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
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
Q: What unit is the result in? A: Billions of U.S. dollars.
Q: What is the monetary base composed of? A: Currency in circulation plus bank reserves held at the Federal Reserve.
Q: Why did the monetary base increase so much since 2008? A: Due to Federal Reserve quantitative easing (QE) programs that expanded bank reserves.
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