Economic Report of the President

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TABLE B-63.—Federal Reserve Bank credit and member bank reserves, 1929-80[Averages of daily figures; millions of dollars]Year and monthTotalReserve Bank credit outstandingU.S.Governmentand FederalagencysecuritiesMember bankborrowingsTotalSeasonalOther l Member bank reserves 2Total Required Excess1929: Dec...1933: Dec...1939: Dec .1940: Dec.1941: Dec .1942: Dec1943: Dec .1944-. Dec..1945: Dec .1946: Dec .1947: Dec1948: Dec.1949: Dec .1950: Dec.1951: Dec.1952: Dec.1953: Dec .1954: Dec1955: Dec1956: Dec1957: Dec.1958: Dec.1959: Dec1960: Dec .1961: Dec.1962: Dec..1963: Dec1964: Dec...1965: Dec...1966: Dec...1967: Dec...1968: Dec...1969: Dec...,1970: Dec...1971: Dec..,1972: Dec...1973: Dec...,1974: Dec..,1975: Dec....1976: Dec.1977: Dec..,1978: Dec..,1979: Dec...1980: Dec. r.1980:JanFebMarMay*.' .,JuneJulyAug....SeptOct. .NovDec."1,6432,6692,6122,3052,4046,03511,91419,61224,74424,74622,85823,97819,01221,60625,44627,29927,10726,31726,85327,15626,18628,41229,43529,06031,21733,21836,61039,87343,85346,86451,26856,61064,10066,70874,25576,85185,64293,96799,651107,632116,382129,330139,896143,250138,843135,485136,260139,212139,590141,182141,744139,235139,993141,695142,984143,2504462,4322,5102,1882,2195,54911,16618,69323,70823,76721,90523,00218,28720,34523,40924,40025,63924,91724,60224,76523,98226,31227,03627,24829,09830,54633,72937,12640,88543,76048,89152,52957,50061,68869,15871,09479,70186,67992,108100,328107,948117,344126,276127,895126,238123,327124,243127,546129,663131,356130,997128,070128,684130,661129,743127,895801953354902653341572241341181426571,593441246839688710557906871493043272434545572387651,0863211071,0491,298703127625588741,4731,6171,2411,6552,8242,4551,0183803956591,3111,3352,1561,61741321312541348211675961501556312710266799116396142991141804826586547028227298426071,1191,3801,3061,0271,1541,4121,7031,4941,5431,4931,7251,9702,3682,5542,5042,5142,5472,1393,3165,5144,6994,9904,7084,6436,5857,4167,2427,87611,11212,14713,73811,36410,5039,1939,2118,90
TABLE B-64.—Aggregate reserves and member bank deposits, 1959-80[Averages of daily figures; billions of dollars, seasonally adjusted]Year and monthReserves of depositoryinstitutions 1Total 2NonborrowedRequiredMonetarybase 3Member bank deposits subject toreserve requirementsTotalTimeandsavingsPrivateAdjusted for changes in reserverequirements 4TotalsitoryinstitutionsU.S.GovernmentNonborrowedRequiredMonetarybase1959: Dec18.6117.6718.1048.3157.854.498.64.816.1215.1815.6145.8I960: Dec1961: Dec1962: Dec .1963: Dec.1964: Dec18.9119.7619.7220.3921.2718.8419.6319.4620.0621.0118.1719.1819.1419.9020.8748.750.251.253.856.5162.2175.4189.1203.7219.158.967.880.192.4104.198.8102.7103.3105.9109.14.64.95.75.45.916.3516.9117.3617.8518.5016.2716.7717.1017.5218.2415.6016.3216.7917.3618.1046.147.348.851.353.81965: Dec1966: Dec1967: Dec1968: Dec1969: Dec22.3423.3924.9127.1828.0721.9022.8624.6926.4326.9521.9223.0524.5426.7527.7859.862.966.572.075.6238.9246.8276.3300.4288.0121.1129.0149.3164.9150.7113.0114.1121.5130.6132.14.83.75.44.95.219.3019.4121.2022.5322.4318.8618.8820.9721.7821.3118.8819.0720.8222.1022.1456.758.962.867.369.91970: Dec1971: Dec1972: Dec1973: Dec1974- Dec29.2231.2831.4034.9836.6628.8931.1530.3533.6835.9428.9731.0931.1134.6836.4179.885.590.298.6106.8321.7361.1402.8443.4487.2179.4211.4242.4280.4323.3136.1143.8154.4158.2160.66.25.86.14.83.323.9825.6328.5330.2532.1523.6525.5027.4828.9531.4223.7325.4428.2529.94318974,679.987.393.910211975: Dec.1976: Dec1977: Dec1978: Dec .1979: Dec34.6734.9036.0041.1643.5734.5434.8535.4340.2942.1034.4034.6335.8140.9343.13111.0118.4127.6142.2153.8504.9528.3567.6616.1644.4337.5353.6385.6428.7451.1164.6171.7178.5185.1191.52.83.03.52.21.832.1732.6734.1036.0337.5132.0432.6233.5335.1636.0331.9032.3933.9135.8037.06107.6115.2124.8136.1146.81980: Dec. P40.1338.4439.58159.8701.8503.9195.91.940.1138.4239.56159.71979:JanFebMarp..-:::June413640.87407540.7040.6740.5340 3639,9039 7639.7838.9039.11411540.6640 5940.5240.5340.31143 2143.4143 9144.6145.1145.9619 0617.5615 4618.7616.0614.7431.2432.9432.3431.8429.8427.6185 8182.71812185.0184.2185.0201.9181.91.92.1361935.7135 6035.5735.5935.56351934.7434 6134.6533.8334.1435 9835.51354435.4035.4535.34137 1137.3137 9138.5139.2140.1JulyAueSeptOctNovDec40:7841.1141.4342.2043.0643.5739.6140.0340.0940.1841.1542.1040.5740.8941.2441.9342.8143.13147.1148.6150.0151.5152.8153.8619.3625.4631.5638.2641.9644.4430.6436.3441.7446.6450.1451.1186.9187.0188.1189.8190.0191.51.82.11.71.71.91.835.8036.0536.2936.8236.9437.5134.6334.9634.9534.8035.0336.0335.5935.8336.1036.5536.6937.06141.2142.6144.0145.2145.8146.81980:JanFeb...MarAprMayJuneJutvAugSeptOctNovDec "43.4443.3543.6744.8544.4543.9642.7840.7541.5241.7341.2340.1342.2041.7040.8542.3943.4343.5842.3940.0940.2140.4239.1738.4443.1943.1443.4844.6544.2743.7642.5040.4541.2641.5240.7339.58154.7155.6156.6157.9158.5158.9158.8158.2159.5160.9160.6159.8643.7647.2649.1655.4656.8658.0658.5667.8678.2684.7694.5701.8451.9454.4457.9464.2467.7467.9467.0474.2482.0486.7494.2503.9189.5190.9189.4188.7187.3188.4189.1191.5194.5195.6198.2195.92.31.91.82.41.81.72.52.11.82.42.21.937.4837.4037.4837.5237.4937.4637.5738.0538.7338.89M0.0640.1136.2335.7534.6535.0636.4737.0837.1837.3937.4137.585 38.0038.4237.2237.1937.2937.3237.3137.2637.2937.7538.4738.695 39.5639.56147.8148.7149.5149.7150.7151.5152.6154.6155.8157.15 159.1159.71 Reserves of depository institutions series reflect actual reserve requirement percentages with no adjustment to eliminate the effectof changes in Regulations D and M. Prior to November 13, 1980, the date of implementation of the Monetary Control Act, only thereserves of commercial banks that were members of the Federal Reserve System were included in the series. Since that date the seriesinclude the reserves of all depository institutions. In conjunction with the implementation of the act, required reserves of memberbanks were reduced about $4.3 billion and required reserves of other depository institutions were increased about $1.4 billion. EffectiveOctober 11, 1979, an 8 percentage point marginal reserve requirement was imposed on "managed liabilities". This action raisedrequired reserves about $320 million. Effective March 12, 1980, the 8 percentage point marginal reserve requirement was raised to 10percentage points. In addition the base upon which the marginal reserve requirement was calculated was reduced. This action increasedrequired reserves about $1.7 billion in the week ending April 2, 1980. Effective May 29, 1980, the marginal reserve requirement wasreduced from 10 to 5 percentage points and the base upon which the marginal reserve requirement was calculated was raised. Thisaction reduced required reserves about $980 million in the week ending June 18, 1980. Effective July 24, 1980, the 5 percent marginalreserve requirement on managed liabilities and the 2 percent supplementary reserve requirement against large time deposits wereremoved. These actions reduced required reserves about $3.2 billion.2 Reserve balances with Federal Reserve Banks plus vault cash at institutions with required reserve balances plus vault cash equal torequired reserves at other institutions.3 Includes reserve balances at Federal Reserve Banks in the current week plus vault cash held two weeks earlier used to satisfyreserve requirements at all depository institutions plus currency outside the U.S. Treasury, Federal Reserve Banks, the vaults ofdepository institutions, and surplus vault cash at depository institutions.4 Reserve aggregates series have been adjusted to remove discontinuities associated with the implementation of the Monetary ControlAct, marginal reserve requirements, the inclusions of Edge Act Corporation reserves, and other changes in Regulations D, K, and M.5 Reserve measures beginning November reflect increases in required reserves associated with the reduction of weekend avoidanceactivities of a few large banks. The reduction in these activities leads to essentially a one-time increase in the average level of requiredreserves that need to be held for a given level of deposits entering the money supply. In November, this increase in required reserves isestimated at $550 to $600 million.Source: Board of Governors of the Federal Reserve System.307
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Economic Reportof the PresidentTran
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ECONOMIC REPORTOF THE PRESIDENT
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We have heard much about American i
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at an approach that took account of
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een due to overall demand in the ec
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to $27.5 billion in the new budget
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ductions would amount to over $27 b
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10 percent inflation rate, keeping
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tutes for petroleum. The Synthetic
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esponse can be so large as to wipe
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THE ANNUAL REPORTOF THECOUNCIL OF E
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CONTENTSCHAPTER 1. INFLATION AND GR
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PageChallenges to the International
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CHAPTER 1Inflation and Growth in th
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needed to control inflation by resi
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decline in productivity growth may
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Chart 1Standard Unit Labor CostsPER
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end of 1974 the world price of oil
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price decisions cannot easily be re
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Federal budget achieved a surplus.
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As an abrupt increase in the price
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policies but are based on the wides
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tion, and can policies be designed
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duction and employment to grow only
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Moreover, their actions must indica
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Starting with its 1975 targets as a
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well after the fact whether the mon
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Reserve provides some flexibility i
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in response to circumstances in par
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Although the flexibility of TIPs ma
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ard or that thought the administrat
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given standard, as the reward and t
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large firms. Even among large firms
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cause declining productivity growth
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vanced technology and will therefor
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ather than restoring the growth of
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correct some of the distortions in
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higher than it would otherwise be b
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EXPECTED PRODUCTIVITY GAINSAlthough
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supply of adult men in the work for
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increase demand pressures, especial
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time hours also has drawbacks. For
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eintroduce the problem of changing
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CHAPTER 2Improving the Adaptability
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use less and produce more energy in
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expectation of price controls or fu
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dependence on foreign oil mean that
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While the market solution might pro
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High energy prices and excessive de
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part, the interests of these partie
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Federal regulations designed to pro
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Agency (EPA) from considering prosp
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other things, that federally assist
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ing services. Money-market mutual f
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holdings of consumer and business l
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they once had and thus cannot conti
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finding ways around outdated regula
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proportion of the existing farms pr
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prices for years in the future, reg
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derground water resources once thou
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comprehensive, actuarial crop insur
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duced a decline in the median age o
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elude government investments in loc
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some of the firms in the chosen sec
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CHAPTER 3The Economy: Review and Pr
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uild up oil inventories and maintai
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Chart 7Selected Interest Ratesand B
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had risen just 2 months earlier. By
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Chart 8Personal Saving RatePERCENT1
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chief cyclical determinant of housi
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ment were sharply diminished by the
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dropped even faster, in large part
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ployment grew more vigorously after
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terials fell for a full third of th
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1979, slowed to a 19 percent annual
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costs of production. The evidence s
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sharp decline in output in the seco
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ecord high interest rates during th
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automatic transfer services (ATS) n
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plunged in March, although the only
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(FHLB) System increased their borro
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THE PROSPECTS FOR 1981 AND 1982In 1
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expectations. Of course, if the eco
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The uncertainty of developments in
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produce a slight decline in the sav
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more rapid growth thereafter. Durin
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eemergence of modest but sustained
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hike would depend on many factors,
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major revision of the NIPA occurred
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per year. This modest acceleration
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THE INDUSTRIAL ECONOMIES: TRENDS AN
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Chart 10Labor Costs, Value-Added De
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Rather, the German current account
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TABLE 30.—Inflation in major indu
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THE GLOBAL OIL MARKETTable 31 summa
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may be preserved. Stocks are in fac
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straint on growth. Finally, policie
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outside government, both at home an
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ates are high, differences in polic
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Japanese trade performance in volum
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No "Say's Law" operates in internat
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the cost of the loans, and they may
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At the same time, access to the IMF
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to closer cooperation is to risk a
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While all countries, in attempting
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threats of disruption, market-shari
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LETTER OF TRANSMITTALCOUNCIL OF ECO
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Past Council Members and their date
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1977 to review selected analyses of
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The Chairman and the Council Member
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University). Kate Stith Pressman, s
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CONTENTSNATIONAL INCOME OR EXPENDIT
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GOVERNMENT FINANCE'—ContinuedB-72
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NATIONAL INCOME OR EXPENDITURETABLE
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TABLE B-2.—Gross national product
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TABLE B-3.—Implicit price deflato
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TABLE B-5.—Implicit price deflato
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TABLE B-10.—Gross national produc
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TABLE B-12.—Output, costs, and pr
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TABLE B-14.—Gross private domesti
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TABLE B-16.—Inventories and final
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TABLE B-18.—Relation of national
Page 261 and 262: TABLE B-19-—National income by ty
Page 263 and 264: Year orquarter192919331939194019411
Page 265 and 266: TABLE B-22.—Total and per capita
Page 267 and 268: Year orquarterTotalTotalCurrencyand
Page 269 and 270: TABLE B-26.—Population by age gro
Page 271 and 272: TABLE B-27.—Noninstitutional popu
Page 273 and 274: Year or monthTABLE B-29.—Selected
Page 275 and 276: TABLE B-31.—Unemployment rate by
Page 277 and 278: TABLE B-33.—Unemployment by reaso
Page 279 and 280: TABLE B-35.—Wage and salary worke
Page 281 and 282: TABLE B-37.—Average weekly earnin
Page 283 and 284: TABLE B-39.—Changes in productivi
Page 286 and 287: TABLE B-42.—Industrial production
Page 288 and 289: TABLE B-44;—New construction acti
Page 290 and 291: TABLE B-45.—New housing units sta
Page 292 and 293: TABLE B-47.—Sales and inventories
Page 294 and 295: TABLE B-49.—Manufacturers' new an
Page 296 and 297: TABLE B-51.—Consumer price indexe
Page 298 and 299: 19391940194119421943194419451946194
Page 300 and 301: TABLE B-54.—Changes in special co
Page 302 and 303: TABLE B-55.—Producer price indexe
Page 304 and 305: TABLE B-57.—Producer price indexe
Page 306 and 307: TABLE B-58.—Changes in producer p
Page 308 and 309: TABLE B-60.—Components of money s
Page 310 and 311: TABLE B-62.— Total funds raised i
Page 314 and 315: TABLE B-65.—Bond yields and inter
Page 316 and 317: TABLE B-66—Consumer credit outsta
Page 318 and 319: TABLE B-68.—Mortgage debt outstan
Page 320 and 321: GOVERNMENT FINANCETABLE B-70.—Fed
Page 322 and 323: TABLE B-l\.—Federal budget receip
Page 324 and 325: TABLE B-73.—Government receipts a
Page 326 and 327: TABLE B-75.—State and local gover
Page 328 and 329: TABLE B-77,—Interest-bearing publ
Page 330 and 331: TABLE B-79-—Maturity distribution
Page 332 and 333: TABLE B-81.—Corporate profits by
Page 334 and 335: TABLE B-83.—Sales, profits, and s
Page 336 and 337: TABLE B-85.—Relation of profits a
Page 338 and 339: TABLE B-87.—Sources and uses of f
Page 340 and 341: TABLE B-89-—State and municipal a
Page 342 and 343: TABLE B-91.—Business formation an
Page 344 and 345: TABLE B-93.—Farm output ami produ
Page 346 and 347: Year or month1940194119421943194419
Page 348 and 349: TABLE B-97.—Balance sheet of the
Page 350 and 351: TABLE B-99— U.S. international tr
Page 352 and 353: TABLE B-100.—U.S. merchandise exp
Page 354 and 355: TABLE B-102.—U.S. merchandise exp
Page 356 and 357: TABLE B-104.— World trade: Export
Page 358 and 359: TABLE B-106.—International reserv
Page 360 and 361: • • ' •TABLE B-108.—Industr
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TABLE B-110.—Summary of major U.S
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