E C O N O M I C R E P O R T O F T H E P R E S I D E N T

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TABLE B–68.—Components of money stock measures, 1959–99[Averages of daily figures; billions of dollars, seasonally adjusted]YearandmonthCurrencyNonbanktravelerschecksDemanddepositsOthercheckabledeposits(OCDs)Smalldenominationtimedeposits 1Savingsdeposits,includingmoneymarketdepositaccounts(MMDAs) 2December:1959 ............................................................................................... 28.8 0.3 110.8 0.0 11.4 146.51960 ............................................................................................... 28.7 .3 111.6 .0 12.5 159.11961 ............................................................................................... 29.3 .4 115.5 .0 14.8 175.51962 ............................................................................................... 30.3 .4 117.1 .0 20.1 194.81963 ............................................................................................... 32.2 .4 120.6 .1 25.5 214.41964 ............................................................................................... 33.9 .5 125.8 .1 29.2 235.21965 ............................................................................................... 36.0 .5 131.3 .1 34.5 256.91966 ............................................................................................... 38.0 .6 133.4 .1 55.0 253.11967 ............................................................................................... 40.0 .6 142.5 .1 77.8 263.71968 ............................................................................................... 43.0 .7 153.6 .1 100.5 268.91969 ............................................................................................... 45.7 .8 157.3 .2 120.4 263.71970 ............................................................................................... 48.6 .9 164.7 .1 151.2 261.01971 ............................................................................................... 52.0 1.0 175.1 .2 189.7 292.21972 ............................................................................................... 56.2 1.2 191.6 .2 231.6 321.41973 ............................................................................................... 60.8 1.4 200.3 .3 265.8 326.81974 ............................................................................................... 67.0 1.7 205.1 .4 287.9 338.61975 ............................................................................................... 72.8 2.1 211.3 .9 337.9 388.91976 ............................................................................................... 79.5 2.6 221.5 2.7 390.7 453.21977 ............................................................................................... 87.4 2.9 236.4 4.2 445.5 492.21978 ............................................................................................... 96.0 3.3 249.5 8.5 521.0 481.91979 ............................................................................................... 104.8 3.5 256.6 16.8 634.3 423.81980 ............................................................................................... 115.3 3.5 261.2 28.1 728.5 400.31981 ............................................................................................... 122.5 3.6 231.4 78.7 823.1 343.91982 ............................................................................................... 132.5 3.6 234.1 104.1 850.9 400.11983 ............................................................................................... 146.2 4.0 238.5 132.1 784.1 684.91984 ............................................................................................... 156.1 4.3 243.4 147.4 888.8 704.71985 ............................................................................................... 167.9 4.8 266.9 179.8 885.7 815.31986 ............................................................................................... 180.7 5.2 302.8 235.6 858.4 940.91987 ............................................................................................... 196.9 5.7 287.6 259.5 921.0 937.41988 ............................................................................................... 212.2 6.1 287.0 280.9 1,037.1 926.41989 ............................................................................................... 222.6 6.1 278.7 285.1 1,151.3 893.71990 ............................................................................................... 247.0 7.0 276.9 293.7 1,173.4 923.21991 ............................................................................................... 267.5 7.1 289.7 332.5 1,065.6 1,044.41992 ............................................................................................... 292.5 7.5 340.0 384.4 868.1 1,186.71993 ............................................................................................... 322.0 7.4 385.4 414.6 782.1 1,219.11994 ............................................................................................... 354.2 8.0 383.6 404.1 816.5 1,150.01995 ............................................................................................... 372.3 8.5 389.4 356.7 931.7 1,135.11996 ............................................................................................... 394.1 8.3 403.0 276.2 947.6 1,272.31997 ............................................................................................... 424.5 8.1 396.5 246.2 969.3 1,400.21998 ............................................................................................... 459.2 8.2 377.5 248.8 952.0 1,605.01999 p ............................................................................................. 516.9 8.2 358.9 241.4 952.4 1,738.81998: Jan ............................................................................................ 427.0 8.0 392.8 246.3 970.8 1,413.8Feb ............................................................................................ 430.0 8.0 392.3 246.1 970.1 1,428.5Mar ........................................................................................... 432.1 8.1 391.0 249.8 968.9 1,439.4Apr ............................................................................................ 434.2 8.1 389.2 250.9 967.6 1,459.3May ........................................................................................... 436.4 8.2 387.8 246.2 966.0 1,472.2June .......................................................................................... 439.2 8.6 384.7 245.9 965.2 1,485.9July ............................................................................................ 442.3 9.1 379.3 245.3 962.4 1,505.8Aug ............................................................................................ 444.8 9.0 374.8 244.0 959.7 1,522.5Sept .......................................................................................... 449.6 8.7 374.4 242.4 958.7 1,543.7Oct ............................................................................................ 453.3 8.6 374.7 244.2 957.9 1,563.1Nov ............................................................................................ 456.5 8.3 377.0 247.6 955.7 1,582.6Dec ........................................................................................... 459.2 8.2 377.5 248.8 952.0 1,605.01999: Jan ............................................................................................ 462.7 8.2 371.1 249.5 946.5 1,622.7Feb ............................................................................................ 467.6 8.1 371.8 245.5 940.7 1,633.1Mar ........................................................................................... 472.0 8.2 374.1 248.1 936.6 1,636.0Apr ............................................................................................ 476.5 8.2 374.0 250.1 933.7 1,657.1May ........................................................................................... 480.9 8.3 369.5 246.5 930.8 1,675.1June .......................................................................................... 484.1 8.6 363.0 245.9 926.4 1,694.1July ............................................................................................ 487.3 9.0 362.7 240.9 926.3 1,715.9Aug ............................................................................................ 490.9 9.0 363.4 239.6 929.1 1,725.8Sept .......................................................................................... 495.0 8.7 352.9 237.4 934.3 1,742.8Oct ............................................................................................ 499.2 8.5 354.5 236.8 939.5 1,746.0Nov ............................................................................................ 505.2 8.2 357.2 237.7 947.0 1,742.2Dec p ......................................................................................... 516.9 8.2 358.9 241.4 952.4 1,738.81Small denomination deposits are those issued in amounts of less than $100,000.2Data prior to 1982 are savings deposits only; MMDA data begin December 1982.See next page for continuation of table.386
TABLE B–68.—Components of money stock measures, 1959–99—Continued[Averages of daily figures; billions of dollars, seasonally adjusted]YearandmonthMoney marketmutual fund(MMMF) balancesRetailInstitutiononlyLargedenominationtimedeposits 3Overnightand termrepurchaseagreements(RPs)(net)Overnightand termEurodollars(net)December:1959 ..................................................................................................................... 0.0 0.0 1.2 0.0 0.71960 ..................................................................................................................... .0 .0 2.0 .0 .81961 ..................................................................................................................... .0 .0 3.9 .0 1.51962 ..................................................................................................................... .0 .0 7.0 .0 1.61963 ..................................................................................................................... .0 .0 10.8 .0 1.91964 ..................................................................................................................... .0 .0 15.2 .0 2.41965 ..................................................................................................................... .0 .0 21.2 .0 1.81966 ..................................................................................................................... .0 .0 23.1 .0 2.21967 ..................................................................................................................... .0 .0 30.9 .0 2.21968 ..................................................................................................................... .0 .0 37.4 .0 2.91969 ..................................................................................................................... .0 .0 20.4 4.9 2.71970 ..................................................................................................................... .0 .0 45.2 3.0 2.41971 ..................................................................................................................... .0 .0 57.7 5.2 2.91972 ..................................................................................................................... .0 .0 73.3 6.6 3.81973 ..................................................................................................................... .1 .0 110.9 12.8 5.81974 ..................................................................................................................... 1.7 .2 144.7 14.5 8.51975 ..................................................................................................................... 2.8 .5 129.7 15.0 10.21976 ..................................................................................................................... 2.5 .6 118.1 25.5 15.41977 ..................................................................................................................... 2.6 1.0 145.2 33.5 21.91978 ..................................................................................................................... 6.7 3.5 195.6 45.2 35.31979 ..................................................................................................................... 34.9 10.4 223.1 49.2 52.81980 ..................................................................................................................... 63.5 16.0 260.2 58.2 61.51981 ..................................................................................................................... 152.9 38.2 303.8 67.8 88.91982 ..................................................................................................................... 185.9 48.8 324.8 71.8 104.31983 ..................................................................................................................... 138.1 40.9 316.5 97.3 116.61984 ..................................................................................................................... 167.0 61.8 403.2 107.3 108.91985 ..................................................................................................................... 177.1 64.6 422.4 121.2 104.21986 ..................................................................................................................... 210.4 85.5 420.2 145.8 115.71987 ..................................................................................................................... 224.7 92.7 467.1 178.0 121.51988 ..................................................................................................................... 246.1 92.8 518.3 196.5 131.71989 ..................................................................................................................... 322.3 111.1 541.5 169.1 109.41990 ..................................................................................................................... 358.0 139.6 482.1 151.5 103.31991 ..................................................................................................................... 373.1 187.7 417.6 131.1 92.31992 ..................................................................................................................... 354.7 210.5 354.4 141.6 79.51993 ..................................................................................................................... 357.0 212.5 334.5 172.6 72.71994 ..................................................................................................................... 385.8 204.7 364.4 196.4 86.11995 ..................................................................................................................... 455.5 255.9 421.0 198.7 93.71996 ..................................................................................................................... 522.8 313.3 493.1 211.3 113.91997 ..................................................................................................................... 602.0 379.9 575.7 251.7 149.31998 ..................................................................................................................... 750.7 516.2 629.5 297.8 150.71999 p .................................................................................................................. 846.1 606.7 715.9 329.6 169.91998: Jan .................................................................................................................. 612.6 385.9 582.0 258.8 150.0Feb .................................................................................................................. 625.9 391.3 592.1 253.5 145.4Mar ................................................................................................................. 636.7 399.8 606.4 267.4 141.8Apr .................................................................................................................. 645.6 414.4 607.1 268.0 141.9May ................................................................................................................. 657.5 426.9 612.2 269.1 145.4June ................................................................................................................ 668.8 437.7 620.3 268.0 146.3July ................................................................................................................. 671.5 441.9 613.6 270.7 149.2Aug ................................................................................................................. 686.1 454.5 620.2 277.6 153.5Sept ................................................................................................................ 707.1 467.8 621.3 282.0 154.4Oct .................................................................................................................. 724.2 486.7 621.4 282.6 155.5Nov ................................................................................................................. 736.8 503.8 625.0 289.2 154.5Dec ................................................................................................................. 750.7 516.2 629.5 297.8 150.71999: Jan .................................................................................................................. 764.8 515.0 637.3 292.3 147.3Feb .................................................................................................................. 779.1 529.9 626.3 309.9 153.1Mar ................................................................................................................. 780.9 529.1 617.1 298.1 159.4Apr .................................................................................................................. 789.3 538.4 623.7 289.9 163.5May ................................................................................................................. 795.8 544.6 621.6 295.4 165.0June ................................................................................................................ 801.6 548.1 618.2 308.4 168.1July ................................................................................................................. 802.9 546.0 626.7 308.9 165.7Aug ................................................................................................................. 809.5 556.4 621.1 310.7 161.1Sept ................................................................................................................ 815.4 559.3 630.8 310.4 160.3Oct .................................................................................................................. 821.9 571.0 654.3 307.3 157.3Nov ................................................................................................................. 829.9 588.8 685.7 317.3 165.5Dec p ............................................................................................................... 846.1 606.7 715.9 329.6 169.93Large denomination deposits are those issued in amounts of more than $100,000.Note.--See also Table B-67.Source: Board of Governors of the Federal Reserve System.387
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E C O N O M I CR E P O R TO F T H E
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C O N T E N T SPageECONOMIC REPORT
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ECONOMIC REPORT OF THE PRESIDENTTo
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my State of the Union address, I pr
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hard-pressed families—with additi
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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PageSources of Business Cycle Moder
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PageHeterogeneity in Abatement Bene
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Page2-3. Net Worth and the Personal
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PageLIST OF BOXES2-1. The CPI-U-RS,
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These successes notwithstanding, th
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$33,740, Americans today can acquir
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those in the highest decile rose 0.
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Data on poverty also show progress.
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Over the years, government support
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asis, the current expansion also sh
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The current expansion, by contrast,
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InflationAccelerating inflation pos
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it was argued, must be shifting the
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is that the direction of technologi
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Challenges for the FutureThis chapt
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in the new labor market. The chapte
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disruptive in some cases. Finally,
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C H A P T E R 2Macroeconomic Policy
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Chapter 2 | 51
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usiness cycle has changed over the
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cent over the four quarters of 1999
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framework that continues to pay dow
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The labor force participation rate
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Box 2-1.—continuedof no substitut
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feed directly into the index. Moreo
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funds rate (the interest rate that
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nesses with below-investment-grade
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From 1989 to 1999, corporate earnin
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ital includes the value of intellec
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of gross personal saving to GDP has
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The beginnings and ends of U.S. bus
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introduced in 1913 and Social Secur
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Of course, it is premature to decla
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Box 2-3.What Did We Learn from the
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TABLE 2-3.— Accounting for the Pr
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future extrapolates long-term trend
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Over the past 6 years, the CPI-U-RS
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work enables job hunters to work wh
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Chart 2-17 shows how this could hap
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of professional economic forecaster
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Administration’s forecast is used
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Innovations during the 20th century
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transformations the Internet and e-
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Another industry that saw major cha
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One example is the “lean” produ
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Box 3-1. Measuring the Economy in a
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Box 3-2. Implementing Local Competi
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of fiber optic cable deployed by te
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How Information Technology IsChangi
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total investment in information tec
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For e-retailers, the Internet repla
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suppliers for surplus quantities of
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However, the same technology that d
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value of each network to its users.
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many possible uses but that depends
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Maintaining CompetitionAnother way
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Similarly, by reducing barriers to
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Formal education was a far less imp
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The Transformation of the Labor Mar
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Americans has risen almost 10-fold
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diploma (Chart 4-5). That same year
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ensuring equal opportunity for all
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those of men (again looking at full
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Box 4-1. The Role of Government Pol
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severe disabilities. For example, a
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Box 4-2.—continuedOther policy in
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equirements of jobs. To right this
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uild and maintain a world-class ele
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Class Size Reduction. Average class
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During this Administration, the Fed
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years ago. In 2000, 13.1 million st
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through a period of unpaid training
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The first major mandatory training
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a 30-year low, labor force particip
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ConclusionTwo key developments—th
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TABLE 5-1.—Contrasting American F
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opened up for women to work and as
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The increased prevalence of single-
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to an increasing share of the popul
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Box 5-1.—continuedAlthough most f
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For the past 50 years, the median i
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gle mothers the median rose from $1
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TABLE 5-3.— Share of Women with C
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income growth over the last 30 year
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consumption patterns have changed,
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Increases in the Minimum WageThe mi
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Box 5-4.The National Strategy to Re
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or older, and of those 85 or older,
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of single-parent families increased
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caregivers for the elderly say thei
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would allow all workers who get tim
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C H A P T E R 6Opportunity and Chal
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Meanwhile innovations in transporta
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But to look at U.S. trade only in t
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Data from the U.S. computer industr
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net indebtedness of about 18 percen
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capital flows. Coupled with other d
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forces to play themselves out. In t
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The Benefits of a Global EconomyThe
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Domestic production can expand when
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In short, increased globalization b
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key sectors such as finance, teleco
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international trade is not a zero-s
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As these data suggest, not all WTO
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For example, preferential U.S. trad
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By contrast, in 1998 output fell on
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Box 6-3.The New International Finan
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The key objective of the initiative
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Chapter 6 | 233
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demand for exports. It would be a m
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integrating with the world economy
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The past century of experience in a
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242 | Economic Report of the Presid
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Box 7-1.—continuedand energy pric
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Box 7-2.—continuedproviding usefu
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Incentive-Based Approaches to Addre
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compliance costs may fall by less t
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Box 7-4.—continuedroughly 5 to 15
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so a system of multipollutant tradi
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sulfur dioxide trading program. The
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coastal zone. Trades can occur with
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Permit Trading: Phasedown of Leaded
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To address the problems associated
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Box 7-5. Individual Quotas for Fish
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A landmark international agreement
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However, the country could cut ener
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Quantitative Restrictions on Tradin
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comprehensive domestic trading syst
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Box 7-9.—continuedthe use of ener
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C O N C L U S I O NA Century of Cha
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More than 40 percent of the work fo
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growth and are credited with helpin
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have much to gain from continuing t
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Appendix AREPORT TO THE PRESIDENT O
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Council Members and Their Dates of
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previously served as the New Centur
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(antidumping, countervailing duties
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with a number of developing countri
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Michael Treadway provided editorial
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Appendix BSTATISTICAL TABLES RELATI
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POPULATION, EMPLOYMENT, WAGES, AND
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AGRICULTURE:PageB-95. Farm income,
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE B-2.—Real gross domestic pr
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TABLE B-3.—Quantity and price ind
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TABLE B-5.—Contributions to perce
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TABLE B-6.—Chain-type quantity in
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TABLE B-7.—Chain-type price index
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TABLE B-8.—Gross domestic product
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Year orquarterGrossdomesticproductT
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TABLE B-12.—Gross product of nonf
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TABLE B-14.—Personal consumption
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TABLE B-16.—Private gross fixed i
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TABLE B-18.—Government consumptio
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TABLE B-20.—Private inventories a
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Year orquarterTABLE B-22.—Foreign
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TABLE B-24.—Relation of gross dom
Page 328 and 329: Year orquarterTABLE B-26.—Nationa
Page 330 and 331: TABLE B-27.—Sources of personal i
Page 332 and 333: TABLE B-28.—Disposition of person
Page 334 and 335: TABLE B-30.—Gross saving and inve
Page 336 and 337: TABLE B-31.—Median money income (
Page 338 and 339: TABLE B-33.—Civilian population a
Page 340 and 341: TABLE B-34.—Civilian employment a
Page 342 and 343: TABLE B-36.—Unemployment by demog
Page 344 and 345: TABLE B-38.—Civilian labor force
Page 346 and 347: TABLE B-40.—Civilian unemployment
Page 348 and 349: TABLE B-42.—Unemployment by durat
Page 350 and 351: TABLE B-44.—Employees on nonagric
Page 352 and 353: TABLE B-45.—Hours and earnings in
Page 354 and 355: Year orquarterOutput per hourof all
Page 356 and 357: PRODUCTION AND BUSINESS ACTIVITYTAB
Page 358 and 359: TABLE B-51.—Industrial production
Page 360 and 361: Year or monthTABLE B-53.—New cons
Page 362 and 363: TABLE B-55.—Manufacturing and tra
Page 364 and 365: Year or monthTotalTABLE B-57.—Man
Page 366 and 367: Year ormonthTABLE B-59.—Consumer
Page 368 and 369: TABLE B-60.—Consumer price indexe
Page 370 and 371: TABLE B-62.—Changes in consumer p
Page 372 and 373: TABLE B-63.—Producer price indexe
Page 374 and 375: TABLE B-65.—Producer price indexe
Page 376 and 377: TABLE B-66.—Changes in producer p
Page 380 and 381: TABLE B-69.—Aggregate reserves of
Page 382 and 383: Year andmonthBills(new issues) 13-m
Page 384 and 385: TABLE B-72.—Credit market borrowi
Page 386 and 387: TABLE B-73.—Mortgage debt outstan
Page 388 and 389: TABLE B-75.—Consumer credit outst
Page 390 and 391: TABLE B-77.—Federal budget receip
Page 392 and 393: TABLE B-79.—Federal receipts, out
Page 394 and 395: TABLE B-81.—Federal and State and
Page 396 and 397: TABLE B-83.—State and local gover
Page 398 and 399: TABLE B-85.—Interest-bearing publ
Page 400 and 401: End of monthTABLE B-87.—Estimated
Page 402 and 403: TABLE B-89.—Corporate profits by
Page 404 and 405: TABLE B-91.—Sales, profits, and s
Page 406 and 407: Year or monthTABLE B-93.—Common s
Page 408 and 409: AGRICULTURETABLE B-95.—Farm incom
Page 410 and 411: TABLE B-97.—Farm output and produ
Page 412 and 413: Year ormonthTABLE B-99.—Indexes o
Page 414 and 415: Year orquarterExportsINTERNATIONAL
Page 416 and 417: TABLE B-102.—U.S. international t
Page 418 and 419: TABLE B-104.—U.S. international t
Page 420 and 421: TABLE B-106.—Industrial productio
Page 422 and 423: PeriodTABLE B-108.—Foreign exchan
Page 424: TABLE B-110.—Growth rates in real
show all

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