Proposed Redefinition of Money Stock Measures
This article summarizes proposals by the staff of the Board of Governors for redefining the monetary aggregates that were presented in the January 1979 Federal Reserve Bulletin. The proposals raise important issues regarding the payments system, the evolving role of depositary institutions, and the basis on which the public chooses to hold various financial assets. To aid in further consideration of these proposals, comments are invited from the public. Please address comments to Office of the Staff Director for Monetary and Financial Policy, Board of Governors of the Federal Reserve System, Washington, D.C. 20551.