From: kbanaian@bernard.pitzer.claremont.edu (King Banaian)
Subject: Re: Money Supply (Re: WELLLLL! IT'S DAY ONE)
Organization: Pitzer College
Date: Wed, 27 Jan 1993 00:53:07 GMT

In article <1993Jan25.201022.18348@Princeton.EDU> nfs@volkl (Norbert Schlenker) writes:
>In article <1993Jan25.103542.7525@hemlock.cray.com> rja@mahogany126.cray.
com (Russ Anderson) writes:>>
>>In June 1992, M1 had grown 11% over the previous 12 months (Source: 
>>Federal Reserve Board).  The 3 month average was 6% (indicating a 
>>slowdown in the rate).
>
>In December 1992, M1 had grown 15% over the previous 12 months (same
>source).  The actual increase was $125 billion and it was ALL currency.
>Federal Reserve Notes.  All of it.  Currency outstanding increased by
>50% in one year.
>
I posted to the alt.politics.elections the data on M1, M2 and M3 growth.  I 
was curious about the growth in currency cited here, so I pulled up the 
latest H.6 report from the Fed.  I whittled most everything else out, and 
here is what I found.

FEDERAL RESERVE STATISTICAL RELEASE
(Excerpted, latest publication) 
      These data are scheduled for release each Thursday at 4:30 p.m.
 
 H.6 (508)
 Table 1
 
 MONEY STOCK, LIQUID ASSETS, AND DEBT MEASURES
 Billions of dollars                                                                                   JANUARY 22, 1993
 
 -----------		-------------------------------------------------------
   Date                M11                  M22                  M33           
 ------------------------------------------------------------------------------
                                                         Seasonally adjusted
 ------------------------------------------------------------------------------
 
 1991-JAN.            826.2               3344.0               4125.9          
      FEB.            836.2               3369.4               4160.2          
      MAR.            842.3               3386.9               4165.8          
      APR.            842.7               3394.8               4168.6          
      MAY             850.9               3405.6               4170.5          
      JUNE            857.3               3411.8               4167.9          
      JULY            860.0               3407.5               4157.5          
      AUG.            866.5               3409.7               4156.8          
      SEP.            872.0               3411.9               4152.8          
      OCT.            880.9               3417.9               4159.0          
      NOV.            891.4               3431.6               4166.9          
      DEC.            898.1               3439.8               4171.0          
 
 1992-JAN.            910.4               3447.5               4173.7          
      FEB.            931.0               3474.4               4198.7          
      MAR.            939.0               3475.7               4191.8          
      APR.            942.8               3471.5               4179.4          
      MAY             954.3               3473.0               4178.7          
      JUNE            951.7               3464.1               4166.7          
      JULY            960.5               3461.6               4162.9          
      AUG.            973.1               3471.2               4176.3          
      SEP.            988.6               3481.9               4183.0          
      OCT.           1007.3               3497.2               4184.7          
      NOV.           1019.0               3507.4               4191.2          
      DEC. p         1024.3               3504.0               4175.9
 
 
 Footnotes appear on the following page.
 p--indicates preliminary data.
1
 
 
 
 H.6 (508)
 Table 2
 
 MONEY STOCK AND DEBT MEASURES
 Percent change at seasonally adjusted annual rates                            
 
 ------------------------------------------------------------------------------
                                                     M1                    M2  
 ------------------------------------------------------------------------------
 
  3 Months from SEP. 1992 TO DEC. 1992              14.4                   2.5 
 
  6 Months from JUNE 1992 to DEC. 1992              15.3                   2.3 
 
 12 Months from DEC. 1991 TO DEC. 1992              14.1                   1.9 
 
 
 
 H.6 (508)
 Table 4
 
 COMPONENTS OF MONEY STOCK, LIQUID ASSETS, AND DEBT
 Billions of dollars, seasonally adjusted                                                                                                4
 
 ----------------------------------------------------------
                                                           
                                                           
                                                           
                                                           
                              Travelers       Demand       
   Date        Currency1       checks2       deposits3     
 ----------------------------------------------------------
 
 1991-AUG.       261.3           7.8           280.1       
      SEP.       262.9           7.8           280.6       
 
      OCT.       264.8           7.9           283.8        
      NOV.       266.0           8.0           287.6        
      DEC.       267.3           8.2           289.5        
 
 
 1992-JAN.       269.4           8.2           293.9        
      FEB.       271.6           8.1           305.1        
      MAR.       271.8           8.0           309.6        
 
      APR.       273.6           8.0           311.2         
      MAY        274.7           8.0           315.1         
      JUNE       276.2           7.9           311.0         
 
      JULY       278.9           7.8           315.6         
      AUG.       282.3           7.9           320.6         
      SEP.       286.4           8.3           327.8         
 
      OCT.       288.4           8.6           336.2         
      NOV.       290.0           8.6           339.2         
      DEC. p     292.5           8.6           338.9         
 
 
 
 
 Week ending
 ------------
 1992-NOV. 16    290.1           8.6           340.8         
           23    290.1           8.6           337.1         
           30    290.6           8.6           341.3         
 
      DEC.  7    291.0           8.7           339.1         
           14    291.5           8.6           339.4         
           21    292.2           8.6           336.4         
           28    294.0           8.6           341.2         
 
 1993-JAN.  4p   294.5           8.6           333.0         
           11p   294.5           8.6 e         339.0         
 
 
Looks like the run up in M1 this year was pretty evenly split between 
currency and demand deposits.  Could the original poster please cite the 
data from which the 50% claim is made?  I do not see on what it is based.

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