Finance and Economics Discussion Series: 2009-22 Screen Reader version ♣
A Study of U.S. Monetary Policy Implementation: Demand for Reserves on a Period Average Basis
Ruth Judson and Elizabeth Klee
Board of Governors of the Federal Reserve System
February 2009
| PAE ($ Millions) | |
|---|---|
| Maintenance Period End Date: 20050803 | 2098 |
| Maintenance Period End Date: 20050817 | 1335 |
| Maintenance Period End Date: 20050831 | 1849 |
| Maintenance Period End Date: 20050914 | 1774 |
| Maintenance Period End Date: 20050928 | 2277 |
| Maintenance Period End Date: 20051012 | 2264 |
| Maintenance Period End Date: 20051026 | 1682 |
| Maintenance Period End Date: 20051109 | 1463 |
| Maintenance Period End Date: 20051123 | 2114 |
| Maintenance Period End Date: 20051207 | 1638 |
| Maintenance Period End Date: 20051221 | 1763 |
| Maintenance Period End Date: 20060104 | 2446 |
| Maintenance Period End Date: 20060118 | 1213 |
| Maintenance Period End Date: 20060201 | 1331 |
| Maintenance Period End Date: 20060215 | 1510 |
| Maintenance Period End Date: 20060301 | 1633 |
| Maintenance Period End Date: 20060315 | 1713 |
| Maintenance Period End Date: 20060329 | 1158 |
| Maintenance Period End Date: 20060412 | 2126 |
| Maintenance Period End Date: 20060426 | 1596 |
| Maintenance Period End Date: 20060510 | 2156 |
| Maintenance Period End Date: 20060524 | 1415 |
| Maintenance Period End Date: 20060607 | 1988 |
| Maintenance Period End Date: 20060621 | 1620 |
| Maintenance Period End Date: 20060705 | 1844 |
| Maintenance Period End Date: 20060719 | 1596 |
| Maintenance Period End Date: 20060802 | 1514 |
| Maintenance Period End Date: 20060816 | 1574 |
| Maintenance Period End Date: 20060830 | 1451 |
| Maintenance Period End Date: 20060913 | 1998 |
| Maintenance Period End Date: 20060927 | 1363 |
| Maintenance Period End Date: 20061011 | 1974 |
| Maintenance Period End Date: 20061025 | 1404 |
| Maintenance Period End Date: 20061108 | 1577 |
| Maintenance Period End Date: 20061122 | 1533 |
| Maintenance Period End Date: 20061206 | 2145 |
| Maintenance Period End Date: 20061220 | 1447 |
| Maintenance Period End Date: 20070103 | 2115 |
| Maintenance Period End Date: 20070117 | 1621 |
| Maintenance Period End Date: 20070131 | 1289 |
| Maintenance Period End Date: 20070214 | 1220 |
| Maintenance Period End Date: 20070228 | 1775 |
| Maintenance Period End Date: 20070314 | 1586 |
| Maintenance Period End Date: 20070328 | 1677 |
| Maintenance Period End Date: 20070411 | 1793 |
| Maintenance Period End Date: 20070425 | 1347 |
| Maintenance Period End Date: 20070509 | 1484 |
| Maintenance Period End Date: 20070523 | 1299 |
| Maintenance Period End Date: 20070606 | 1657 |
| Maintenance Period End Date: 20070620 | 1493 |
| Maintenance Period End Date: 20070704 | 1904 |
| Maintenance Period End Date: 20070718 | 1681 |
| Maintenance Period End Date: 20070801 | 1574 |
| Maintenance Period End Date: 20070815 | 9347 |
| Maintenance Period End Date: 20070829 | 1064 |
| Maintenance Period End Date: 20070912 | 1394 |
| Maintenance Period End Date: 20070926 | 1965 |
| Maintenance Period End Date: 20071010 | 2074 |
| Maintenance Period End Date: 20071024 | 796 |
| Maintenance Period End Date: 20071107 | 1859 |
| Maintenance Period End Date: 20071121 | 1521 |
| Maintenance Period End Date: 20071205 | 1834 |
| Maintenance Period End Date: 20071219 | 1234 |
| Maintenance Period End Date: 20080102 | 2394 |
| Maintenance Period End Date: 20080116 | 1713 |
| Maintenance Period End Date: 20080130 | 1461 |
| Maintenance Period End Date: 20080213 | 1665 |
| Maintenance Period End Date: 20080227 | 1808 |
| Maintenance Period End Date: 20080312 | 1414 |
| Maintenance Period End Date: 20080326 | 4621 |
| Maintenance Period End Date: 20080409 | 2237 |
| Maintenance Period End Date: 20080423 | 1715 |
| Maintenance Period End Date: 20080507 | 1981 |
| Maintenance Period End Date: 20080521 | 1990 |
| Maintenance Period End Date: 20080604 | 2339 |
| Maintenance Period End Date: 20080618 | 1774 |
| Maintenance Period End Date: 20080702 | 3095 |
| Maintenance Period End Date: 20080716 | 1899 |
| Maintenance Period End Date: 20080730 | 2102 |
| Maintenance Period End Date: 20080813 | 1950 |
| Maintenance Period End Date: 20080827 | 2046 |
| Maintenance Period End Date: 20080910 | 2251 |
| SCBK | NONR | THIN | FORI | OLCB | LMCB | |
|---|---|---|---|---|---|---|
| Maintenance Period End Date: 20050803 | 918 | 225 | 421 | 106 | 31 | 396 |
| Maintenance Period End Date: 20050817 | 851 | 179 | 367 | 11 | 138 | -208 |
| Maintenance Period End Date: 20050831 | 927 | 187 | 410 | 136 | 52 | 136 |
| Maintenance Period End Date: 20050914 | 993 | 187 | 360 | -12 | 302 | -55 |
| Maintenance Period End Date: 20050928 | 1096 | 179 | 416 | 140 | 53 | 382 |
| Maintenance Period End Date: 20051012 | 1101 | 213 | 603 | 18 | 251 | 79 |
| Maintenance Period End Date: 20051026 | 1070 | 203 | 339 | 130 | -0 | -60 |
| Maintenance Period End Date: 20051109 | 891 | 194 | 420 | 66 | 115 | -223 |
| Maintenance Period End Date: 20051123 | 939 | 215 | 394 | 52 | 79 | 435 |
| Maintenance Period End Date: 20051207 | 832 | 251 | 459 | 53 | 88 | -43 |
| Maintenance Period End Date: 20051221 | 936 | 235 | 432 | 47 | 141 | -28 |
| Maintenance Period End Date: 20060104 | 975 | 275 | 588 | 62 | 88 | 459 |
| Maintenance Period End Date: 20060118 | 853 | 239 | 344 | 35 | 124 | -381 |
| Maintenance Period End Date: 20060201 | 713 | 231 | 325 | 107 | -65 | 20 |
| Maintenance Period End Date: 20060215 | 798 | 235 | 343 | -22 | 179 | -22 |
| Maintenance Period End Date: 20060301 | 889 | 225 | 406 | 114 | -42 | 41 |
| Maintenance Period End Date: 20060315 | 774 | 226 | 329 | 45 | 33 | 305 |
| Maintenance Period End Date: 20060329 | 748 | 214 | 416 | 93 | -23 | -289 |
| Maintenance Period End Date: 20060412 | 868 | 274 | 442 | 59 | 153 | 330 |
| Maintenance Period End Date: 20060426 | 812 | 328 | 381 | 156 | -26 | -57 |
| Maintenance Period End Date: 20060510 | 845 | 525 | 405 | 26 | 52 | 302 |
| Maintenance Period End Date: 20060524 | 760 | 196 | 420 | 36 | 122 | -114 |
| Maintenance Period End Date: 20060607 | 872 | 468 | 470 | 88 | 4 | 86 |
| Maintenance Period End Date: 20060621 | 805 | 198 | 507 | 90 | 36 | -16 |
| Maintenance Period End Date: 20060705 | 932 | 263 | 415 | 77 | 121 | 36 |
| Maintenance Period End Date: 20060719 | 786 | 218 | 407 | 51 | 16 | 119 |
| Maintenance Period End Date: 20060802 | 781 | 239 | 354 | 44 | 63 | 36 |
| Maintenance Period End Date: 20060816 | 770 | 225 | 421 | 40 | 52 | 68 |
| Maintenance Period End Date: 20060830 | 762 | 230 | 406 | 75 | 114 | -136 |
| Maintenance Period End Date: 20060913 | 831 | 297 | 445 | 112 | 41 | 273 |
| Maintenance Period End Date: 20060927 | 758 | 256 | 304 | 77 | 50 | -82 |
| Maintenance Period End Date: 20061011 | 851 | 480 | 472 | 66 | 37 | 104 |
| Maintenance Period End Date: 20061025 | 727 | 310 | 336 | 65 | 52 | -88 |
| Maintenance Period End Date: 20061108 | 787 | 219 | 325 | 72 | 20 | 150 |
| Maintenance Period End Date: 20061122 | 770 | 209 | 374 | 61 | 125 | -7 |
| Maintenance Period End Date: 20061206 | 878 | 237 | 382 | 59 | 125 | 463 |
| Maintenance Period End Date: 20061220 | 863 | 242 | 389 | 159 | 138 | -344 |
| Maintenance Period End Date: 20070103 | 980 | 326 | 639 | 79 | 64 | 26 |
| Maintenance Period End Date: 20070117 | 773 | 240 | 303 | 51 | 76 | 179 |
| Maintenance Period End Date: 20070131 | 691 | 218 | 415 | 42 | -5 | -72 |
| Maintenance Period End Date: 20070214 | 701 | 212 | 291 | 82 | 37 | -104 |
| Maintenance Period End Date: 20070228 | 760 | 218 | 404 | 120 | 35 | 236 |
| Maintenance Period End Date: 20070314 | 810 | 227 | 310 | 53 | 43 | 145 |
| Maintenance Period End Date: 20070328 | 845 | 214 | 417 | 70 | 110 | 21 |
| Maintenance Period End Date: 20070411 | 860 | 260 | 444 | 84 | 75 | 70 |
| Maintenance Period End Date: 20070425 | 752 | 219 | 354 | 50 | 67 | -95 |
| Maintenance Period End Date: 20070509 | 759 | 230 | 372 | 98 | 134 | -108 |
| Maintenance Period End Date: 20070523 | 767 | 197 | 310 | 50 | 58 | -87 |
| Maintenance Period End Date: 20070606 | 791 | 252 | 346 | 62 | 60 | 145 |
| Maintenance Period End Date: 20070620 | 808 | 221 | 370 | 71 | 44 | -20 |
| Maintenance Period End Date: 20070704 | 930 | 278 | 479 | 109 | 152 | -43 |
| Maintenance Period End Date: 20070718 | 726 | 235 | 319 | 79 | -5 | 328 |
| Maintenance Period End Date: 20070801 | 737 | 232 | 420 | 66 | 71 | 48 |
| Maintenance Period End Date: 20070829 | 708 | 287 | 379 | 96 | 36 | -443 |
| Maintenance Period End Date: 20070912 | 842 | 360 | 489 | 56 | 55 | -408 |
| Maintenance Period End Date: 20070926 | 719 | 424 | 349 | 185 | -10 | 298 |
| Maintenance Period End Date: 20071010 | 848 | 292 | 296 | 55 | 21 | 564 |
| Maintenance Period End Date: 20071024 | 681 | 189 | 295 | 69 | 9 | -447 |
| Maintenance Period End Date: 20071107 | 778 | 267 | 256 | 252 | 68 | 240 |
| Maintenance Period End Date: 20071121 | 700 | 210 | 316 | 82 | 77 | 135 |
| Maintenance Period End Date: 20071205 | 844 | 267 | 242 | 48 | 52 | 379 |
| Maintenance Period End Date: 20071219 | 852 | 198 | 312 | 74 | 111 | -313 |
| Maintenance Period End Date: 20080102 | 1092 | 234 | 757 | 204 | 67 | 37 |
| Maintenance Period End Date: 20080116 | 995 | 263 | 399 | 192 | 64 | -196 |
| Maintenance Period End Date: 20080130 | 987 | 186 | 138 | 20 | -65 | 194 |
| Maintenance Period End Date: 20080213 | 734 | 186 | 309 | 131 | 46 | 259 |
| Maintenance Period End Date: 20080227 | 765 | 193 | 374 | 136 | 23 | 316 |
| Maintenance Period End Date: 20080312 | 845 | 194 | 365 | 105 | 18 | -114 |
| Maintenance Period End Date: 20080409 | 800 | 315 | 488 | 240 | 70 | 323 |
| Maintenance Period End Date: 20080423 | 752 | 214 | 321 | 159 | 6 | 262 |
| Maintenance Period End Date: 20080507 | 692 | 206 | 540 | 261 | 62 | 222 |
| Maintenance Period End Date: 20080521 | 631 | 278 | 689 | 108 | 59 | 226 |
| Maintenance Period End Date: 20080604 | 794 | 238 | 654 | 222 | 112 | 319 |
| Maintenance Period End Date: 20080618 | 776 | 214 | 631 | 125 | 3 | 24 |
| Maintenance Period End Date: 20080702 | 877 | 258 | 658 | 269 | 8 | 1026 |
| Maintenance Period End Date: 20080716 | 732 | 228 | 596 | 82 | 0 | 260 |
| Maintenance Period End Date: 20080730 | 784 | 215 | 775 | 83 | 15 | 232 |
| Maintenance Period End Date: 20080813 | 827 | 186 | 775 | 84 | 17 | 59 |
| Maintenance Period End Date: 20080827 | 792 | 187 | 855 | 110 | 15 | 92 |
| Maintenance Period End Date: 20080910 | 882 | 212 | 865 | 97 | 10 | 184 |
Note: Excludes maintenance periods ending August 15, Maintenance Period End Date: 2007 and March 26, Maintenance Period End Date: 2008.
| SCBK | NONR | THIN | FORI | OLCB | LMCB | |
|---|---|---|---|---|---|---|
| Maintenance Period Day: R1 | 916 | 220 | 342 | 196 | -180 | -156 |
| Maintenance Period Day: F1 | 891 | 246 | 428 | -50 | 34 | -1113 |
| Maintenance Period Day: M1 | 881 | 251 | 437 | -3 | 56 | 723 |
| Maintenance Period Day: T1 | 789 | 264 | 320 | 2 | 128 | -104 |
| Maintenance Period Day: W1 | 791 | 295 | 272 | -74 | 64 | -1456 |
| Maintenance Period Day: R2 | 845 | 226 | 357 | 0 | 61 | -660 |
| Maintenance Period Day: F2 | 791 | 222 | 385 | -43 | -9 | -468 |
| Maintenance Period Day: M2 | 762 | 235 | 507 | 104 | 169 | 2891 |
| Maintenance Period Day: T2 | 740 | 245 | 508 | 352 | 163 | 812 |
| Maintenance Period Day: W2 | 812 | 293 | 831 | 978 | 306 | 3824 |
Note: Excludes maintenance periods ending August 15, 2007 and March 26, 2008.
| SCBK | NONR | THIN | FORI | OLCB | LMCB | |
|---|---|---|---|---|---|---|
| Number of Special Days: 0 | 751 | 236 | 494 | 87 | 36 | -159 |
| Number of Special Days: 1 | 814 | 228 | 390 | 81 | 56 | -9 |
| Number of Special Days: 2 | 816 | 245 | 443 | 106 | 63 | 161 |
| Number of Special Days: 3 | 892 | 283 | 474 | 90 | 70 | 200 |
Note: Excludes maintenance periods ending August 15, 2007 and March 26, 2008.
| LMCB PAE | LMCB Carry-in | |
|---|---|---|
| Maintenance Period End Date: 20050803 | 396 | -242 |
| Maintenance Period End Date: 20050817 | -208 | 106 |
| Maintenance Period End Date: 20050831 | 136 | -90 |
| Maintenance Period End Date: 20050914 | -55 | 13 |
| Maintenance Period End Date: 20050928 | 382 | -14 |
| Maintenance Period End Date: 20051012 | 79 | 180 |
| Maintenance Period End Date: 20051026 | -60 | 86 |
| Maintenance Period End Date: 20051109 | -223 | -43 |
| Maintenance Period End Date: 20051123 | 435 | -182 |
| Maintenance Period End Date: 20051207 | -43 | 182 |
| Maintenance Period End Date: 20051221 | -28 | 78 |
| Maintenance Period End Date: 20060104 | 459 | 28 |
| Maintenance Period End Date: 20060118 | -381 | 374 |
| Maintenance Period End Date: 20060201 | 20 | -2 |
| Maintenance Period End Date: 20060215 | -22 | -20 |
| Maintenance Period End Date: 20060301 | 41 | 20 |
| Maintenance Period End Date: 20060315 | 305 | -4 |
| Maintenance Period End Date: 20060329 | -289 | 182 |
| Maintenance Period End Date: 20060412 | 330 | -83 |
| Maintenance Period End Date: 20060426 | -57 | 146 |
| Maintenance Period End Date: 20060510 | 302 | -39 |
| Maintenance Period End Date: 20060524 | -114 | 166 |
| Maintenance Period End Date: 20060607 | 86 | 51 |
| Maintenance Period End Date: 20060621 | -16 | 62 |
| Maintenance Period End Date: 20060705 | 36 | 14 |
| Maintenance Period End Date: 20060719 | 119 | 0 |
| Maintenance Period End Date: 20060802 | 36 | -85 |
| Maintenance Period End Date: 20060816 | 68 | -61 |
| Maintenance Period End Date: 20060830 | -136 | -8 |
| Maintenance Period End Date: 20060913 | 273 | -144 |
| Maintenance Period End Date: 20060927 | -82 | -30 |
| Maintenance Period End Date: 20061011 | 104 | -112 |
| Maintenance Period End Date: 20061025 | -88 | -7 |
| Maintenance Period End Date: 20061108 | 150 | -110 |
| Maintenance Period End Date: 20061122 | -7 | 5 |
| Maintenance Period End Date: 20061206 | 463 | 5 |
| Maintenance Period End Date: 20061220 | -344 | 211 |
| Maintenance Period End Date: 20070103 | 26 | -99 |
| Maintenance Period End Date: 20070117 | 179 | -88 |
| Maintenance Period End Date: 20070131 | -72 | -64 |
| Maintenance Period End Date: 20070214 | -104 | -136 |
| Maintenance Period End Date: 20070228 | 236 | -203 |
| Maintenance Period End Date: 20070314 | 145 | -26 |
| Maintenance Period End Date: 20070328 | 21 | 99 |
| Maintenance Period End Date: 20070411 | 70 | 82 |
| Maintenance Period End Date: 20070425 | -95 | 88 |
| Maintenance Period End Date: 20070509 | -108 | -12 |
| Maintenance Period End Date: 20070523 | -87 | -104 |
| Maintenance Period End Date: 20070606 | 145 | -199 |
| Maintenance Period End Date: 20070620 | -20 | -71 |
| Maintenance Period End Date: 20070704 | -43 | -121 |
| Maintenance Period End Date: 20070718 | 328 | -167 |
| Maintenance Period End Date: 20070801 | 48 | 13 |
| Maintenance Period End Date: 20070829 | -443 | 588 |
| Maintenance Period End Date: 20070912 | -408 | 71 |
| Maintenance Period End Date: 20070926 | 298 | -309 |
| Maintenance Period End Date: 20071010 | 564 | -8 |
| Maintenance Period End Date: 20071024 | -447 | 250 |
| Maintenance Period End Date: 20071107 | 240 | -180 |
| Maintenance Period End Date: 20071121 | 135 | -13 |
| Maintenance Period End Date: 20071205 | 379 | -30 |
| Maintenance Period End Date: 20071219 | -313 | 274 |
| Maintenance Period End Date: 20080102 | 37 | -30 |
| Maintenance Period End Date: 20080116 | -196 | 2 |
| Maintenance Period End Date: 20080130 | 194 | -188 |
| Maintenance Period End Date: 20080213 | 259 | -24 |
| Maintenance Period End Date: 20080227 | 316 | 20 |
| Maintenance Period End Date: 20080312 | -114 | 29 |
| Maintenance Period End Date: 20080409 | 323 | 327 |
| Maintenance Period End Date: 20080423 | 262 | -245 |
| Maintenance Period End Date: 20080507 | 222 | -105 |
| Maintenance Period End Date: 20080521 | 226 | -87 |
| Maintenance Period End Date: 20080604 | 319 | -71 |
| Maintenance Period End Date: 20080618 | 24 | 39 |
| Maintenance Period End Date: 20080702 | 1026 | -27 |
| Maintenance Period End Date: 20080716 | 260 | 234 |
| Maintenance Period End Date: 20080730 | 232 | -59 |
| Maintenance Period End Date: 20080813 | 59 | 124 |
| Maintenance Period End Date: 20080827 | 92 | 118 |
| Maintenance Period End Date: 20080910 | 184 | 59 |
Note: Excludes maintenance periods ending August 15, Maintenance Period End Date: 2007 and March 26, Maintenance Period End Date: 2008.
| SCBK | NONR | THIN | FORI | OLCB | LMCB | |
|---|---|---|---|---|---|---|
| Maintenance Period Day: R1 | 916 | 220 | 342 | 196 | -180 | -156 |
| Maintenance Period Day: F1 | 897 | 239 | 406 | 12 | -20 | -874 |
| Maintenance Period Day: M1 | 894 | 242 | 412 | 9 | -5 | -555 |
| Maintenance Period Day: T1 | 876 | 245 | 397 | 8 | 18 | -480 |
| Maintenance Period Day: W1 | 864 | 252 | 379 | -4 | 24 | -619 |
| Maintenance Period Day: R2 | 862 | 249 | 376 | -3 | 29 | -624 |
| Maintenance Period Day: F2 | 842 | 242 | 379 | -14 | 18 | -582 |
| Maintenance Period Day: M2 | 836 | 241 | 389 | -4 | 31 | -292 |
| Maintenance Period Day: T2 | 828 | 241 | 398 | 23 | 41 | -207 |
| Maintenance Period Day: W2 | 827 | 245 | 429 | 91 | 60 | 81 |
Note: Excludes maintenance periods ending August 15, 2007 and March 26, 2008.
| SCBK | NONR | THIN | FORI | OLCB | LMCB | |
|---|---|---|---|---|---|---|
| Maintenance Period Day: R1 | 958 | 246 | 371 | 345 | -188 | 1106 |
| Maintenance Period Day: F1 | 987 | 287 | 483 | 117 | 31 | 842 |
| Maintenance Period Day: M1 | 984 | 282 | 506 | 95 | 43 | 1060 |
| Maintenance Period Day: T1 | 955 | 274 | 473 | 90 | 63 | 803 |
| Maintenance Period Day: W1 | 928 | 277 | 435 | 64 | 56 | 310 |
| Maintenance Period Day: R2 | 910 | 273 | 417 | 42 | 51 | -13 |
| Maintenance Period Day: F2 | 863 | 254 | 390 | -1 | 28 | -543 |
| Maintenance Period Day: M2 | 850 | 251 | 389 | 5 | 29 | -268 |
| Maintenance Period Day: T2 | 837 | 250 | 397 | 24 | 42 | -217 |
| Maintenance Period Day: W2 | 832 | 254 | 427 | 85 | 62 | 105 |
Note: Excludes maintenance periods ending August 15, 2007 and March 26, 2008.
| SCBK | NONR | THIN | FORI | OLCB | LMCB | |
|---|---|---|---|---|---|---|
| Maintenance Period Day: R1 | 905 | 204 | 392 | 114 | -185 | -221 |
| Maintenance Period Day: F1 | 864 | 226 | 386 | -57 | -45 | -1822 |
| Maintenance Period Day: M1 | 857 | 228 | 371 | -49 | -26 | -1566 |
| Maintenance Period Day: T1 | 837 | 227 | 353 | -53 | -7 | -1396 |
| Maintenance Period Day: W1 | 830 | 237 | 344 | -61 | 9 | -1378 |
| Maintenance Period Day: R2 | 836 | 233 | 346 | -46 | 25 | -1219 |
| Maintenance Period Day: F2 | 849 | 235 | 371 | -29 | 34 | -546 |
| Maintenance Period Day: M2 | 847 | 236 | 392 | -18 | 39 | -262 |
| Maintenance Period Day: T2 | 844 | 239 | 405 | 15 | 47 | -84 |
| Maintenance Period Day: W2 | 848 | 244 | 435 | 87 | 65 | 121 |
Note: Excludes maintenance periods ending August 15, 2007 and March 26, 2008.