313     46,313     45,516     464,432        409        330          0
Aug........................................................     46,932     46,335     46,335     45,686     466,704        598        385          0
Sept.......................................................     46,240     45,802     45,802     44,944     469,406        438        368          0
Oct........................................................     45,958     45,688     45,688     44,562     471,983        270        227          0
Nov........................................................     46,301     46,148     46,148     44,693     476,178        153        115          0
Dec........................................................     46,669     46,345     46,345     44,986     480,152        324         79          0

1998:Jan.......................................................     46,501     46,291     46,291     44,721     482,837        210         18          0
Feb........................................................     45,722     45,664     45,664     44,198     484,226         58         12          0
Mar........................................................     46,045     46,004     46,004     44,731     485,860         41         22          0
Apr........................................................     45,959     45,887     45,887     44,614     487,203         72         41          0
May........................................................     45,591     45,438     45,438     44,441     489,102        153         94          0
June.......................................................     45,391     45,140     45,140     43,771     491,634        251        159          0

July.......................................................     44,813     44,556     44,556     43,449     493,698        258        215          0
Aug........................................................     44,997     44,726     44,726     43,484     497,375        271        242          0
Sept.......................................................     44,585     44,334     44,334     42,901     502,168        251        178          0
Oct........................................................     44,385     44,211     44,211     42,813     506,082        174        107          0
Nov........................................................     44,571     44,488     44,488     42,947     509,936         84         37          0
Decp.......................................................     44,910     44,793     44,793     43,318     513,952        117         15          0
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\1\Data are prorated averages of biweekly (maintenance period) averages of daily figures.
\2\Aggregate reserves incorporate adjustments for discontinuities associated with regulatory changes to reserve requirements. For details on aggregate
reserves series see Federal Reserve Bulletin.

Note.--NSA indicates data are not seasonally adjusted.

Source: Board of Governors of the Federal Reserve System.