Monetary Base
Returns the U.S. monetary base (also known as M0 or high-powered money) in billions of dollars. This is the sum of currency in circulation plus bank reserves held at the Federal Reserve.
Data Details
| Attribute | Value |
|---|---|
| Source | Federal Reserve / FRED |
| Frequency | Weekly/Monthly |
| Unit | Billions of USD |
| Components | Currency + Bank Reserves |
Notes
- The monetary base is directly controlled by the Federal Reserve
- Expanded dramatically during quantitative easing (QE) programs
- Forms the foundation for broader money supply measures
Syntax
=MonetaryBase()Examples
=MonetaryBase()=MonetaryBase()/1000Money multiplier approximation
When to Use
- Analyzing Federal Reserve monetary policy
- Tracking central bank balance sheet
- Economic research on money creation
- Understanding QE impact
When NOT to Use
| Scenario | Use Instead |
|---|---|
| Need M1 money supply | MoneySupplyM1() |
| Need M2 money supply | MoneySupplyM2() |
| Need currency in circulation | CurrencyInCirculation() |
| Need bank reserves | BankReserves() |
Common Issues & FAQ
What unit is the result in?
Billions of U.S. dollars.
What is the monetary base composed of?
Currency in circulation plus bank reserves held at the Federal Reserve.
Why did the monetary base increase so much since 2008?
Due to Federal Reserve quantitative easing (QE) programs that expanded bank reserves.
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