8,780 research outputs found
Advanced fiber placement of composite fuselage structures
The Hercules/NASA Advanced Composite Technology (ACT) program will demonstrate the low cost potential of the automated fiber placement process. The Hercules fiber placement machine was developed for cost effective production of composite aircraft structures. The process uses a low cost prepreg tow material form and achieves equivalent laminate properties to structures fabricated with prepreg tape layup. Fiber placement demonstrations planned for the Hercules/NASA program include fabrication of stiffened test panels which represent crown, keel, and window belt segments of a typical transport aircraft fuselage
The remarkable stability of monetary base velocity in the United States, 1919-1999
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."Money supply ; Bank reserves ; Velocity of money
Construction of an estimated domestic monetary base using new estimates of foreign holdings of U.S. currency
This paper presents a new method to estimate the amount of U.S. currency held abroad. The method exploits the fact the Federal Reserve System is the major processor of currency for depository institutions. The method exploits differentials across denominations in the ratios of shipments to receipts of currency at Federal Reserve cash offices in New York City and nationwide. The method permits us to construct a new monthly time series on the domestic monetary base, M1 and M2. The method has several advantages over previous methods, including an earlier starting date (1965) and the ability to be updated easily each month from Federal Reserve currency processing data. Relative to previous studies, our estimates suggest larger currency exports during the 1970s and early 1980s, and a sharp slowing of exports since 1995. ; This paper has been replaced with working paper 2000-002, "The Domestic Adjusted Monetary Base".Money ; Dollar, American
A revised measure of the St. Louis adjusted monetary base
The Federal Reserve Bank of St. Louis' adjusted monetary base combines in a single index Federal Reserve actions that affect the supply base money -- open market operations, discount window lending and unsterilized foreign exchange market intervention -- with actions that affect depository institutions' demand for base money -- changes in statutory reserve requirements. The adjusted monetary base equals the sum of the monetary base and a reserve adjustment magnitude (RAM) that maps changes in reserve requirements into equivalent changes in the (unadjusted) monetary base. This paper presents a revised measure of the adjusted total reserves component of the monetary base and a new RAM. The revised measure of the adjusted reserves component differs from the current measure by including the aggregate amount of depository institutions' required clearing balance contracts with the Federal Reserve. The new RAM differs from the current RAM by recognizing that, since the Monetary Control Act of 1980, an increasing number of depository institutions have not significantly changed their demand for base money (vault cash and Federal Reserve deposits) relative to transactions deposits following changes in statutory reserve requirements. The new adjusted reserves data suggest that the stance of monetary policy, measured by the growth rate of adjusted reserves, has been more volatile since 1980 then suggested by the current measure.Federal Reserve Bank of St. Louis ; Money supply
Defining the adjusted monetary base in an era of financial change
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. During the same period, depositories' interbank payments activities have come to determine most, if not all of their, demand for Federal Reserve Bank deposits. Our analysis suggests that measures of the monetary source base should be broadened to include all Federal Reserve deposits held by domestic depository institutions rather than just those deposits available to satisfy statutory reserve requirements, and that adjustments for the effects of changes in reserve requirements must recognize that many depositories' behavior is not affected by such requirements.Money supply ; Bank reserves
Retail sweep programs and bank reserves, 1994--1999
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. Through the use of such software, hundreds of banks have sharply reduced the amount of their required reserves. In some cases, this new level of required reserves is less than the amount that the bank requires for its ordinary, day-to-day business. In the terminology introduced by Anderson and Rasche (1996b), such deposit-sweeping activity has allowed these banks to become "economically nonbound," and has reduced to zero the economic burden ("tax") due to statutory reserve requirements. In this analysis, we examine a large panel of U.S. banks and develop quantitative estimates of the impact of sweep software programs on the demand for bank reserves.Money supply ; Bank reserves ; Monetary policy - United States
Retail sweep programs and bank reserves, 1994-1999
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 from transaction accounts, which are subject to statutory reserve-requirement ratios as high as 10 percent, to money market deposit accounts, which have a zero ratio. Through the use of such software, hundreds of banks have sharply reduced the amount of their required reserves. In many cases, this new lower requirement places no constraint on the bank because it is less than the amount of reserves (vault cash and deposits at the Federal Reserve) that the bank requires for its ordinary day-to-day business. In the terminology introduced by Anderson and Rasche (1996b), such deposit-sweeping activity has allowed these banks to become “economically nonbound” and has reduced to zero the economic burden (“tax”) due to statutory reserve requirements. In this analysis, we examine a large panel of U.S. banks and develop quantitative estimates of the impact of sweep software programs on the demand for bank reserves.Money supply ; Bank reserves
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. To do so, this paper presents a new method to estimate the amount of U.S. currency held abroad, a method which exploits data on the processing of currency at the Federal Reserve's 37 cash offices. Estimates of domestic monetary aggregates, including domestic M1 and M2, also are produced. Relative to previous studies and estimates currently included in the Flow of Funds and the National Income and Product Accounts, our estimates suggest larger currency exports during the 1970s and early 1980s, and a sharp slowing of exports since 1995.Money supply ; Money ; Dollar, American
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