Economic Report of the President

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TABLE B-62,—Components of money stock measures and liquid assets, 1959-82[Averages of daily figures; billions of dollars, seasonally adjusted, except as noted]PeriodCurrencyDemanddeposits1OthercheckabledepositsOvernightrepurchaseagreements(RPs)(net)NSANSAMoneymarketmutual fund(MMMF)balancesOvernightEurodollarsGeneralpurposeandbroker/dealerNSAInstitutiononlyNSASavingsdepositsSmalldenominationtimedeposits2Largedenominationtimedeposits2Termrepurchaseagreements(RPs)NSATermEurodollars(net)NSASavingsbondsShorttermTreasurysecuritiesBankers'acceptancesCommercialpaperDecember:1959I9601961196219631964196519661967196819691970197119721973197419751976197719781979198019811982"28.9?9 029.6W fi32.534.336.340 443.446.1491WIVift61 567.873 880 688 697 4106.1116?123.1132.6111.6112 5116.5118.1121.7127.0132.5134.6143.9155.1158.8166.3176.8193.6202.5207.42141224.42396253.9262.2267 2236.4240.20.00.00.112.49?7428.416.926977.0101.30.00.0 0.0.0.0111.62.5142.5316.87.27513717 822122,730531.439.50.0o.0.0.0.0.0.0.0.0.0o.0o.0.0o.0102.03.60.0n.0.0 n.0.0n.0.0no i2.1i??8?97134.445 8196.7 151.26.1 177.50.0o.0o .0.0•f).0.0.0on on469319.313933.743.1146.01587175.0194.3213.9234.8256.5?5?K263.3268.5263.2259.3?908320 21?S9337.6387 74*tl7490 4479.9421.73989343.6400.311.812 915.220726.229.935.255.9790101.9121.7153 6192.0233 9267.6290.03409396545415339652.67517854.7904.21.2203.96.910.715.221.223.131.037.420.445 057.673 2111.2144.41298118.21452194 6221.8257 9300.3332.60.00.00!c.0101.52.4142.5337.18.49015.021027 530.237 835.433.60.781.41.61.92.41.72.12.12.92.72.22.73.65.48.09.713.118729.942.948.466.746.145746.546948.149,049.6SO?51251.851.752 0VH57 660 463.267 271776480.379.672367.738.636 737.039 840.738.540.743?38.746.159.549 2W341150 053.677.1811899128.51567176.50.581.010n1.21.51.61.72.23.23.33.53.34.710.68.48.811.821.426.531.839.73.6515.2687.79.110.214.417822.534.034 532.735241.950.148051.762979.297.0981104.21981:JanFeb .MarAprMavJune116?117?117.81191119.4119.7July120.5Aug1?0 7Sept .... 121.1Oct121.3Nov121.8Dec123.1254.1244 8243.0243.5240.4237.7236.7236.6234.7235.7235.7236.443 253359.566565.266.768.169 571.271.674 777.030 630431.931834.536.535.435 332.730.230 431.452 6S849 7S?4.6 85.4506.5 %n98.86.4 102.96.9 112.878 1???6.9 130.65.9 137.365 144 96.7 151.215017 320.221319.520.121.623 326.629.432 033.7384 5378 5378.53788373.5366.8361.03509343.1339.6340 9343.676817757782.07841795.8805.5814.08308839,7849.8856.6854.7267.52717269.8267.6278.3285.6293.1299 8302.3302.2300.6300.339238136.136 737.738.837.233433.833.435 635.450.252252.152.657.057.958.761.061.263.465.566.771771070.670370.069.769.468968.467.967 767.7161.1163 6161.9157.6158.2160.3161.8164.1168.1176.0179.9176.532.432.533.334.535.636.437.137.337.637.138.139.797.797 096.194.297.1100.3100.8102.4103.8104.4103.7104.21982:JanFebMarAprMayJuneJutyAugiNovDec"123.8124.6125.1126.31?7 4128.4128.8I?*) 1 )no 5W ?Wfi132.6239.3234.5233.0233.02327231.0230.6231.1232 6236.22383240.281.183.885.888.687087.587.490293 096 51007101.335.735.636.734.635 836.036.437 636839 740639.57.5 154.97.3 156.16.3 159.45.8 162.170 164 67.0 168.97.0696562666.1171.7180 618? 51841186 6177.532.530.531.531.532833.736.743143 944 845343.1348.8348.6350.7350.53509349.9344.0342 0342 43526362 3400.3'Demand deposits at all commercial banks other than those due to domestic banks, the U.S. Government, and foreign banks andofficial institutions less cash items in the process of collection and Federal Reserve float.2 Small denomination and large denomination deposits are those issued in amounts of less than $100,000 and more than $100,000,respectively.Note, NSA indicates data are not seasonally adjusted.Travelers checks are a component of money stock but are not shown here.See also Table B-61.Source: Board of Governors of the Federal Reserve System.852.3859.4869.9881.6894.1900.9919.7930.6932.6923.8923 0904.2302.6308.0312.6317.23216328.3335.8339 6339 3342 53404332.632.532.531.534.232631.229.332130 531333 533.669.973.874.478.583 384.884.281.567.867.867.767.767 767.867.767 6180.3186.4191.0191.71919194.8199.9200.540.237338.339.940.340.840.2105.5108.4110.3109.71121115.7118.7112.0234
TABLE B-63.—Commercial bank loans and investments, 1939-82[Billions of dollars]Year and monthTotal loansandinvestmentsTotalLoansCommercialandindustrialUS.TreasurysecuritiesInvestmentsOthersecuritiesLoans plusloans soldto bankaffiliatesEnd of month >1939- Dec1940- Dec1941- Dec1942- Dec1943- Dec1944- Dec1945- Dec1946- Dec1947: Dec1948: Dec1948- Dec1949- Dec1950- Dec1951- Dec.1952: Dec1953- Dec1954: Dec1955: Dec1956- Dec1957: Dec1958- Dec1959- DecI960- Dec1961- Dec1962- Dec1963: Dec1964: Dec1965: Dec1966- Dec1967: Dec1968: Dec1969- Dec1970: Dec1971: Dec1972- DecAverage formonth 21972- Dec1973- Dec1974- Dec1975- Dec1976: Dec1977: Dec1978- Dec1979- Dec.1980: Dec1981- Dec1982- Dec1982:JanFebMarJuneJulvA UgSeptOctNovDec40.743950 767.4851105.5124 0114 0116.3114.3113.0118.7124.7130 2139.11431153.1157.61616166.41812188.7197 4212.82312250.2272.3300.13161352.0390.2401.7435.5485.7558.0572 6647 8713.6745 2804.6891.51,013.51,135.91,239.61316 31,412.4132011332 41342 51,352.51,362.01,368.813761138311,389.41397 51398 51,412.417.218 821.719.219.121.626131.138.142.541.542.051.156.562.866.269.180.688.191.595.6110.5116.7123.6137.3153.7172,9198.2213.9231.3258.2279.4292.0320.9378.9390 5460.5520.1517.4555.0632.5747.0849.9915.1973.91,042.3974.5985.2995.01,002.01,010.81,017.11 023.71028 31,033.51,038.11 036.41,042.3Seasonally adjusted39.442143.947 652.158.469.578 686.295.9105.7110.0116.2130.4137 5165 4196.91896190.9210.9245.9291.2326.8358 0392.4360.3365.53700373.1378.9383.4386.7387 9392.5394.8392.0392.416.317 821841.459877.690674 869.262.662.366.461.160.462.262 267.660.357.256.965157.759 965.364.761.560.757.153.559.460.751.257.860.662.665 858.553.682.2100.899.893.894.5110.0111.0130.9114.1115.1114.4116.6116.3115.8116.5117.8118.2122.3126.4130.97.174726.86.16.3738.19.09.29.210.312.413.414.214 716.416.816.317.920.520.520.823.929.235.038.744.848.761.371.371.185.7104.2116.5116.3128.8139.9145.6148.8159.3172.8191.5214.4231.4239.2231.5232.0233.1234.0234.9235.9235.9237.1237.6237.2235.8239.2283.3294.7323.7381.5393.1464.8524.8521.8558.7637.1750.7852.9917.8976.71,045.2977.4988.0997.81,004.81,013.51,020.11,026.51,031.11,036.41,040.91,039.31,045.21 Data are for December 31 call dates.2 Data are prorated averages of Wednesday figures for domestically chartered banks and averages of current and previous month-enddata for foreign-related institutions. Lease financing receivables are included in total loans and investments and in total loans.Note, —Beginning December 1981, levels have been reduced because of shifts from U.S. banking offices to International BankingFacilities «
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CONTENTSPageECONOMIC REPORT OF THE
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ECONOMIC REPORT OF THE PRESIDENTTo
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Monetary policy will play a critica
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Interest Rates and the U.S. Trade D
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THE ANNUAL REPORTOF THECOUNCIL OF E
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CONTENTSPageCHAPTER 1. FROM RECESSI
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PageConclusions 122CHAPTER 6. REVIE
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CHAPTER 1From Recession to Recovery
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slowed somewhat in the 1970s regard
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nal GNP growth is reflected in a sl
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inflation. More specifically, the A
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inflation rate, or with a 12 percen
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1988, an increase of about one-four
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CHAPTER 2The Dual Problems of Struc
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frequently associated with poor hea
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Chart 2-2Distribution of Unemployme
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Chart 2-4Distribution of Unemployme
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These findings suggest several conc
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Wage RigidityA number of studies sh
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that these measures may have caused
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Most young people find jobs or leav
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to employers who hire youths. Tax c
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defined broadly to include individu
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ship between incomplete experience
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CHAPTER 3The United States in the W
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with 2.6 percent in the other Organ
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TABLE 3-1 .—Structure ofthe U.S.
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TABLE 3-2.—Trade balances by comm
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concentrate on doing what it does r
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the United States will depress pric
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Chart 3-3Real Exchange Rates Of Maj
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AN UNDERVALUED YEN?The explanations
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arily reduced the international com
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nancial markets. These transactions
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TABLE 3-6.—Economic performance b
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were undoubtedly a highly favorable
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of lenders that some debtors will n
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CHAPTER 4Increasing Capital Formati
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ate of net investment was required,
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able share in Japan and 56 percent
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During the 1970s, productivity grow
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MEASURING NATIONAL SAVINGDomestic s
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TAX RULES AND PERSONAL SAVINGMany e
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on consumption taxation might also
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Nevertheless, a number of economic
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tion permitted businesses to deprec
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A final problem under current tax l
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fleeted efforts to deal with proble
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egulation was probably not applicab
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Aeronautics Board, for example, the
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system resulted. Price controls, wh
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NGPA, both controlled and decontrol
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Price and allocation controls only
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nications industries through the re
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Several major pieces of legislation
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tempt to set cartel rates would be
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computer information and advertisin
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of computer technology to the payme
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trend by widening the sources and u
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changes. That is, members can arbit
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ceived to be a consequence of exces
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lowest point in the post-World War
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ing. Partly in response to the drop
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Chart 6-3Ratio of Consumer Installm
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Chart 6-4RATIO1.85Real Inventory/Sa
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percent increase in real defense pu
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8.8 percent in 1981. These declines
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housing. Borrowing by the nonfinanc
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orous competitor for credit as usur
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1982 their share had risen to over
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TABLE 6-9.—Economic outlook for 1
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A critical element in achieving hea
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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Report to the President on the Acti
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ety of interagency and internationa
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ence J. Kotlikoff (Yale University)
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CONTENTSNATIONAL INCOME OR EXPENDIT
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B-70. Mortgage debt outstanding by
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE B-2.—Gross national product
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19291933193919401941194219431944194
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TABLE B-5.—Changes in GNP and GNP
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TABLE B-ll.—Gross national produc
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TABLE B-13.—Output, costs, and pr
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TABLE B-14.—Personal consumption
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TABLE B-16.—Gross and net private
Page 189 and 190: TABLE B-18.—Inventories and final
Page 191 and 192: TABLE B-20.—Relation of national
Page 193 and 194: TABLE B-21.—National income by ty
Page 195 and 196: TABLE B-22.—Sources of personal i
Page 197 and 198: TABLE B-24.—Total and per capita
Page 199 and 200: Year or quarterTotalTotalTABLE B-26
Page 201 and 202: POPULATION, EMPLOYMENT, WAGES, AND
Page 203 and 204: TABLE B-29.—Noninstitutional popu
Page 205 and 206: TABLE B-31.—Selected employment a
Page 207 and 208: TABLE B-33.—Civilian unemployment
Page 209 and 210: TABLE B-35.—Unemployment by reaso
Page 211 and 212: TABLE B-37.— Wage and salary work
Page 213 and 214: TABLE B-39.—Average weekly earnin
Page 215 and 216: TABLE B-41.—Changes in productivi
Page 217 and 218: TABLE B-43-—Industrial production
Page 219 and 220: TABLE B-45.—Capacity utilization
Page 221 and 222: TABLE B-46.—New construction acti
Page 223 and 224: TABLE B-48.—Nonfarm business expe
Page 225 and 226: TABLE B-50.—Manufacturers' shipme
Page 227 and 228: Year or monthAllitemsPRICESTABLE B-
Page 229 and 230: TABLE B-53.—Consumer price indexe
Page 231 and 232: TABLE B-55.—Changes in consumer p
Page 233 and 234: TABLE B-57.—Producer price indexe
Page 239: MONEY STOCK, CREDIT, AND FINANCETAB
Page 243 and 244: TABLE B-64.—Total funds raised in
Page 245 and 246: TABLE B-66.—Aggregate reserves of
Page 247 and 248: TABLE B-67 .—Bond yields and inte
Page 249 and 250: TABLE B-69.—Consumer installment
Page 251 and 252: TABLE B-71-—Mortgage debt outstan
Page 253 and 254: TABLE B-72.—Federal budget receip
Page 255 and 256: TABLE B-74.—Relation of Federal G
Page 257 and 258: TABLE B-76.—Federal Government re
Page 259 and 260: TABLE B-78.—State and local gover
Page 261 and 262: TABLE B-80.—Estimated ownership o
Page 263 and 264: CORPORATE PROFITS AND FINANCETABLE
Page 265 and 266: Year or quarterTABLE B-84.—Corpor
Page 267 and 268: TABLE B-86.—Relation of profits a
Page 269 and 270: TABLE B-88.—Determinants of busin
Page 271 and 272: TABLE B-9Q.~Current assets and liab
Page 273 and 274: TABLE B-92.—Common stock prices a
Page 275 and 276: AGRICULTURETABLE B-94.—Farm incom
Page 277 and 278: TABLE B-96.—Farm input use, selec
Page 279 and 280: TABLE B-98.—U.S. exports and impo
Page 281 and 282: INTERNATIONAL STATISTICSTABLE B-100
Page 283 and 284: TABLE B-101.—U.S. international t
Page 285 and 286: TABLE B-103.—U.S. merchandise exp
Page 287 and 288: TABLE B-105.—International invest
Page 289 and 290: TABLE B-107.— World trade balance
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TABLE B-109.—Growth rates in real
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TABLE B-lll.—Unemployment rate, a
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