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Board of Governors of the Federal Reserve System
International Finance Discussion Papers
Number 1058, November 2012 --- Screen Reader Version*

Crisis and Calm: Demand for U.S. Currency at Home and Abroad from the Fall of the Berlin Wall to 2011¹

Ruth Judson

NOTE: International Finance Discussion Papers are preliminary materials circulated to stimulate discussion and critical comment. References in publications to International Finance Discussion Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author or authors. Recent IFDPs are available on the Web at http://www.federalreserve.gov/pubs/ifdp/. This paper can be downloaded without charge from the Social Science Research Network electronic library at http://www.ssrn.com/.

Abstract:

U.S. currency has long been a desirable store of value and medium of exchange in times and places where local currency or bank deposits are inferior in one or more respects. Indeed, as noted in earlier work, a substantial share of U.S. currency circulates outside the United States. Although precise measurements of stocks and flows of U.S. currency outside the United States are not available, a variety of data sources and methods have been developed to provide estimates. This paper reviews the raw data available for measuring international banknote flows and presents updates on indirect methods of estimating the stock of currency held abroad: the seasonal method and the biometric method. These methods require some adjustments, but they continue to indicate that a large share of U.S. currency is held abroad, especially in the $100 denomination. In addition to these existing indirect methods, I develop a framework and basic variants of a new method to estimate the share of U.S. currency held abroad. Although the methods and estimates are disparate, they provide support for several hypotheses regarding cross-border dollar stocks and flows. First, once a country or region begins using dollars, subsequent crises result in additional inflows: the dominant sources of international demand over the past decade and a half are the countries and regions that were known to be heavy dollar users in the early to mid-1990s. Second, economic stabilization and modernization appear to result in reversal of these inflows. Specifically, demand for U.S. currency was extremely strong through the 1990s, a period of turmoil for the former Soviet Union and for Argentina, two of the largest overseas users of U.S. currency. Demand eased in the early 2000s as conditions gradually stabilized and as financial institutions developed. However, this trend reversed sharply with the onset of the financial crisis in late 2008 and has continued since then.

Keywords: Currency, banknotes, dollarization, crisis

JEL classification: C82, E4, E49

Unlike the banknotes of most other countries, the U.S. dollar is used far beyond its borders as a medium of exchange and store of value. This international aspect of dollar usage has important implications for a wide range of Federal Reserve operational considerations, including its currency production, processing, and planning, the interpretation of currency figures as part of monetary analysis, daily open market operations, management of the Federal Reserve's portfolio, and analysis and forecasting of the Federal Reserve's income.² In addition, currency exports, like other exports, figure in the U.S. balance of payments and international investment position. Unfortunately, however, direct measurements of the stocks and flows of U.S. currency outside U.S. borders are not available, and a variety of indirect measurements and proxies must instead be used. From these sources, though, a fairly consistent picture emerges.

Despite the disparate methods and data sources, the data consistently indicate several trends. First, international demand for U.S. currency increased steadily over the 1990s and into the early 2000s, a period that coincided with the fall of the Berlin Wall, the collapse of the Soviet Union, and periodic economic and political crises in several Latin American countries. Second, international demand for dollars began to stabilize or decline around the time of the introduction of the cash euro in 2002.³ This decline coincided with economic and political stabilization and financial modernization in many economies in and around the euro zone and the former Soviet Union and continued until late 2008, when the global financial crisis appeared to spark renewed demand for U.S. banknotes that has shown no sign of abating.

In this paper, I present estimates of the stocks and flows of U.S. currency abroad from the early 1990s through the end of 2011. Section 1 reviews the available data sources, with a focus on their strengths and weaknesses for use in answering questions about the shares of banknotes held in the United States and abroad. Section 2 presents an overview of currency demand over the past several decades and some stylized facts about the composition of U.S. currency levels and changes over time. Section 3 builds on these stylized facts and presents simple and direct estimates of stocks and flows of U.S. currency abroad. Section 4 presents updates of two indirect estimates of stocks and flows of U.S. currency held abroad; these estimates are based on the data sources from Section 1 as well as additional information. Section 5 presents estimates of a very simple currency demand equation for the United States, from which estimates of the impact of international demand on currency growth can be derived. Section 6 summarizes these findings and concludes with some general observations and directions for further work.

I.  Data: An Overview

I.A.  Total Currency in Circulation

I.A.2.  Public Data

In general, the aggregate quantity of genuine currency in circulation is relatively easy to measure: it is physical, and it is produced, transported, and issued under very secure conditions.⁴ Official currency statistics for the United States are reported by the Treasury and Federal Reserve, which collaborate to produce data on currency in circulation, generally defined as Federal Reserve notes, Treasury currency, and coin held outside of the vaults of the Federal Reserve and the Treasury.⁵ Figures on total currency in circulation are reported weekly on the Federal Reserve's H.4.1 and H.6 Statistical Releases; the quarterly Treasury Bulletin provides additional detail on denominations of banknotes and coin in circulation.

I.A.2.  Internal Data

The Federal Reserve's internal accounting and production processes require close monitoring of currency production, processing, and movements; as a result, more frequent and detailed data are available internally for Federal Reserve notes, which constitute the vast majority of currency in circulation ($1.03 trillion of the $1.08 trillion total as of the end of 2011).⁶ In particular, accounting data provide daily updates by denomination on the quantity of Federal Reserve notes outstanding (that is, carried on the books of each Federal Reserve Bank), and in the custody of each Federal Reserve Bank. In addition, processing data provide monthly totals of Federal Reserve note movements between each Federal Reserve office and circulation by denomination.⁷ As shown in section 3, these data and simplifying assumptions about domestic and international movements of banknotes can be exploited to obtain estimates of stocks and flows of U.S. currency abroad.

I.B.  Data on Cross-Border Flows of U.S. Currency

Movements of currency across U.S. borders cannot be precisely measured for several reasons. First, there is no legal requirement or mechanism to monitor movements of $10,000 or less, and many individuals cross U.S. borders each year.⁸ The net movements of currency across U.S. borders through such nonbanking channels are potentially significant. Indeed, as noted in U.S. Treasury (2006), customs reporting for Mexico indicates substantial cash flows from the United States to Mexico in the hands of tourists and migrants; such flows, since they typically occur in amounts of less than $10,000 and through nonbanking channels, are not captured in U.S. data. Second, even when there is a legal requirement to report currency flows, mechanisms are not always in place to capture the data and reporters might not comply with requirements. Despite these challenges, informative measurements do exist.

I.B.1.  Federal Reserve Commercial Bank Shipment Data

The Federal Reserve provides currency on demand to all account holders, including those who provide banknotes to international customers. Many of these institutions, including most of the largest wholesale banknote dealers, report monthly, on a voluntary and confidential basis, the value and ultimate source or destination country of their receipts and payments of U.S. currency. While not all banks that deal in the international shipment of banknotes provide these reports, the banknote shipping business is highly concentrated and this dataset currently captures the vast majority of banknote shipments that cross U.S. borders through commercial banking channels.

This dataset begins in the late 1980s and covers virtually every country in the world. The quality of the data varies across time as the set of reporting dealers has evolved; for all practical purposes, the dataset begins in the early 1990s. For example, consider a shipment bound for Russia via Germany. The immediate source or destination of the shipment can be identified by the location of the counterparty. Thus, for a nonreporting dealer, the dataset would only indicate a shipment to Germany, but a reporting dealer would provide the ultimate destination, Russia. Conversely, consider a shipment from Cambodia back to the United States via Hong Kong. Data from a nonreporting dealer would indicate an inflow of dollars to the United States from Hong Kong, but data from reporting dealer would indicate the ultimate source of shipment as Cambodia. The level of detail in the reporting has generally improved over time as more dealers have begun to report, but the trend can reverse if, for example, a reporting banknote dealer leaves the banknote business and other nonreporting dealers begin providing banknote shipment services to the departing reporter's customers.

Two additional shortcomings of this dataset are that it covers only banknote flows to and from the United States, and that it only covers flows through the banking system. First, the dataset does not cover U.S. banknote flows among other countries, which can be substantial, especially in areas where large volumes of cross-border trade are conducted in cash.⁹ The absence of such information complicates any estimation of regional or country-level holdings outside the United States, but does not affect aggregate measurements of commercial bank currency shipment flows into and out of the United States. However, banknote flows through nonbank channels can also be significant, and observations gathered in the course of the joint U.S. Treasury - Federal Reserve International Currency Awareness Program indicate that several countries receive dollar inflows through nonbank channels such as tourists or migrant workers but return the currency to the United States through banking channels.¹⁰ As a result of these shortcomings and complications, the country-level data must be interpreted with care and with an understanding of the institutional arrangements in place through time.

I.B.2.  U.S. Customs Data

In principle, the most obvious direct source of information on U.S. currency flows across U.S. borders should be the Currency and Monetary Instrument Reports (CMIRs), which are compiled by the U.S. Customs Service. Individuals and firms making almost any shipment of more than $10,000 in cash across a U.S. border are required to file CMIRs, so these reports should be quite comprehensive and informative. However, as noted in Treasury (2006), CMIRs are neither accurate nor thorough measures of large cash shipments outside the banking sector due to three shortcomings: a generally one-sided system for collecting data, the omission of some potentially large volumes of currency flows, and the inability to accurately reflect flows to international custodial holding sites for U.S. currency. First, all individuals entering or leaving the United States are required to complete a CMIR if they are carrying more than $10,000 in currency or monetary instruments. In practice, though, customs formalities, including a specific question about currency and monetary instruments, are required for individuals entering the United States, but not for individuals exiting the United States.¹¹ As a result, it seems plausible that underreporting is more likely for outbound travels. Second, even if all travelers were to report accurately, the CMIRs require no reporting for sums below $10,000; in aggregate, these sums could be considerable. As noted above, 151 million passengers arrived and departed on international flights at U.S. airports and about 200 million border crossings occurred by land in 2009 (U.S. Census 2012). Third, the CMIRs do not account properly for shipments to international custodial holding sites for U.S. currency. These sites, known as Extended Custodial Inventories, or ECIs, are secure locations outside the United States at which U.S. currency is held in custody for the Federal Reserve Bank of New York. Shipments to these sites are recorded in U.S. Customs data when they physically exit the United States, even though they remain in the custody of the Federal Reserve Bank of New York. Thus, for example, a shipment to an ECI in Switzerland will be recorded as a shipment to Switzerland on the day it occurs even though the currency is not in circulation.¹²

In addition, CMIR reporting requires only information about the immediate source or destination of currency flows, not the ultimate source or destination like the commercial bank shipment data. For example, if an institution ships currency to Russia via Germany, the commercial bank shipment data from a reporting institution would record the destination as Russia while the CMIR data would report the destination as Germany. We therefore consider the shipments data described above to be superior to the CMIR data, and hence we do not use the CMIR data in this study.¹³

II.  Stylized Facts about U.S. Currency in Circulation

II.A  Overall Currency Growth Has Been Strong

The death of cash has often been predicted, and it would seem that demand for currency would thus grow somewhat more slowly than income. Despite a general increase in the variety of payment media as well as increasing noncash means of payment, though, U.S. currency in circulation has grown at an average rate of about 6 to 7 percent annually over the past few decades, one to two percentage points more rapidly than U.S. nominal GDP.^{14 15}

II.B.  Overall U.S. Currency Movements are Dominated by $100s

In value terms, the driving force over this period has generally been growth in the $100 denomination, as can be seen in Figures 1A and 1B.¹⁶ Figure 1A presents annual end-year data on U.S. currency in circulation by denomination from 1989 to 2011. At the end of 2011, U.S. currency in circulation totaled about $1 trillion, of which nearly $800 billion, or just over three quarters, was in the $100 denomination.¹⁷ Figure 1B presents annual growth rates for the same items, on a fourth-quarter-to-fourth-quarter basis. The overall growth of currency, the solid black line, moves closely with, though generally more slowly than, the growth of $100 notes, the dashed purple line. The correlation of overall currency growth with $100s over this period is over 0.9; correlations with the other denominations are generally decreasing in the denomination. The correlation for $1s is about 0.2.

II.C.  Crises Are Reflected in Aggregate U.S. Currency Data

Figure 1B begins to reveal some general patterns in overall currency demand. In particular, currency growth was quite strong in the early 1990s, which coincided with the fall of the Berlin Wall and the collapse of the Soviet Union. After a brief lull in the mid-1990s, currency growth picked up again in the late 1990s, driven by crisis in Argentina in 1997 and then concern about Y2K in 1998 and 1999. Following a dip in currency demand in 2000, which largely reflected the return early in 2000 of precautionary stocks accumulated late in 1999, demand was boosted in the early 2000s by the events of September 11, which, judging by outsized commercial bank shipments, led to strong overseas demand for currency in the short run and, in the longer run, the apparent accumulation of precautionary stocks at home and abroad. Demand then slowed over the mid- to late-2000s until the sharp reversal seen in late 2008.¹⁸

II.D.  Canadian Patterns of Currency Demand Are Likely Similar to U.S. Domestic Currency Demand

One might look to Canada for evidence of what U.S. currency demand would look like without a foreign component. Canada has similar income levels, payments technologies, holiday patterns, and GDP growth rates to those in the United States, but little Canadian currency is believed to circulate externally. Figures 2A and 2B display Canadian currency in circulation by denomination in levels and growth rates from 1989 to 2011. As can be seen in Figure 2A, $100s are also prevalent in Canada, though less dramatically than in the U.S., accounting for just over half of Canadian currency in circulation at the end of 2011.¹⁹ Overall currency growth rates for Canada are, not surprisingly, driven less strongly by $100s and more strongly by $20s and $50s (not shown), the primary transaction denominations in Canada. Over the full half-century, the simple correlation between overall currency growth and growth by denomination is 84% for $100s, 86% for $20s, and 75% for $50s. More recently, however, the role of $100s has apparently declined, possibly as electronic payments have become more common. Correlations over this period are, respectively, 63%, 87%, and 70%.

II.E.  U.S. and Canadian Currency Growth Relative to Income Diverged Beginning in the 1980s

As noted earlier, U.S. currency growth has been strong even relative to nominal GDP. Figures 3 and 4 display the ratios of total currency to nominal GDP for the United States and Canada over the past half-century. Ordinary theories of money demand would predict that the ratio of income to currency, or velocity (the inverse of the ratio shown here) should vary positively with the opportunity cost of holding money. That is, in terms of these charts, higher opportunity cost would be associated with lower demand for currency relative to income. As cashless payments become more common and, presumably, more cost-effective, one might expect that, abstracting from movements in market interest rates, demand for currency relative to income should decline. Indeed, that pattern prevailed in the United States until about 1985, and in Canada generally for the period. The upturn in the U.S. ratio of currency to nominal GDP beginning in 1989 is thus anomalous and is consistent with substantial and growing external use of U.S. currency.

In the next section, I present a very simple estimate of overseas demand for U.S. currency based on these patterns and the assumption that patterns of domestic demand for currency are the same in the United States and Canada. I then juxtapose these estimates with direct measurements of cross-border currency flows.

III.  Simple Estimates of Stocks and Flows of U.S. Currency Held Abroad

III.A  Two Estimates Based on Money Demand and Comparisons with Canada

III.A.1.  A Very Simple Estimate

Taken together, the difference between the patterns seen for the United States and for Canada in Figures 3 and 4 suggest a simple estimate of the share of U.S. currency abroad. As noted above, and as displayed in Figure 5, U.S. and Canadian nominal GDP growth rates have been similar over this period. The observed U.S. ratio of currency to nominal GDP is the sum of domestic and foreign demand. If we assume that the Canadian ratio of currency to nominal GDP is the same as its U.S. counterpart for domestic demand, then the foreign share of U.S. demand can be estimated as follows. Define

$$\left(1\right)\ \ \ CURRGDP_{Canada}=\frac{CURR_{Canada}}{{GDP}_{Canada}}$$

$$\left(2\right)\ \ \ CURRGDP_{USA}=\frac{CURR_{USA}}{{GDP}_{USA}}=\frac{CURR_{USADom}}{GDP_{USA}} +\frac{CURR_{USAFor}}{GDP_{USA}}$$

$$=CURRGDP_{US{A\_Dom}}+\ CURRGDP_{US{A\_For}}$$

Replacing CURRGDPUSA_Dom with CURRGDPCanada in the equation above, it is then possible to solve for CURRUSA_For / CURRUSA_Tot as

$$\left(3\right)\ \ \ \ ForShare_{VerySimple}\equiv \frac{CurrUSA_{For}}{CurrUSA_{Total}}=1-(\frac{CurrGDP_{Canada}}{CurrGDP_{USA}})$$

III.A.1.  A Simple Estimate

The approach above carries with it the assumption that Canadian and U.S. domestic demand for currency are the same at the same point in time. However, the level of Canadian per capita income, while similar to that of the United States, has generally been a bit lower. Thus, an alternative assumption would be that Canadian and U.S. domestic demands for currency relative to income are the same at the same levels of per capita income. In order to construct an estimate of the share of U.S. currency abroad using this assumption, we proceed as follows. First we regress the ratio of Canadian currency to GDP on the log and level of Canadian per capita GDP, denoted GDPC:

$$\left(4\right)\ \ \ \ CURRGDP_{Canada}={\alpha }_{Canada}+\ {\beta }_1lnGD{PC}_{Canada}+{\beta }_2GD{PC}_{Canada}+\ {\varepsilon }_t$$

To be sure, this specification is a very simple reduced form based on the chart shown; it effectively assumes a log-linear structure for demand for currency as a function of income and assumes no other factors. We then construct the estimated domestic share of U.S currency for a given level of GDPC as

$${\widehat{\left(5\right)\ \ \ \ CURRGDP_{USADom}}=\ {\alpha }_{Canada}+\ \beta ln?({GDPC}_{USA}*X_{CanUS})}$$

where XCanUS is the U.S.-Canadian dollar exchange rate. The simple estimate is then constructed as before, replacing CURRGDPUSADom with $\widehat{CURRGDP_{USADom}}$ rather than CurrGPDCan in Equation 2 and rearranging to solve for CURRUSAFor / CURRUSATot, which gives

$$\left(6\right)\ \ \ \ ForShare_{Simple}\equiv \frac{CurrUSA_{For}}{CurrUSA_{Total}}=1-(\frac{\widehat{CurrGDP_{USADom}}}{CurrGDP_{US}})$$

These two estimates of U.S. currency abroad are displayed in Figures 6A and 6B. The GDP-based estimates, the solid lines, suggest that about half of all U.S. currency, and about 65 percent of $100s, were held abroad as of the end of 2011, for a total value of about $500 billion. Over the past two decades, these estimates point to a sharp runup in external demand for U.S. currency beginning in the late 1980s, a brief pop in 1999, a decline beginning in 2003, and a resurgence in 2008, all patterns consistent with the overall growth of U.S. currency.

III.B.  Measurements of Cross-Border Flows of U.S. Currency

We now turn to the information provided by direct measurements of currency flows. Figures 7 through 11 display annual data on the primary measurements of cross-border currency flows in dollars, the international commercial bank shipment data described in Section I.B.1. Beginning with Figure 7, the solid black line indicates net commercial bank shipments and the dashed blue line indicates the total change in currency in circulation each year.²⁰ Focusing only on the solid black and blue dashed lines, several features of the data stand out. First, reflecting the strong influence that international demand has on overall U.S. currency demand, the two series generally move in parallel, though the gap widens in the early 2000s and narrows in the most recent years. Second, the spike seen in total currency in circulation, the blue dashed line, is absent in the shipment flows. This feature of the data reflects the fact that a large share of the runup in holdings of currency immediately prior to the century date change (that is, in the final weeks of 1999) was held in commercial bank vaults and was then returned to the Federal Reserve early in 2000. Thus, while the currency was technically "in circulation" in the sense that it was held outside the Federal Reserve, the bulk of it never went to bank customers.²¹

While U.S. currency is used in, and is shipped to and from, many countries, a few areas stand out because of their size and their appetite for dollars in times of crisis. In Figure 8, the dashed red line indicates net commercial bank shipments to the two leading markets in this category, the former Soviet Union and Argentina. For all but the first and last few years of the period shown, or from about 1995 to 2008, these shipments more than fully accounted for all net commercial bank shipments. This phenomenon might also have been the case in the early part of the sample, but reporting in that period was not as detailed. As a result, shipments recorded with a destination of Europe might well have been sent to the former Soviet Union. In the early 2000s, net shipments to these markets declined as the financial conditions stabilized and as the need to use cash for saving and transactions has faded. In the past two years, though, global conditions as well as crisis and political uncertainty in these regions appears to have coincided with an upswing in demand for dollars.²²

Figure 9 displays a proxy for commercial bank shipments based on currency processing data, the solid gray line. Commercial bank shipments are reported on a confidential basis, and monthly data are not always available on a consistent schedule. In order to have data for operational and publication purposes, Federal Reserve Board staff developed this proxy, which is the sum of net payments of $100 notes from three Federal Reserve offices known to handle substantial volumes of deposits and withdrawals sent from or to international destinations: New York, Los Angeles, and Miami.²³ This proxy is based on two assumptions, which differ from the true net shipments series in two offsetting ways. The first assumption, which likely results in an overestimate, is that all payments and receipts at these offices are to or from international counterparties and that all payments and receipts at other offices are to or from domestic entities; in fact, every Federal Reserve office serves domestic and international customers. The second assumption, which would generally result in an underestimate, is that only $100s are sent to or received from international destinations. This proxy moved very closely with the total shipments data in the 1990s, but was considerably higher than shipments over most of the 2000s, perhaps suggesting that domestic demand for $100s was stronger in that period.

The two dashed series in Figure 9 indicate two experimental series. As noted above, one shortcoming of the shipment dataset is that it captures only cross-border flows carried through commercial banking, or "wholesale" channels. However, as reported in U.S. Treasury (2006), many countries receive large dollar flows through nonbank, or "retail" channels and return dollars to the United States through banking channels. In the commercial bank shipment data, this phenomenon emerges in the form of persistent negative net shipment figures. That is, the shipment figures indicate large flows of dollars out of the foreign country into the United States and much smaller flows in the opposite direction.

For some such countries, the net commercial bank shipments figures are likely accurate and reflect dollar banknote inflows from third countries. For example, if tourists from Country A routinely carry dollars to Country B and the residents of Country B have little other use for dollars, the dollars might be shipped from Country B to the United States. All other factors equal, this pattern would result in negative net shipments figures, and shipments figures summed across Country A and Country B would give an accurate indicate of flows into and out of the United States. For some countries, however, it is likely that dollars arrived in the country from the United States through nonbank channels. In such cases, the commercial banknote flows would not give an accurate indication of net flows to and from the United States.

The first experimental series imposes a very rough adjustment for this phenomenon as follows. First, a group of countries known to have significant tourism or significant populations of immigrants or migrant workers in the United States is identified. Second, a group of countries whose total net shipments is substantial and negative is identified. Third, for each year and for each country in both groups, the assumption is imposed that total net currency shipments to these countries, including the observed net commercial bank "wholesale" flows and nonbank "retail" flows, were zero.

As with the shipments proxy, this approach embodies two assumptions. First, this approach implicitly assigns a value of zero for net currency flows to these countries. This assumption could be erroneous in either direction: actual net flows could be positive or negative. Second, this approach assumes that other countries' flows in aggregate are accurately measured by net commercial bank shipments. The blue dashed line shown here displays an adjustment that imposes this assumption for about a dozen countries. While this approach is admittedly crude, it is suggestive of the magnitude of flows that could be occurring through nonbank, or "retail" channels. Ideally, we could refine this measure by constructing series of "retail" (nonbank channel) banknote flows from the United States to other countries. While this type of data is not available universally, it is collected by some countries, including Mexico.²⁴ This measure, the dashed black line, also tracks the shipments proxy for most of the sample, though it becomes implausibly large in the last few years of the sample. To the extent that this adjustment it useful, it is probably more applicable for cumulative, or stock estimates, than it is for flow estimates, because the nonbank flows likely occur at different times than the measured banking-channel flows back to the United States. For example, currency might be brought from the United States to another country through nonbanking channels over time and then return quickly in the event of a regulatory or other political or economic change.

Finally, the dashed gray line is an adjusted shipment proxy series. Along the lines of the adjusted commercial bank series, this series includes only payments of $100s from the Federal Reserve Bank of New York, which are generally positive, and omits payments from the Miami and Los Angeles cash offices, which are generally negative and might reflect reflows of currency that moved across U.S. borders through nonbank channels.

Figures 7 through 9 display nominal values, which can be misleading even in a period with relatively low inflation. Figure 10, therefore, displays all of the same series as in Figures 7 through 9, but scaled by the stock of currency in circulation at the end of the previous year, or the approximate percentage-point contribution to currency growth that would be implied by each of these measures. While the measures certainly vary, they generally point to strong contributions from foreign demand in the early to mid-1990s, a slowing in the mid-2000s, and a resurgence beginning in 2008.

III.C.  Using Cross-Border Flow Estimates to Construct Estimates of the Stock of U.S. Currency Abroad

While tracking movements in currency in circulation is the major object of operational interest, having an estimate of the stock of U.S. currency abroad is also important for various analytical and operational questions faced by the Federal Reserve. Figures 11A and 11B chart the stocks of currency in circulation implied by the flow measures presented earlier. In Figure 11A, each line represents the cumulative change in the item since the end of 1988, when currency in circulation was about $230 billion. As indicated by the thicker gray dashed line, total U.S. currency in circulation worldwide has increased by just under $800 billion since 1990. The most direct measurement, commercial bank shipments, the solid black line, suggests that $200 billion has moved abroad since 1990, which would put the total at between $200 billion and $400 billion, depending on the assumed initial value. The shipments proxy, the solid gray line, suggests that about $350 billion moved abroad over the period, putting the total at $350 billion to $550 billion.²⁵ Finally, the adjusted shipments and proxy figures, the dashed black and gray lines respectively, suggest that about $550 billion moved abroad over the period, putting the total at $550 billion to $750 billion. These ranges are, of course, large, though the simple method proposed above in Section III.A.2 produces an estimate very close to the center of the range.

Finally, Figure 11B displays the cumulative flow measurement and estimates as a share of the cumulative increase in currency in circulation at each point in time. Again, the estimates are disparate, but indicate some common trends, including a strong role for international demand in the 1990s, a waning role in the early 2000s, and a resurgence in 2008. In this Figure, as earlier, the role of the former Soviet Union and Argentina is likely understated because of poor data coverage in the shipment data in the early 1990s.

IV.  Indirect Estimates of the Share of U.S. Currency

Earlier work on estimates of the stock of currency abroad has developed and provided estimates from two methods, known as the seasonal method and the biometric method.²⁶ Updates to these methods continue to indicate that a substantial share of U.S. currency is abroad, but technical factors and shifting patterns of currency demand have made their use more challenging.

IV.A.  The Seasonal Method

IV.A.1.  Key Assumptions

The seasonal method extracts an estimate of the share of U.S. currency abroad by working from four key assumptions. First, we assume that the seasonal pattern in domestic demand for U.S. dollars is similar to the seasonal pattern of demand within Canada for Canadian dollars (similar holidays, vacations, customs, and denominations). More specifically, we assume that the seasonal amplitude, or the percentage difference between the seasonal peak and seasonal trough, is similar for U.S. and Canadian currency demand.²⁷ Second, we assume that foreign demand for U.S. dollars has no significant seasonal pattern, or, correspondingly, that the seasonal amplitude for the foreign component of demand for U.S. dollars is zero. Third, we assume that circulation of Canadian dollars outside of Canada is negligible, so that the demand for Canadian dollars can be attributed solely to domestic demand. Finally, we assume that U.S. currency is not used to a substantial degree inside Canada.

IV.A.2.  Model

Based on these assumptions, we can express the seasonal model as follows:

Define:

Sij = seasonal amplitude for country i, component j

$\beta$t = fraction of currency held abroad at time t

The overall seasonal amplitude in U.S. currency, SUST, can be expressed as a weighted sum of domestic (d) and foreign (f) components:

(S1) ${S^T_{US}}_{,t}={\beta }_tS^f_{US,t}+(1-\beta )S^d_{US,t}$

We cannot separately identify SfUS,t and SdUS,t but, using the assumptions above, we replace SfUS,t with 0 and SdUS,t with STCan,t to obtain:

(S2) ${S^T_{US}}_{,t}={\beta }_t*0+(1-\beta )S^T_{Can,t}$

Or, solving for $\beta$t:

(S3) ${_t}=1-\frac{S^T_{US,t}}{S^T_{Can,t}}$

IV.A.3.  Application and Estimates

We estimate the share of all currency abroad and the share of $100s abroad using X-12 ARIMA and an alternative shorter smoothing window to obtain seasonal factors for U.S. and Canadian currency in circulation. Once the seasonal factors are estimated, the seasonal amplitude must be calculated.

In earlier estimates using this method, the peak month was December and the trough month was February of the following year. However, it seems that seasonal factor patterns have changed in the past several years, as illustrated in Figures 12A and 12B. December remains the clear peak, though its relative magnitude has varied over time. In particular, February is no longer the trough for U.S. currency in circulation. Rather, September is now the trough, though January seems to track the lower envelope of September and February. Moreover, January's seasonal factor is near the trough for Canada as well.

Because of these shifts over time, I propose three approaches to measuring the seasonal amplitude. For each, I report results using two different seasonal adjustment procedures, X12-ARIMA and X12 with a shorter 3x1 smoothing window, shown in black and blue respectively. The first approach estimates the annual amplitude as the difference between the seasonal factor for December of one year and January of the next year. These estimates are associated with the year in which December falls and are shown in Figures 13A and 13B as the "annual" estimate, the solid lines. Second, one might choose to fix the months used to calculate the U.S. seasonal amplitude so that they are the same as the months used to calculate the Canadian seasonal amplitude for a given observation. For these "monthly fixed" estimates, shown as the dashed lines, the Canadian seasonal amplitude for a given month is calculated as the difference between the maximum and minimum seasonal factors calculated for the most recent twelve months. The U.S. seasonal amplitude for the same month is calculated as the difference between the seasonal factors in the same months as for the Canadian seasonal amplitude, and the monthly share of currency abroad is then estimated as the trailing average of the estimates for the past twelve months.²⁸ A third approach is to estimate the seasonal amplitude each month as the difference between the maximum and minimum seasonal factors over the most recent twelve months, and then to estimate the monthly share of currency abroad as the trailing average of the estimates for the past twelve months. The estimates from this approach are shown in Figures 13A and 13B as the "monthly" short-dashed lines.

The results of the seasonal estimates for all currency abroad and for $100s through December 2011 are displayed in Figures 13A and 13B. As was the case in earlier work, these estimates are on the high end of the range. These estimates also show a quite different time series pattern relative to one another as well as relative to other flow-based measures, though the monthly measures generally indicate an upswing in the share of U.S. dollars held abroad.

IV.B.  The Biometric ("Fish") Method

IV.B.1.  Background: Use for Estimating Wildlife Populations

The biometric method, also known as the "fish" method, applies a method developed by Petersen (1893) to estimate fish populations to cash processing data to obtain estimates of the "populations" of notes in the United States and the rest of the world.²⁹ In the biological application, populations are estimated by capturing some animals, tagging them, releasing them, and then recapturing another sample of animals later. Assuming that both samples are representative, the share of tagged animals in the general population should be the same as the share of tagged animals in the second sample, and the population can thus be estimated. More formally, suppose M animals out of N total are captured and tagged. Next, suppose that in the second sample, m tagged animals are found out of n captured. Assuming that both samples were representative, the share of tagged animals in the second sample, m/n, should be equal to share of all tagged animals, M, in the general population, N, or m/n = M/N. Since M, m, and n are known, N can be estimated as N=(n/m)*M.

IV.B.2.  Application to Estimates of Banknote Populations

We apply this method to banknotes by using monthly cash processing data from Federal Reserve offices, changes in banknote design, and background information about international banknote shipping patterns. Specifically, we estimate the "population" of notes in the rest of the world by estimating the "population" of notes in the area served by the Federal Reserve Bank cash offices in New York, Los Angeles, and Miami. Although banknotes are not tagged, new designs are introduced from time to time, and processing statistics distinguish between new-design and old-design notes in some cases.

The Federal Reserve introduced new-design $100 notes in 1991 and in 1996; a further redesign for the $100 note has been announced, but the issuance date has not yet been announced.³⁰ From the moment each new design was issued, all new banknotes paid out were of the new design. These notes were defined as the "marked" or "tagged" notes. Following the analogy to the biologists' technique, the second sample of notes occurs when notes are returned to the Federal Reserve for processing. Notes returned to Federal Reserve Bank cash offices are authenticated and evaluated for fitness for further use; data on these processing operations are kept by series.³¹ We focus on $100 notes here because they are the most significant in dollar value and in the international market.

The assumption that the "marked", or new-series, notes are just as likely to be returned to Federal Reserve offices as older-series notes is quite strong. It is likely more accurate for the 1990-series notes than for the 1996-series notes because the 1996 series was a much more obvious design change: to the extent that dollar users might prefer one series to another, that preference might be stronger for the series with a more significant design change. As with other assumptions, though, the sources of error for this assumption could affect the estimates in either direction: older notes might be underrepresented in Federal Reserve receipts if they are hoarded, or out of active circulation, or they might be overrepresented if dollar users prefer to retain newer notes.³² Much more detailed processing data would be needed to analyze these questions.

IV.B.3.  Adjustments and Updates

These estimates provide an update as well as some adjustments to previous estimates. The updates currently extend through the end of 2011. The adjustments are the result of corrections to anomalies in the processing data detected in the process of calculating the updates. In particular, recall that a key variable is the share of "tagged", or new-series notes in notes received at Federal Reserve Bank offices. In reviewing the data, we noticed that the processing data for some offices and months implied shares that were anomalous: The values were zero, one, or far away from either values in adjacent months or from values reported by other offices for the same month.

We adjusted the data by identifying anomalous observations and assigning estimated share values. For all offices, a value of zero or one was defined as anomalous. For all but two Federal Reserve Bank cash offices, an office's monthly figure on the share of new-series notes processed was defined as anomalous if the figure was more than one standard deviation above or below the mean processing share reported by all offices for that month. For the remaining two Federal Reserve Bank cash offices, Miami and Los Angeles, observations were defined as anomalous if they were more than three standard deviations above or below the mean processing share for the month. For all offices, the estimated share was assigned the previous month's value for that office.

After these corrections, we estimated the "population" of notes in two "pools", domestic and foreign. The foreign "pool" includes either the New York and Los Angeles offices or the New York, Los Angeles, and Miami cash offices; the domestic "pool" includes all other offices.³³ In addition, we produce two sets of estimates for the share of notes held abroad, one using the actual total quantity of notes in circulation, which is known, and one using the estimated total quantity of notes in circulation. By necessity, these estimates are calculated separately for 1990-series and 1996-series notes. Figure 14 displays the estimated share of $100s in circulation abroad for 1990-series notes, the red dashed line, for 1996-series notes, the blue long-dashed line, and for both types of notes, the solid black line, based on the estimated total stock of notes and based on the assumption that the foreign "pool" is the New York and Los Angeles offices. The estimates using the actual (known) total stock of notes are similar and converge over time, suggesting that the biometric method is better able to estimate the true total quantity of notes in circulation only after the design has been in circulation for a few years. Indeed, as shown in Figure 14A, the biometric method's estimates of total notes in circulation converge to actual figures and remain close.

Because of the timing of the introduction of the series of notes, it is difficult to assess the trend in the share of $100s abroad in the late 1990s, but both sets of estimates show a general decline in the share of $100s abroad beginning in the late 1990s, from somewhere between 65 and 72 percent to a bit under 58 percent by about 2007. As in the flow data, the biometric method indicates a sharp turnaround in late 2008; this method now indicates that about 62 percent of $100 notes were in circulation abroad at the end of 2011. Estimates using the New York, Los Angeles, and Miami offices as the foreign pool are about 5 to 10 percentage points lower; however, as with the shipment flows discussed earlier, it is difficult to know how to interpret consistently negative inflow data.

Estimates using this method for $50 notes indicate similar patterns over time with somewhat lower shares abroad--about 40 percent at the end of 2011. When combined with the estimates for $100s, these estimates suggest that about $510 billion, or just over half of all U.S. currency in circulation was held abroad at the end of 2011: about $480 of the $780 billion in $100s and about $30 billion of the $70 billion in $50s in circulation.

V.  Estimating a Currency Demand Function

Finally, we return to the idea of a currency demand function, which was briefly explored in Section 3 with reference to Canada. Here, the approach is to specify a demand function for U.S. currency that allows for foreign shipments as well as domestic factors. Our general assumption has been that currency demand consists of two components: a domestic component, which should be correlated with the typical determinants of money demand; and an international component, which is driven by routine as well as crisis-related fluctuations in foreign demand for U.S. currency.

Table 1 presents coefficient estimates for a simple error correction model for the currency component of M2 estimated quarterly beginning in 1988, a date chosen for two reasons.³⁴ First, 1988 marks the beginning of availability of the commercial bank shipment data as well as an apparent upshift in international demand for U.S. currency. Second, preliminary testing (not shown) indicates a distinct structural break in 1988. The regression model consists of two equations, one for the steady state and one for dynamics.

The steady state equation is

$$Log\left(NGDP\right)-Log\left(Curr\right)={\alpha }_0+{\alpha }_1\left(R_{short}\right)+\ {\alpha }_2Trend-\ {\varepsilon }_t$$

The dynamic equation is

$$d\left({\log \left(Curr\right)\ }\right)=\ {\beta }_0{\varepsilon }_{t-1}+\ {\beta }_1SHIP+\ {\beta }_2(d{\left({\log \left(Curr\right)\ }\right)}_{t-1}+\ {\beta }_3d({{\log \left(NGDP\right)\ }}_{t-1}+\ {\beta }_4d{\left({\log \left(NGDP\right)\ }\right)}_{t-4}+_5Y2K+\ {\nu }_t$$

Table 1: Quarterly Error Correction Regression Results Dependent Variable: Growth of Seasonally Adjusted Currency Component of M2 Quarterly, 1988:1 - 2011:4

	Coefficient	T-Stat
Steady - State Equation: $\alpha$0 (Constant)	3.548	14.7
Steady - State Equation: $\alpha$1 (Rshort)	0.037	2.1
Steady - State Equation: $\alpha$2 (Trend)	-0.003	-3.0
Dynamic Equation: $\beta$0 (Error correction coefficient)	-0.026	-2.1
Dynamic Equation: $\beta$1 (Shipments)	0.531	8.1
Dynamic Equation: $\beta$2 (Y2K Dummy)	0.003	0.9
Dynamic Equation: $\beta$3 (d(log(Curr))t-1	0.539	9.7
Dynamic Equation: $\beta$4 d(log(NGDP))t-1	0.220	3.9
Dynamic Equation: $\beta$5 d(log(NGDP))t-4	0.241	-

Adjusted R-squared = 0.70
Nunmber of obs = 96

The variables are defined as follows:

• NGDP: Nominal GDP, seasonally adjusted
• Curr: Seasonally adjusted currency component of M2
• SHIP: Two-month moving average of commercial bank shipments adjusted for negative net shipments, divided by the previous period's seasonally adjusted currency component of M2. This formulation puts shipments on the same basis as the monetary aggregate growth data, which are calculated as monthly averages.
• Rshort: Short-term interest rate, a proxy for the opportunity cost of holding currency
• Trend: 1 for 1988:Q1 and increasing by 1 each quarter
• Y2K: Dummy: 1 for 1999:Q4 and -1 for 2000:Q1

The coefficients in the steady state equation are constrained to unitary elasticity, and the coefficients on the lagged values of log changes in currency and GDP are constrained to sum to 1. The equations are estimated by nonlinear least squares in one step by substituting for the error term in the dynamic equation. After controlling for the estimated contribution of overseas demand, the coefficients are generally of the expected sign and magnitude. The short interest rate is positively correlated with velocity, the error correction coefficient is negative, shipments are strongly significant, and recent lags of currency growth and income are significant. The time trend coefficient is somewhat counterintuitive, but its overall contribution is small and so we leave further examination of it for future work.

Figure 15A displays overall currency growth, the solid black line, the proxy measurement, the short-dashed red line, and nominal GDP growth, the dashed gray line, for the regression sample period. Finally, Figures 15B and 15C display the quarterly and cumulative contributions to currency growth from foreign demand implied by the regression in Table 1. In both figures, the contributions are calculated from dynamic forecasts with residuals applied equally to the two components. As indicated by the dashed red line in Figure 15C, international shipments, as measured by the $100s proxy, are responsible for about two thirds of the growth in currency over this period.

Notably, even the highest of these estimates suggests that currency holdings by U.S. residents are significant--at least $1,000 per person--a finding at odds with survey work on currency holdings.³⁵ Feige (1996, 2012) suggests that underground economic activity could account for this discrepancy, though underreporting, especially by individuals with large cash holdings, is also likely a substantial problem.

VI.  Summary, Conclusions, and Directions for Future Work

In sum, much as in earlier work, the currently available data do not allow for precise estimates of foreign holdings of U.S. currency, and the available estimates are somewhat disparate. Nonetheless, direct measurements, regression-based estimates, and indirect estimates all point to strong international demand in the 1990s, a falloff in the early 2000s, and a recent resurgence that coincided with the collapse of Lehman Brothers.³⁶ Collectively, these methods suggest that half or a bit more than half of U.S. currency circulates abroad.

There are many promising avenues for future investigation, including the following. For the biometric method, what might we be able to learn about hoarding of notes? Will biometric estimates change when the new $100 note is issued? For the seasonal method, what is the significance, if any, of the shift observed in seasonal patterns of demand for U.S. currency? For the regression-based methods, would a more rigorous and sophisticated regression framework yield more precise or very different estimates? Finally, are there quantifiable indicators of market tension that show a systematic relationship with external demand for U.S. dollars, and can any of those indicators be forecasted? Some work along these lines shows promise, but is in the early stages.³⁷

Appendix: Currency Data Sources and Definitions

Several agencies and publications carry data on U.S. currency in circulation, and several additional sources are available internally in the Federal Reserve. The publications and the level of detail provided by each source are summarized in table 1. None of these sources provides any information about domestic and international movements of U.S. currency.

Appendix Table 1: Public Data Sources on U.S. Currency in Circulation

Publication Name	Source	URL	Frequency	Date Range	Definition	By Denomination?
H.4.1	Federal Reserve	http://www.federalreserve.gov/releases/h41/	Weekly average and Wednesday	1914; Time series data online starting in December 2002.	Table 1: Currency in circulation Tables 9 and 10: Federal Reserve notes, net	No
H.6	Federal Reserve	http://www.federalreserve.gov/releases/h6/	Weekly average	1989-present	Currency component of the money stock	No
Treasury Bulletin	Treasury	http://www.fms.treas.gov/bulletin/index.html	Quarter-end	Current year	All types of currency outstanding, held by the Treasury and Federal Reserve, and in circulation.	Yes
Annual Report	Federal Reserve	http://www.federalreserve.gov/boarddocsfs/rptcongress/ default.htm#ar	Annual. Data are reported for month-end and month average for previous year and year-end and year average for earlier years.	1914-present		No
Z.1 (Flow of Funds)	Federal Reserve	http://www.federalreserve.gov/releases/z1/	Quarter-end	1996-present	Currency in circulation
Banking and Monetary Statistics and Annual Statistical Supplement (various years)	Federal Reserve	http://fraser.stlouisfed.org/	Weekly average and Wednesday; monthly average and month-end; Annual average and year-end	1914-1990	Currency in circulation	Yes, for selected dates.
Online	Federal Reserve	http://www.federalreserve.gov/ paymentsystems/coin_data.htm	Annual, year-end	1990-present	Paper currency (Federal Reserve notes, U.S. notes, and currency no longer issued)	Yes
Statistics on payment, clearing and settlement systems in the CPSS countries	Bank for International Settlements	http://www.bis.org/ publ/cpss99.htm http://www.bis.org/ publ/cpss99.pdf	Annual, year-end		Notes and coin "issued" (held outside the monetary authority)	Yes

Notes
Currency in circulation includes Federal Reserve notes, Treasury notes, no longer issued notes, and coin held outside the Federal Reserve and Treasury.
Federal Reserve notes, net includes Federal Reserve notes outstanding less Federal Reserve notes held at the Federal Reserve.
The currency component of the money stock includes currency (including coin) outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions.

Figure 1A: U.S. Currency Levels, 1989 - 2011; Figure 1B: Annual Growth of U.S. Currency, 1989 - 2011

Data for Figure 1A

Year	All Denominations	$100s	$50s	$20s	$10 and smaller
1989	236.0	116.8	30.9	64.5	22.7
1990	260.7	136.4	33.0	67.0	23.1
1991	281.4	153.9	34.7	68.0	23.5
1992	306.5	172.9	37.0	71.0	24.3
1993	337.7	198.1	39.9	73.3	25.1
1994	373.0	224.5	42.8	78.1	26.4
1995	394.1	239.5	44.9	81.2	27.1
1996	417.1	255.8	47.8	84.4	27.7
1997	446.0	284.4	47.1	85.2	27.9
1998	480.7	313.9	49.0	87.9	28.4
1999	559.3	365.2	58.5	103.5	30.7
2000	551.6	371.5	53.7	94.8	30.0
2001	596.7	411.2	55.6	97.5	30.8
2002	641.2	451.4	57.1	99.8	31.3
2003	677.4	480.9	58.6	104.0	32.2
2004	711.8	511.7	59.7	106.1	32.6
2005	745.2	537.0	60.8	112.0	33.6
2006	768.7	556.5	61.2	114.7	34.5
2007	783.0	566.9	61.5	117.5	35.3
2008	827.7	604.7	63.5	121.7	36.0
2009	881.1	654.0	64.2	124.7	36.2
2010	928.1	694.7	65.7	128.5	37.2
2011	1,015.4	769.5	68.4	137.2	38.1

Figure 1B: Annual Growth of U.S. Currency, 1989 - 2011

Data for Figure 1B

Year	$100s	All Denominations
1989	7.3	5.3
1990	18.1	10.7
1991	12.2	7.5
1992	12.6	9.1
1993	13.7	9.4
1994	13.7	10.9
1995	5.4	5.1
1996	8.2	6.4
1997	11.5	7.2
1998	9.8	7.5
1999	20.6	22.1
2000	-2.2	-6.2
2001	11.5	8.6
2002	8.9	6.9
2003	6.3	5.4
2004	5.9	4.3
2005	5.5	5.4
2006	3.5	3.2
2007	0.9	1.1
2008	9.8	7.8
2009	5.0	4.1
2010	7.3	6.0
2011	11.1	9.8

Figure 2A: Canadian Currency Levels, 1989-2011

Data for Figure 2A

Year	$10 and smaller	$20s	$50s	$100s	All Denominations
1989	2.4	7.0	3.2	7.0	20.9
1990	2.4	7.3	3.3	7.4	21.7
1991	2.5	7.6	3.5	8.2	23.2
1992	2.4	7.6	3.6	9.2	24.6
1993	2.4	7.7	3.7	10.1	26.0
1994	2.3	7.9	3.8	10.9	27.2
1995	2.3	7.9	3.7	11.2	27.6
1996	2.1	7.9	3.7	11.6	28.1
1997	2.1	8.3	3.8	12.2	29.5
1998	2.1	8.9	4.1	13.0	31.5
1999	2.1	11.2	4.9	14.5	36.3
2000	2.1	10.3	4.7	15.3	35.3
2001	2.1	11.0	5.3	16.6	37.4
2002	2.2	11.8	6.1	17.9	40.0
2003	2.1	12.1	6.4	18.5	41.0
2004	2.2	13.1	6.5	19.6	43.0
2005	2.3	13.6	6.4	21.1	44.8
2006	2.4	14.2	6.7	22.6	47.3
2007	2.4	14.9	7.0	23.8	49.3
2008	2.5	15.3	7.3	25.7	52.0
2009	2.5	15.8	7.6	27.3	54.3
2010	2.5	16.2	8.1	28.6	56.5
2011	2.5	16.0	9.2	30.7	59.3

Figure 2B: Annual Growth, Canadian Currency, 1989-2011

Data for Figure 2B

Year	All Denominations	$100s
1989	5.0	9.0
1990	4.0	5.5
1991	6.6	10.3
1992	4.6	11.5
1993	6.4	10.0
1994	4.0	7.0
1995	1.6	2.8
1996	1.2	3.3
1997	4.9	5.4
1998	6.9	6.4
1999	23.0	15.7
2000	-8.4	2.2
2001	5.6	7.8
2002	6.0	8.0
2003	2.5	2.7
2004	4.9	6.3
2005	4.2	7.5
2006	5.8	7.4
2007	3.7	4.7
2008	6.3	9.4
2009	3.2	4.5
2010	4.3	5.2
2011	5.5	9.5

Figure 3: U.S. Currency to Nominal GDP Ratios, 1960-2011

Data for Figure 3

Year	All denominations	Large denominations	Small denominations	$20s
1960	5.7	1.7	2.0	2.0
1961	5.5	1.6	1.9	1.9
1962	5.4	1.6	1.8	1.9
1963	5.3	1.6	1.8	1.9
1964	5.3	1.6	1.7	1.9
1965	5.0	1.5	1.6	1.8
1966	4.9	1.5	1.6	1.7
1967	4.8	1.5	1.5	1.7
1968	4.7	1.5	1.4	1.7
1969	4.6	1.5	1.4	1.7
1970	4.7	1.6	1.4	1.7
1971	4.6	1.6	1.3	1.7
1972	4.5	1.6	1.2	1.6
1973	4.4	1.6	1.1	1.6
1974	4.4	1.7	1.1	1.6
1975	4.4	1.8	1.0	1.6
1976	4.4	1.8	0.9	1.6
1977	4.3	1.9	0.8	1.5
1978	4.2	1.9	0.8	1.4
1979	4.2	2.0	0.7	1.4
1980	4.2	2.1	0.7	1.4
1981	4.0	2.1	0.6	1.3
1982	4.2	2.3	0.6	1.3
1983	4.2	2.3	0.5	1.3
1984	4.1	2.3	0.5	1.2
1985	4.1	2.4	0.5	1.2
1986	4.2	2.5	0.5	1.2
1987	4.2	2.6	0.4	1.2
1988	4.3	2.6	0.4	1.2
1989	4.2	2.6	0.4	1.2
1990	4.5	2.9	0.4	1.1
1991	4.6	3.1	0.4	1.1
1992	4.7	3.2	0.4	1.1
1993	5.0	3.5	0.4	1.1
1994	5.1	3.7	0.4	1.1
1995	5.2	3.8	0.4	1.1
1996	5.2	3.8	0.3	1.1
1997	5.2	3.9	0.3	1.0
1998	5.3	4.0	0.3	1.0
1999	5.8	4.4	0.3	1.1
2000	5.4	4.2	0.3	0.9
2001	5.8	4.5	0.3	0.9
2002	6.0	4.7	0.3	0.9
2003	5.9	4.7	0.3	0.9
2004	5.9	4.7	0.3	0.9
2005	5.8	4.6	0.3	0.9
2006	5.7	4.5	0.3	0.8
2007	5.5	4.4	0.2	0.8
2008	5.9	4.7	0.3	0.9
2009	6.3	5.1	0.3	0.9
2010	6.3	5.2	0.3	0.9
2011	6.6	5.5	0.2	0.9

Figure 4: Canadian Currency to Nominal GDP Ratios, 1960-2011

Data for Figure 4

Year	All denominations	Large denominations	Small denominations	$20s
1961	4.9	1.0	1.9	1.7
1962	4.7	0.9	1.8	1.6
1963	4.5	0.9	1.7	1.6
1964	4.3	0.8	1.6	1.5
1965	4.1	0.8	1.5	1.5
1966	4.0	0.7	1.5	1.4
1967	4.0	0.7	1.5	1.5
1968	3.9	0.7	1.4	1.5
1969	3.8	0.7	1.3	1.5
1970	3.8	0.7	1.3	1.5
1971	3.8	0.8	1.2	1.6
1972	4.0	0.8	1.2	1.7
1973	3.8	0.9	1.1	1.6
1974	3.7	0.8	1.0	1.6
1975	3.8	0.9	1.0	1.7
1976	3.6	0.8	0.9	1.6
1977	3.6	0.9	0.8	1.6
1978	3.6	0.9	0.8	1.6
1979	3.4	0.9	0.7	1.5
1980	3.2	0.9	0.6	1.4
1981	3.0	0.9	0.6	1.3
1982	3.1	0.9	0.5	1.3
1983	3.1	1.0	0.5	1.3
1984	3.1	1.0	0.5	1.2
1985	3.1	1.1	0.4	1.2
1986	3.3	1.2	0.4	1.2
1987	3.2	1.2	0.4	1.1
1988	3.1	1.2	0.4	1.1
1989	3.1	1.3	0.4	1.0
1990	3.2	1.3	0.4	1.1
1991	3.4	1.4	0.4	1.1
1992	3.5	1.5	0.3	1.1
1993	3.5	1.6	0.3	1.0
1994	3.4	1.7	0.3	1.0
1995	3.4	1.7	0.3	1.0
1996	3.3	1.7	0.2	0.9
1997	3.3	1.7	0.2	0.9
1998	3.4	1.8	0.2	1.0
1999	3.6	1.8	0.2	1.1
2000	3.2	1.6	0.2	0.9
2001	3.4	1.7	0.2	1.0
2002	3.4	1.7	0.2	1.0
2003	3.3	1.7	0.2	1.0
2004	3.3	1.6	0.2	1.0
2005	3.2	1.6	0.2	1.0
2006	3.2	1.6	0.2	1.0
2007	3.2	1.6	0.2	1.0
2008	3.3	1.7	0.2	1.0
2009	3.5	1.8	0.2	1.0
2010	3.4	1.8	0.2	1.0
2011	3.4	1.8	0.1	0.9

Figure 5: Growth Rates of U.S. and Canadian Nominal GDP, 1960-2011

Data for Figure 5

Year	USA	Canada
1962	5.5	8.3
1963	6.8	8.7
1964	6.7	7.6
1965	10.6	12.4
1966	8.0	10.1
1967	5.7	7.2
1968	9.8	10.6
1969	7.3	9.6
1970	4.8	5.9
1971	9.4	12.2
1972	11.7	12.1
1973	11.3	19.7
1974	8.4	17.1
1975	10.4	13.0
1976	10.0	13.0
1977	12.0	10.8
1978	14.5	11.6
1979	10.1	14.8
1980	9.6	12.6
1981	9.6	11.6
1982	3.7	4.4
1983	11.3	10.8
1984	9.4	8.3
1985	7.1	8.4
1986	5.2	4.0
1987	7.5	11.4
1988	7.5	8.7
1989	6.3	5.9
1990	4.7	1.8
1991	4.2	1.5
1992	6.6	2.5
1993	4.9	4.4
1994	6.4	6.9
1995	4.1	3.6
1996	6.4	4.5
1997	6.0	5.0
1998	6.1	3.4
1999	6.4	9.2
2000	5.4	8.7
2001	2.4	-0.4
2002	3.8	7.8
2003	6.0	3.9
2004	6.2	7.3
2005	6.4	7.7
2006	5.3	3.2
2007	4.9	6.2
2008	-1.2	1.0
2009	0.0	-0.5
2010	4.7	6.2
2011	3.8	5.4

Figure 6A: Simple Estimates of the Share of U.S. Currency Abroad; Figure 6B: Simple Estimates of the Value of U.S. Currency Abroad

Data for Figure 6A

Year	All Denominations: Very Simple	All Denominations: Simple	$100s: Very Simple	$100s: Simple
1961	9.9		11.8
1962	12.2		17.4
1963	16.4		26.1
1964	18.0		29.1
1965	18.1		31.2
1966	18.1		34.7
1967	16.4		34.9
1968	15.9		35.3
1969	17.0		35.5
1970	18.4		38.0
1971	15.8	14.6	36.0	29.9
1972	9.8	13.2	31.6	28.2
1973	11.4	12.5	33.9	27.4
1974	15.7	14.4	41.6	31.5
1975	12.2	14.0	41.2	30.9
1976	15.6	13.4	45.7	32.8
1977	15.2	14.5	45.7	30.5
1978	13.4	13.3	45.0	28.5
1979	18.1	13.6	48.5	30.3
1980	21.6	14.3	51.7	33.3
1981	24.0	12.3	53.4	31.4
1982	23.3	16.0	51.7	34.5
1983	22.4	16.3	50.1	34.1
1984	21.3	15.7	48.6	31.4
1985	21.1	17.2	48.0	31.8
1986	20.3	19.4	47.3	34.2
1987	23.4	20.6	49.4	36.8
1988	24.0	20.7	49.8	38.6
1989	23.8	20.0	48.8	38.9
1990	26.4	24.6	52.9	45.4
1991	25.1	26.9	52.5	49.2
1992	25.4	29.8	51.1	50.2
1993	27.1	33.3	52.4	53.2
1994	32.0	36.6	55.5	55.4
1995	34.0	37.3	56.4	55.8
1996	36.1	37.6	57.7	56.1
1997	36.9	38.9	59.6	57.5
1998	35.6	40.6	59.8	57.7
1999	36.8	48.3	62.4	62.6
2000	40.1	42.3	61.9	59.1
2001	40.1	45.9	62.1	62.0
2002	42.9	47.6	63.8	63.7
2003	43.3	46.6	64.4	64.7
2004	43.6	45.5	64.6	64.8
2005	44.9	45.0	64.3	64.4
2006	42.3	44.0	62.2	63.7
2007	41.6	41.2	61.3	63.1
2008	43.6	47.2	62.2	65.5
2009	43.8	48.4	62.2	68.1
2010	45.5	49.0	63.5	68.9
2011	48.4	52.0	64.6	70.7

Figure 6B: Simple Estimates of the Value of U.S. Currency Abroad

Data for Figure 6B

Year	All Denominations: Very Simple	All Denominations: Simple	$100s: Very Simple	$100s: Simple
1961	3.1		0.7
1962	4.0		1.1
1963	5.7		1.9
1964	6.5		2.2
1965	6.9		2.5
1966	7.3		3.0
1967	6.9		3.3
1968	7.2		3.6
1969	8.2		3.9
1970	9.3		4.6
1971	8.6	7.9	4.8	4.0
1972	5.8	7.8	4.8	4.3
1973	7.4	8.1	5.9	4.7
1974	11.2	10.3	8.4	6.4
1975	9.5	10.9	9.5	7.2
1976	13.1	11.3	12.2	8.7
1977	14.3	13.6	14.1	9.4
1978	13.9	13.8	16.3	10.3
1979	20.6	15.5	20.4	12.7
1980	26.9	17.9	25.5	16.4
1981	31.8	16.3	28.7	16.9
1982	33.2	22.8	30.7	20.5
1983	35.3	25.7	33.8	23.0
1984	35.9	26.6	35.8	23.1
1985	38.3	31.3	38.9	25.8
1986	39.8	38.1	42.4	30.6
1987	49.9	43.9	49.6	36.9
1988	55.3	47.6	55.1	42.8
1989	57.8	48.5	57.9	46.2
1990	70.9	65.9	74.2	63.7
1991	72.5	77.7	82.5	77.4
1992	79.9	93.8	90.4	88.9
1993	93.5	114.6	105.6	107.1
1994	122.3	139.7	127.1	126.9
1995	136.5	149.8	136.2	134.8
1996	154.3	160.7	150.7	146.7
1997	168.9	178.2	173.7	167.6
1998	175.1	199.7	191.3	184.6
1999	221.1	290.1	240.9	241.9
2000	226.2	238.8	233.8	223.1
2001	245.7	281.1	261.6	261.2
2002	280.6	311.8	292.8	292.0
2003	298.7	321.5	313.9	315.6
2004	313.5	327.2	333.7	334.7
2005	340.4	341.6	350.4	350.8
2006	331.6	344.7	350.9	359.1
2007	329.3	326.2	348.6	359.1
2008	372.5	402.8	389.0	409.1
2009	388.9	429.9	408.4	446.8
2010	428.3	461.7	447.4	485.2
2011	501.1	538.0	505.4	552.9

Figure 7: International Commercial Bank Shipments And Total Change in U.S. Currency Flows Abroad

Data for Figure 7

Year	Commercial bank shipments	Total change in currency in circulation
1989	3.8	12.1
1990	16.6	25.9
1991	14.1	20.2
1992	15.4	26.3
1993	18.0	29.7
1994	21.8	37.6
1995	14.6	19.4
1996	16.4	25.6
1997	17.2	30.9
1998	9.0	34.2
1999	11.7	109.0
2000	-8.6	-37.2
2001	10.7	48.3
2002	4.5	42.5
2003	-9.5	35.5
2004	-6.2	29.7
2005	-13.1	38.9
2006	-14.3	24.7
2007	-21.0	8.7
2008	18.7	61.5
2009	4.5	34.7
2010	26.7	53.7
2011	58.9	92.5

Figure 8: Total Commercial Bank Shipments and Shipments Selected Group of Countries

Data for Figure 8

Year	Commercial bank shipments	Shipments to former USSR and Argentina
1989	3.8	1.1
1990	16.6	6.2
1991	14.1	5.7
1992	15.4	2.6
1993	18.0	6.2
1994	21.8	21.8
1995	14.6	25.3
1996	16.4	34.3
1997	17.2	36.8
1998	9.0	20.0
1999	11.7	14.9
2000	-8.6	11.0
2001	10.7	23.3
2002	4.5	18.1
2003	-9.5	9.9
2004	-6.2	11.1
2005	-13.1	18.9
2006	-14.3	9.0
2007	-21.0	7.6
2008	18.7	37.2
2009	4.5	18.7
2010	26.7	23.1
2011	58.9	48.2

Figure 9: Total Shipments, the Shipment Proxy, And Adjusted Shipments

Data for Figure 9

Year	Commercial bank shipments	Net payments of $100s from selected offices	Shipments adjusted for negative flows	Net payments from NY only
1989	3.8	3.7	5.2	7.4
1990	16.6	16.6	19.2	18.7
1991	14.1	12.8	18.1	17.1
1992	15.4	11.1	19.2	18.4
1993	18.0	16.6	22.7	23.6
1994	21.8	20.6	25.8	27.0
1995	14.6	8.8	20.2	20.5
1996	16.4	14.2	23.7	25.8
1997	17.2	22.4	26.8	32.2
1998	9.0	13.8	18.6	23.5
1999	11.7	24.4	23.7	26.9
2000	-8.6	-3.4	7.3	7.2
2001	10.7	23.8	27.8	25.9
2002	4.5	18.9	21.0	21.4
2003	-9.5	10.6	9.3	14.6
2004	-6.2	13.3	14.9	13.4
2005	-13.1	8.4	10.0	17.3
2006	-14.3	2.2	8.5	12.5
2007	-21.0	-10.7	5.8	11.5
2008	18.7	29.2	48.3	41.9
2009	4.5	12.6	31.1	29.2
2010	26.7	28.3	50.2	33.1
2011	58.9	55.0	80.0	53.4

Figure 10: Flows of U.S. Currency Shipped Abroad Relative to Currency in Circulation

Data for Figure 10

Year	Commercial bank shipments	Net payments of $100s from selected offices	Shipments adjusted for negative flows	Net payments from NY only
1989	1.8	1.8	2.5	3.5
1990	7.5	7.5	8.7	8.5
1991	5.7	5.2	7.4	7.0
1992	5.8	4.2	7.2	6.9
1993	6.2	5.7	7.8	8.1
1994	6.8	6.4	8.1	8.5
1995	4.1	2.5	5.7	5.8
1996	4.4	3.8	6.4	6.9
1997	4.4	5.7	6.8	8.2
1998	2.1	3.3	4.4	5.6
1999	2.6	5.3	5.2	5.9
2000	-1.7	-0.7	1.4	1.4
2001	2.0	4.5	5.2	4.9
2002	0.8	3.3	3.6	3.7
2003	-1.5	1.7	1.5	2.3
2004	-0.9	2.0	2.3	2.0
2005	-1.9	1.2	1.4	2.5
2006	-2.0	0.3	1.2	1.7
2007	-2.8	-1.4	0.8	1.5
2008	2.5	3.8	6.3	5.5
2009	0.6	1.6	3.9	3.6
2010	3.1	3.3	5.8	3.8
2011	6.4	6.0	8.8	5.8

Figure 11A: Measures of Cumulative Flows of U.S. Currency Abroad, 1989-2011

Data for Figure 11A

Year	Commercial bank shipments	Net payments of $100s from selected offices	Shipments adjusted for negative flows	Net payments from NY only	Total change in currency in circulation
1989	3.8	3.7	5.2	7.4	12.1
1990	20.4	20.3	24.5	26.1	38.0
1991	34.5	33.1	42.6	43.2	58.3
1992	49.9	44.2	61.7	61.6	84.6
1993	67.9	60.9	84.4	85.2	114.3
1994	89.7	81.4	110.2	112.2	151.9
1995	104.3	90.3	130.4	132.7	171.3
1996	120.7	104.4	154.0	158.5	196.9
1997	137.9	126.9	180.8	190.7	227.8
1998	146.9	140.7	199.4	214.2	262.0
1999	158.5	165.1	223.1	241.1	371.0
2000	150.0	161.7	230.3	248.4	333.8
2001	160.6	185.5	258.1	274.2	382.1
2002	165.1	204.4	279.1	295.6	424.6
2003	155.6	215.0	288.4	310.2	460.1
2004	149.4	228.3	303.3	323.6	489.7
2005	136.2	236.7	313.3	340.9	528.6
2006	121.9	239.0	321.8	353.4	553.3
2007	100.9	228.3	327.6	364.9	562.0
2008	119.6	257.5	375.9	406.8	623.5
2009	124.2	270.1	406.9	436.0	658.1
2010	150.8	298.4	457.1	469.1	711.8
2011	209.7	353.4	537.1	522.5	804.3

Figure 11B: Cumulative Flows of U.S. Currency Shipped Abroad Relative to Cumulative Changes in Currency in Circulation, 1989-2011

Data for Figure 11B

Year	Commercial bank shipments	Net payments of $100s from selected offices	Shipments adjusted for negative flows	Net payments from NY only
1989	0.32	0.31	0.43	0.61
1990	0.54	0.53	0.64	0.69
1991	0.59	0.57	0.73	0.74
1992	0.59	0.52	0.73	0.73
1993	0.59	0.53	0.74	0.75
1994	0.59	0.54	0.73	0.74
1995	0.61	0.53	0.76	0.77
1996	0.61	0.53	0.78	0.80
1997	0.61	0.56	0.79	0.84
1998	0.56	0.54	0.76	0.82
1999	0.43	0.45	0.60	0.65
2000	0.45	0.48	0.69	0.74
2001	0.42	0.49	0.68	0.72
2002	0.39	0.48	0.66	0.70
2003	0.34	0.47	0.63	0.67
2004	0.31	0.47	0.62	0.66
2005	0.26	0.45	0.59	0.64
2006	0.22	0.43	0.58	0.64
2007	0.18	0.41	0.58	0.65
2008	0.19	0.41	0.60	0.65
2009	0.19	0.41	0.62	0.66
2010	0.21	0.42	0.64	0.66
2011	0.26	0.44	0.67	0.65

Figure 12A: X-12 Seasonal Factor Estimates Total U.S. Currency in Circulation

Data for Figure 12A

Year	January	February	September	December
1962	ND	ND	ND	0.029
1963	-0.010	-0.011	-0.002	0.029
1964	-0.010	-0.011	-0.002	0.029
1965	-0.010	-0.012	-0.002	0.029
1966	-0.010	-0.012	-0.003	0.029
1967	-0.010	-0.013	-0.003	0.030
1968	-0.011	-0.014	-0.004	0.030
1969	-0.012	-0.015	-0.005	0.031
1970	-0.013	-0.016	-0.006	0.031
1971	-0.014	-0.016	-0.006	0.032
1972	-0.015	-0.016	-0.007	0.032
1973	-0.016	-0.016	-0.008	0.033
1974	-0.016	-0.016	-0.008	0.033
1975	-0.016	-0.017	-0.008	0.033
1976	-0.016	-0.017	-0.007	0.033
1977	-0.015	-0.017	-0.007	0.033
1978	-0.014	-0.017	-0.006	0.033
1979	-0.013	-0.017	-0.005	0.033
1980	-0.014	-0.017	-0.005	0.033
1981	-0.014	-0.018	-0.005	0.032
1982	-0.014	-0.018	-0.005	0.031
1983	-0.014	-0.017	-0.006	0.030
1984	-0.014	-0.016	-0.007	0.030
1985	-0.014	-0.016	-0.008	0.030
1986	-0.013	-0.015	-0.009	0.030
1987	-0.012	-0.014	-0.009	0.029
1988	-0.011	-0.013	-0.009	0.029
1989	-0.009	-0.012	-0.009	0.028
1990	-0.008	-0.010	-0.008	0.027
1991	-0.007	-0.008	-0.007	0.025
1992	-0.007	-0.007	-0.006	0.024
1993	-0.007	-0.007	-0.006	0.024
1994	-0.007	-0.007	-0.006	0.024
1995	-0.008	-0.007	-0.006	0.025
1996	-0.007	-0.006	-0.007	0.027
1997	-0.006	-0.005	-0.007	0.029
1998	-0.005	-0.004	-0.008	0.031
1999	-0.004	-0.003	-0.008	0.030
2000	-0.003	-0.002	-0.008	0.029
2001	-0.003	-0.002	-0.007	0.026
2002	-0.003	-0.001	-0.007	0.023
2003	-0.004	-0.002	-0.006	0.021
2004	-0.005	-0.001	-0.006	0.020
2005	-0.004	-0.001	-0.007	0.019
2006	-0.004	0.000	-0.008	0.018
2007	-0.004	0.001	-0.008	0.018
2008	-0.004	0.002	-0.008	0.017
2009	-0.005	0.002	-0.009	0.016
2010	-0.005	0.003	-0.008	0.015
2011	-0.005	0.003	-0.008	0.014

Figure 12B: X-12 Seasonal Factor Estimates Total Canadian Currency in Circulation

Data for Figure 12B

Year	January	February	September	December
1962	ND	ND	ND	0.042
1963	-0.025	-0.030	0.005	0.042
1964	-0.025	-0.030	0.005	0.043
1965	-0.024	-0.030	0.005	0.043
1966	-0.024	-0.031	0.004	0.044
1967	-0.024	-0.032	0.003	0.046
1968	-0.024	-0.032	0.003	0.048
1969	-0.023	-0.032	0.002	0.050
1970	-0.023	-0.031	0.001	0.052
1971	-0.023	-0.030	0.000	0.055
1972	-0.023	-0.030	-0.001	0.059
1973	-0.023	-0.030	-0.001	0.062
1974	-0.023	-0.030	-0.002	0.065
1975	-0.023	-0.031	-0.002	0.067
1976	-0.023	-0.031	-0.002	0.070
1977	-0.023	-0.032	-0.002	0.072
1978	-0.022	-0.032	-0.001	0.075
1979	-0.023	-0.033	-0.001	0.078
1980	-0.024	-0.035	-0.001	0.081
1981	-0.026	-0.036	-0.001	0.084
1982	-0.028	-0.037	-0.003	0.086
1983	-0.030	-0.037	-0.004	0.088
1984	-0.031	-0.037	-0.004	0.090
1985	-0.031	-0.036	-0.004	0.092
1986	-0.031	-0.035	-0.004	0.093
1987	-0.031	-0.035	-0.004	0.095
1988	-0.030	-0.035	-0.005	0.096
1989	-0.030	-0.035	-0.005	0.095
1990	-0.030	-0.035	-0.005	0.092
1991	-0.030	-0.035	-0.005	0.088
1992	-0.029	-0.034	-0.004	0.083
1993	-0.029	-0.032	-0.005	0.078
1994	-0.028	-0.031	-0.005	0.073
1995	-0.027	-0.029	-0.005	0.069
1996	-0.024	-0.029	-0.005	0.068
1997	-0.022	-0.029	-0.004	0.068
1998	-0.019	-0.029	-0.004	0.068
1999	-0.018	-0.029	-0.003	0.068
2000	-0.017	-0.029	-0.002	0.066
2001	-0.018	-0.028	-0.001	0.063
2002	-0.019	-0.028	0.000	0.058
2003	-0.020	-0.027	0.001	0.053
2004	-0.021	-0.027	0.001	0.049
2005	-0.021	-0.026	0.001	0.047
2006	-0.020	-0.025	0.001	0.045
2007	-0.019	-0.024	0.001	0.043
2008	-0.018	-0.023	0.001	0.042
2009	-0.017	-0.022	0.001	0.040
2010	-0.016	-0.021	0.001	0.039
2011	-0.015	-0.020	0.001	0.039

Figure 13A: Seasonal Method Estimated Share of All U.S. Currency Abroad

Data for Figure 13A

Month	Annual-X12	Monthly fixed-X12	Monthly-X12	Annual-3x1	Monthly fixed-3x1	Monthly-3x1
Dec 1962	.	.	.	.	.	.
Jan 1963	0.415	.	.	0.405	.	.
Feb 1963	.	.	.	.	.	.
Mar 1963	.	.	.	.	.	.
Apr 1963	.	.	.	.	.	.
May 1963	.	.	.	.	.	.
Jun 1963	.	.	.	.	.	.
Jul 1963	.	.	.	.	.	.
Aug 1963	.	.	.	.	.	.
Sep 1963	.	.	.	.	.	.
Oct 1963	.	.	.	.	.	.
Nov 1963	.	.	.	.	.	.
Dec 1963	.	0.443	0.407	.	0.436	0.414
Jan 1964	0.419	0.443	0.407	0.406	0.436	0.414
Feb 1964	.	0.442	0.406	.	0.437	0.415
Mar 1964	.	0.442	0.406	.	0.437	0.415
Apr 1964	.	0.442	0.407	.	0.437	0.413
May 1964	.	0.442	0.407	.	0.437	0.413
Jun 1964	.	0.442	0.407	.	0.437	0.413
Jul 1964	.	0.442	0.407	.	0.437	0.413
Aug 1964	.	0.442	0.407	.	0.437	0.413
Sep 1964	.	0.442	0.407	.	0.437	0.413
Oct 1964	.	0.442	0.407	.	0.437	0.413
Nov 1964	.	0.442	0.407	.	0.437	0.413
Dec 1964	.	0.442	0.407	.	0.438	0.413
Jan 1965	0.424	0.442	0.407	0.415	0.438	0.413
Feb 1965	.	0.442	0.407	.	0.439	0.413
Mar 1965	.	0.442	0.407	.	0.439	0.413
Apr 1965	.	0.442	0.407	.	0.439	0.412
May 1965	.	0.442	0.408	.	0.439	0.412
Jun 1965	.	0.442	0.408	.	0.439	0.412
Jul 1965	.	0.442	0.408	.	0.439	0.412
Aug 1965	.	0.442	0.408	.	0.439	0.412
Sep 1965	.	0.442	0.408	.	0.440	0.412
Oct 1965	.	0.442	0.408	.	0.440	0.412
Nov 1965	.	0.442	0.408	.	0.440	0.412
Dec 1965	.	0.443	0.409	.	0.441	0.413
Jan 1966	0.427	0.443	0.409	0.441	0.441	0.413
Feb 1966	.	0.443	0.409	.	0.441	0.413
Mar 1966	.	0.443	0.409	.	0.441	0.413
Apr 1966	.	0.443	0.410	.	0.441	0.413
May 1966	.	0.443	0.410	.	0.442	0.413
Jun 1966	.	0.443	0.410	.	0.442	0.413
Jul 1966	.	0.443	0.411	.	0.442	0.413
Aug 1966	.	0.443	0.411	.	0.442	0.413
Sep 1966	.	0.443	0.411	.	0.443	0.413
Oct 1966	.	0.443	0.411	.	0.443	0.413
Nov 1966	.	0.443	0.412	.	0.443	0.413
Dec 1966	.	0.443	0.412	.	0.443	0.414
Jan 1967	0.421	0.443	0.412	0.445	0.444	0.414
Feb 1967	.	0.442	0.413	.	0.443	0.415
Mar 1967	.	0.442	0.413	.	0.443	0.415
Apr 1967	.	0.442	0.414	.	0.443	0.417
May 1967	.	0.442	0.414	.	0.444	0.417
Jun 1967	.	0.442	0.415	.	0.444	0.417
Jul 1967	.	0.442	0.415	.	0.444	0.418
Aug 1967	.	0.442	0.415	.	0.444	0.418
Sep 1967	.	0.442	0.416	.	0.444	0.418
Oct 1967	.	0.442	0.416	.	0.444	0.419
Nov 1967	.	0.442	0.416	.	0.444	0.419
Dec 1967	.	0.443	0.417	.	0.444	0.419
Jan 1968	0.412	0.443	0.417	0.427	0.444	0.420
Feb 1968	.	0.442	0.417	.	0.444	0.420
Mar 1968	.	0.442	0.417	.	0.444	0.420
Apr 1968	.	0.442	0.417	.	0.444	0.420
May 1968	.	0.441	0.418	.	0.444	0.421
Jun 1968	.	0.441	0.418	.	0.444	0.421
Jul 1968	.	0.441	0.418	.	0.443	0.421
Aug 1968	.	0.441	0.418	.	0.443	0.421
Sep 1968	.	0.441	0.419	.	0.443	0.422
Oct 1968	.	0.441	0.419	.	0.443	0.422
Nov 1968	.	0.441	0.419	.	0.443	0.422
Dec 1968	.	0.441	0.420	.	0.442	0.421
Jan 1969	0.402	0.441	0.420	0.378	0.442	0.421
Feb 1969	.	0.440	0.419	.	0.440	0.420
Mar 1969	.	0.440	0.419	.	0.440	0.420
Apr 1969	.	0.440	0.420	.	0.439	0.420
May 1969	.	0.440	0.420	.	0.439	0.420
Jun 1969	.	0.440	0.420	.	0.439	0.420
Jul 1969	.	0.440	0.420	.	0.438	0.419
Aug 1969	.	0.439	0.420	.	0.438	0.419
Sep 1969	.	0.439	0.420	.	0.437	0.419
Oct 1969	.	0.439	0.420	.	0.437	0.419
Nov 1969	.	0.439	0.421	.	0.436	0.418
Dec 1969	.	0.440	0.421	.	0.436	0.419
Jan 1970	0.397	0.440	0.422	0.349	0.436	0.418
Feb 1970	.	0.439	0.421	.	0.434	0.417
Mar 1970	.	0.438	0.421	.	0.433	0.416
Apr 1970	.	0.438	0.421	.	0.433	0.416
May 1970	.	0.438	0.421	.	0.432	0.416
Jun 1970	.	0.438	0.421	.	0.432	0.416
Jul 1970	.	0.438	0.421	.	0.431	0.415
Aug 1970	.	0.438	0.422	.	0.431	0.415
Sep 1970	.	0.438	0.422	.	0.430	0.415
Oct 1970	.	0.438	0.422	.	0.429	0.414
Nov 1970	.	0.437	0.422	.	0.429	0.414
Dec 1970	.	0.438	0.423	.	0.430	0.415
Jan 1971	0.395	0.438	0.423	0.352	0.429	0.415
Feb 1971	.	0.438	0.423	.	0.427	0.413
Mar 1971	.	0.438	0.423	.	0.427	0.413
Apr 1971	.	0.437	0.423	.	0.426	0.412
May 1971	.	0.437	0.423	.	0.426	0.412
Jun 1971	.	0.437	0.423	.	0.425	0.412
Jul 1971	.	0.437	0.423	.	0.425	0.412
Aug 1971	.	0.437	0.424	.	0.424	0.411
Sep 1971	.	0.437	0.424	.	0.424	0.411
Oct 1971	.	0.437	0.424	.	0.423	0.411
Nov 1971	.	0.437	0.424	.	0.423	0.410
Dec 1971	.	0.438	0.425	.	0.425	0.413
Jan 1972	0.403	0.438	0.425	0.387	0.425	0.412
Feb 1972	.	0.438	0.425	.	0.425	0.413
Mar 1972	.	0.438	0.426	.	0.425	0.413
Apr 1972	.	0.438	0.426	.	0.425	0.413
May 1972	.	0.438	0.426	.	0.425	0.413
Jun 1972	.	0.438	0.426	.	0.425	0.414
Jul 1972	.	0.438	0.426	.	0.425	0.414
Aug 1972	.	0.438	0.427	.	0.425	0.414
Sep 1972	.	0.438	0.427	.	0.425	0.414
Oct 1972	.	0.438	0.427	.	0.425	0.414
Nov 1972	.	0.438	0.427	.	0.425	0.415
Dec 1972	.	0.440	0.429	.	0.427	0.416
Jan 1973	0.414	0.440	0.429	0.412	0.427	0.416
Feb 1973	.	0.440	0.429	.	0.428	0.418
Mar 1973	.	0.440	0.429	.	0.431	0.418
Apr 1973	.	0.440	0.430	.	0.431	0.419
May 1973	.	0.440	0.430	.	0.432	0.419
Jun 1973	.	0.440	0.430	.	0.432	0.420
Jul 1973	.	0.441	0.431	.	0.433	0.420
Aug 1973	.	0.441	0.431	.	0.434	0.421
Sep 1973	.	0.441	0.431	.	0.434	0.421
Oct 1973	.	0.441	0.432	.	0.435	0.422
Nov 1973	.	0.441	0.432	.	0.436	0.423
Dec 1973	.	0.443	0.434	.	0.438	0.424
Jan 1974	0.427	0.443	0.434	0.424	0.438	0.424
Feb 1974	.	0.443	0.434	.	0.438	0.426
Mar 1974	.	0.443	0.435	.	0.439	0.427
Apr 1974	.	0.444	0.435	.	0.440	0.427
May 1974	.	0.444	0.435	.	0.440	0.428
Jun 1974	.	0.444	0.436	.	0.441	0.429
Jul 1974	.	0.445	0.436	.	0.442	0.429
Aug 1974	.	0.445	0.437	.	0.442	0.430
Sep 1974	.	0.445	0.437	.	0.443	0.431
Oct 1974	.	0.445	0.438	.	0.444	0.432
Nov 1974	.	0.446	0.438	.	0.444	0.432
Dec 1974	.	0.447	0.439	.	0.446	0.434
Jan 1975	0.440	0.447	0.440	0.432	0.446	0.433
Feb 1975	.	0.448	0.440	.	0.447	0.435
Mar 1975	.	0.448	0.441	.	0.448	0.436
Apr 1975	.	0.449	0.441	.	0.448	0.437
May 1975	.	0.449	0.442	.	0.449	0.437
Jun 1975	.	0.449	0.442	.	0.450	0.438
Jul 1975	.	0.450	0.443	.	0.451	0.439
Aug 1975	.	0.450	0.443	.	0.451	0.439
Sep 1975	.	0.451	0.444	.	0.452	0.440
Oct 1975	.	0.451	0.444	.	0.453	0.441
Nov 1975	.	0.452	0.445	.	0.453	0.441
Dec 1975	.	0.453	0.446	.	0.456	0.444
Jan 1976	0.457	0.453	0.447	0.451	0.457	0.445
Feb 1976	.	0.454	0.448	.	0.457	0.445
Mar 1976	.	0.461	0.448	.	0.458	0.446
Apr 1976	.	0.462	0.449	.	0.458	0.447
May 1976	.	0.463	0.449	.	0.459	0.448
Jun 1976	.	0.464	0.450	.	0.460	0.448
Jul 1976	.	0.465	0.451	.	0.461	0.449
Aug 1976	.	0.467	0.451	.	0.462	0.450
Sep 1976	.	0.468	0.452	.	0.462	0.451
Oct 1976	.	0.469	0.452	.	0.463	0.452
Nov 1976	.	0.471	0.453	.	0.464	0.453
Dec 1976	.	0.473	0.455	.	0.466	0.454
Jan 1977	0.477	0.475	0.455	0.480	0.467	0.456
Feb 1977	.	0.470	0.456	.	0.467	0.456
Mar 1977	.	0.478	0.457	.	0.473	0.458
Apr 1977	.	0.479	0.458	.	0.474	0.459
May 1977	.	0.480	0.459	.	0.475	0.460
Jun 1977	.	0.482	0.459	.	0.477	0.461
Jul 1977	.	0.483	0.460	.	0.478	0.462
Aug 1977	.	0.484	0.461	.	0.479	0.463
Sep 1977	.	0.486	0.462	.	0.481	0.464
Oct 1977	.	0.487	0.462	.	0.482	0.465
Nov 1977	.	0.488	0.463	.	0.484	0.466
Dec 1977	.	0.491	0.465	.	0.486	0.467
Jan 1978	0.499	0.492	0.466	0.504	0.487	0.468
Feb 1978	.	0.494	0.466	.	0.489	0.470
Mar 1978	.	0.495	0.468	.	0.491	0.472
Apr 1978	.	0.496	0.468	.	0.492	0.473
May 1978	.	0.498	0.469	.	0.493	0.475
Jun 1978	.	0.499	0.470	.	0.495	0.476
Jul 1978	.	0.500	0.471	.	0.496	0.477
Aug 1978	.	0.502	0.472	.	0.498	0.478
Sep 1978	.	0.503	0.473	.	0.499	0.479
Oct 1978	.	0.504	0.473	.	0.500	0.481
Nov 1978	.	0.506	0.474	.	0.502	0.482
Dec 1978	.	0.508	0.476	.	0.503	0.483
Jan 1979	0.521	0.509	0.477	0.523	0.504	0.484
Feb 1979	.	0.510	0.478	.	0.506	0.485
Mar 1979	.	0.511	0.479	.	0.506	0.487
Apr 1979	.	0.513	0.480	.	0.508	0.488
May 1979	.	0.514	0.481	.	0.509	0.489
Jun 1979	.	0.515	0.481	.	0.510	0.490
Jul 1979	.	0.516	0.482	.	0.511	0.491
Aug 1979	.	0.518	0.483	.	0.512	0.492
Sep 1979	.	0.519	0.484	.	0.513	0.493
Oct 1979	.	0.520	0.485	.	0.514	0.494
Nov 1979	.	0.521	0.486	.	0.516	0.495
Dec 1979	.	0.523	0.488	.	0.517	0.497
Jan 1980	0.541	0.524	0.488	0.535	0.518	0.498
Feb 1980	.	0.526	0.489	.	0.519	0.497
Mar 1980	.	0.526	0.490	.	0.520	0.498
Apr 1980	.	0.528	0.491	.	0.521	0.498
May 1980	.	0.529	0.492	.	0.522	0.499
Jun 1980	.	0.530	0.492	.	0.523	0.500
Jul 1980	.	0.531	0.493	.	0.524	0.501
Aug 1980	.	0.532	0.494	.	0.525	0.501
Sep 1980	.	0.533	0.495	.	0.526	0.502
Oct 1980	.	0.534	0.496	.	0.527	0.503
Nov 1980	.	0.535	0.497	.	0.528	0.503
Dec 1980	.	0.538	0.499	.	0.530	0.505
Jan 1981	0.562	0.539	0.499	0.551	0.531	0.506
Feb 1981	.	0.535	0.500	.	0.527	0.505
Mar 1981	.	0.536	0.501	.	0.528	0.506
Apr 1981	.	0.537	0.502	.	0.528	0.506
May 1981	.	0.537	0.503	.	0.529	0.507
Jun 1981	.	0.538	0.504	.	0.529	0.508
Jul 1981	.	0.539	0.505	.	0.530	0.508
Aug 1981	.	0.539	0.506	.	0.530	0.509
Sep 1981	.	0.540	0.507	.	0.530	0.509
Oct 1981	.	0.540	0.508	.	0.531	0.510
Nov 1981	.	0.540	0.509	.	0.531	0.511
Dec 1981	.	0.542	0.511	.	0.533	0.513
Jan 1982	0.584	0.542	0.512	0.579	0.533	0.514
Feb 1982	.	0.543	0.513	.	0.535	0.515
Mar 1982	.	0.544	0.514	.	0.535	0.516
Apr 1982	.	0.544	0.515	.	0.536	0.517
May 1982	.	0.545	0.516	.	0.536	0.518
Jun 1982	.	0.545	0.517	.	0.537	0.519
Jul 1982	.	0.546	0.518	.	0.537	0.519
Aug 1982	.	0.547	0.519	.	0.538	0.520
Sep 1982	.	0.547	0.520	.	0.539	0.521
Oct 1982	.	0.548	0.521	.	0.539	0.522
Nov 1982	.	0.548	0.522	.	0.540	0.523
Dec 1982	.	0.550	0.524	.	0.543	0.526
Jan 1983	0.606	0.551	0.525	0.615	0.544	0.527
Feb 1983	.	0.552	0.526	.	0.546	0.529
Mar 1983	.	0.553	0.527	.	0.547	0.531
Apr 1983	.	0.553	0.528	.	0.547	0.532
May 1983	.	0.554	0.529	.	0.548	0.533
Jun 1983	.	0.555	0.530	.	0.549	0.534
Jul 1983	.	0.555	0.531	.	0.550	0.535
Aug 1983	.	0.556	0.533	.	0.551	0.536
Sep 1983	.	0.557	0.534	.	0.552	0.538
Oct 1983	.	0.558	0.535	.	0.554	0.539
Nov 1983	.	0.558	0.536	.	0.555	0.540
Dec 1983	.	0.560	0.538	.	0.557	0.543
Jan 1984	0.624	0.561	0.539	0.639	0.558	0.544
Feb 1984	.	0.562	0.540	.	0.560	0.546
Mar 1984	.	0.563	0.542	.	0.563	0.548
Apr 1984	.	0.564	0.543	.	0.564	0.549
May 1984	.	0.564	0.544	.	0.566	0.551
Jun 1984	.	0.565	0.545	.	0.567	0.552
Jul 1984	.	0.566	0.546	.	0.569	0.553
Aug 1984	.	0.567	0.547	.	0.570	0.555
Sep 1984	.	0.568	0.548	.	0.571	0.556
Oct 1984	.	0.569	0.549	.	0.573	0.558
Nov 1984	.	0.569	0.550	.	0.574	0.559
Dec 1984	.	0.571	0.552	.	0.576	0.561
Jan 1985	0.641	0.572	0.553	0.649	0.578	0.562
Feb 1985	.	0.573	0.555	.	0.579	0.563
Mar 1985	.	0.574	0.556	.	0.581	0.565
Apr 1985	.	0.575	0.557	.	0.582	0.566
May 1985	.	0.576	0.558	.	0.583	0.567
Jun 1985	.	0.576	0.559	.	0.585	0.569
Jul 1985	.	0.577	0.560	.	0.586	0.570
Aug 1985	.	0.578	0.561	.	0.587	0.571
Sep 1985	.	0.579	0.563	.	0.589	0.573
Oct 1985	.	0.580	0.564	.	0.590	0.574
Nov 1985	.	0.581	0.565	.	0.591	0.575
Dec 1985	.	0.582	0.566	.	0.592	0.576
Jan 1986	0.653	0.583	0.567	0.647	0.593	0.577
Feb 1986	.	0.584	0.569	.	0.595	0.578
Mar 1986	.	0.588	0.570	.	0.596	0.579
Apr 1986	.	0.589	0.571	.	0.597	0.580
May 1986	.	0.590	0.572	.	0.599	0.581
Jun 1986	.	0.591	0.573	.	0.600	0.582
Jul 1986	.	0.593	0.574	.	0.601	0.583
Aug 1986	.	0.594	0.575	.	0.602	0.584
Sep 1986	.	0.595	0.576	.	0.603	0.585
Oct 1986	.	0.596	0.577	.	0.604	0.586
Nov 1986	.	0.598	0.578	.	0.605	0.587
Dec 1986	.	0.599	0.580	.	0.607	0.588
Jan 1987	0.664	0.601	0.581	0.661	0.608	0.589
Feb 1987	.	0.602	0.582	.	0.609	0.589
Mar 1987	.	0.604	0.583	.	0.607	0.590
Apr 1987	.	0.605	0.584	.	0.608	0.591
May 1987	.	0.606	0.585	.	0.608	0.592
Jun 1987	.	0.608	0.586	.	0.609	0.592
Jul 1987	.	0.609	0.587	.	0.610	0.593
Aug 1987	.	0.610	0.588	.	0.610	0.594
Sep 1987	.	0.611	0.589	.	0.611	0.595
Oct 1987	.	0.613	0.590	.	0.611	0.595
Nov 1987	.	0.614	0.591	.	0.612	0.596
Dec 1987	.	0.616	0.593	.	0.613	0.598
Jan 1988	0.680	0.617	0.594	0.670	0.614	0.598
Feb 1988	.	0.618	0.596	.	0.615	0.600
Mar 1988	.	0.617	0.597	.	0.620	0.601
Apr 1988	.	0.618	0.598	.	0.621	0.602
May 1988	.	0.619	0.599	.	0.622	0.602
Jun 1988	.	0.620	0.600	.	0.623	0.603
Jul 1988	.	0.620	0.601	.	0.624	0.604
Aug 1988	.	0.621	0.602	.	0.625	0.605
Sep 1988	.	0.622	0.603	.	0.627	0.606
Oct 1988	.	0.623	0.604	.	0.628	0.607
Nov 1988	.	0.624	0.605	.	0.629	0.607
Dec 1988	.	0.625	0.606	.	0.631	0.609
Jan 1989	0.699	0.626	0.607	0.690	0.633	0.610
Feb 1989	.	0.627	0.609	.	0.634	0.612
Mar 1989	.	0.628	0.611	.	0.636	0.613
Apr 1989	.	0.629	0.612	.	0.638	0.614
May 1989	.	0.630	0.613	.	0.639	0.615
Jun 1989	.	0.631	0.614	.	0.640	0.616
Jul 1989	.	0.632	0.615	.	0.642	0.617
Aug 1989	.	0.632	0.616	.	0.643	0.618
Sep 1989	.	0.633	0.617	.	0.644	0.619
Oct 1989	.	0.634	0.618	.	0.646	0.620
Nov 1989	.	0.635	0.619	.	0.647	0.621
Dec 1989	.	0.636	0.621	.	0.649	0.623
Jan 1990	0.715	0.637	0.622	0.719	0.651	0.624
Feb 1990	.	0.639	0.624	.	0.652	0.627
Mar 1990	.	0.640	0.625	.	0.654	0.628
Apr 1990	.	0.641	0.627	.	0.656	0.629
May 1990	.	0.642	0.628	.	0.657	0.630
Jun 1990	.	0.643	0.629	.	0.658	0.631
Jul 1990	.	0.644	0.630	.	0.660	0.633
Aug 1990	.	0.645	0.631	.	0.661	0.634
Sep 1990	.	0.646	0.632	.	0.662	0.635
Oct 1990	.	0.647	0.634	.	0.664	0.636
Nov 1990	.	0.648	0.635	.	0.665	0.637
Dec 1990	.	0.649	0.636	.	0.667	0.639
Jan 1991	0.724	0.650	0.637	0.752	0.668	0.640
Feb 1991	.	0.652	0.639	.	0.670	0.642
Mar 1991	.	0.653	0.640	.	0.669	0.643
Apr 1991	.	0.654	0.641	.	0.670	0.644
May 1991	.	0.655	0.643	.	0.671	0.645
Jun 1991	.	0.656	0.644	.	0.672	0.646
Jul 1991	.	0.657	0.645	.	0.673	0.647
Aug 1991	.	0.658	0.646	.	0.674	0.648
Sep 1991	.	0.659	0.647	.	0.675	0.650
Oct 1991	.	0.660	0.648	.	0.676	0.652
Nov 1991	.	0.661	0.649	.	0.677	0.653
Dec 1991	.	0.662	0.651	.	0.678	0.654
Jan 1992	0.728	0.663	0.652	0.756	0.679	0.655
Feb 1992	.	0.664	0.653	.	0.681	0.657
Mar 1992	.	0.665	0.654	.	0.682	0.658
Apr 1992	.	0.666	0.655	.	0.683	0.659
May 1992	.	0.667	0.657	.	0.684	0.660
Jun 1992	.	0.668	0.658	.	0.685	0.661
Jul 1992	.	0.669	0.659	.	0.686	0.663
Aug 1992	.	0.670	0.660	.	0.686	0.664
Sep 1992	.	0.671	0.661	.	0.687	0.665
Oct 1992	.	0.671	0.662	.	0.688	0.666
Nov 1992	.	0.672	0.663	.	0.689	0.668
Dec 1992	.	0.673	0.664	.	0.691	0.669
Jan 1993	0.724	0.674	0.665	0.748	0.692	0.670
Feb 1993	.	0.676	0.666	.	0.694	0.671
Mar 1993	.	0.677	0.666	.	0.694	0.672
Apr 1993	.	0.678	0.667	.	0.694	0.673
May 1993	.	0.679	0.668	.	0.695	0.674
Jun 1993	.	0.679	0.669	.	0.696	0.675
Jul 1993	.	0.680	0.670	.	0.697	0.676
Aug 1993	.	0.681	0.671	.	0.698	0.677
Sep 1993	.	0.682	0.672	.	0.699	0.678
Oct 1993	.	0.683	0.673	.	0.700	0.679
Nov 1993	.	0.684	0.673	.	0.701	0.680
Dec 1993	.	0.684	0.674	.	0.702	0.682
Jan 1994	0.710	0.685	0.674	0.732	0.703	0.682
Feb 1994	.	0.686	0.675	.	0.704	0.682
Mar 1994	.	0.687	0.675	.	0.704	0.683
Apr 1994	.	0.687	0.676	.	0.705	0.684
May 1994	.	0.688	0.677	.	0.706	0.685
Jun 1994	.	0.689	0.677	.	0.707	0.686
Jul 1994	.	0.689	0.678	.	0.707	0.686
Aug 1994	.	0.690	0.678	.	0.708	0.687
Sep 1994	.	0.691	0.679	.	0.709	0.688
Oct 1994	.	0.691	0.679	.	0.710	0.689
Nov 1994	.	0.692	0.680	.	0.711	0.689
Dec 1994	.	0.691	0.679	.	0.711	0.689
Jan 1995	0.684	0.692	0.679	0.718	0.711	0.690
Feb 1995	.	0.692	0.680	.	0.712	0.691
Mar 1995	.	0.693	0.680	.	0.713	0.691
Apr 1995	.	0.693	0.680	.	0.714	0.692
May 1995	.	0.694	0.680	.	0.714	0.692
Jun 1995	.	0.694	0.681	.	0.715	0.693
Jul 1995	.	0.695	0.681	.	0.716	0.694
Aug 1995	.	0.695	0.681	.	0.716	0.694
Sep 1995	.	0.695	0.681	.	0.717	0.695
Oct 1995	.	0.696	0.681	.	0.717	0.695
Nov 1995	.	0.696	0.682	.	0.718	0.696
Dec 1995	.	0.695	0.680	.	0.716	0.693
Jan 1996	0.656	0.695	0.680	0.676	0.716	0.693
Feb 1996	.	0.695	0.680	.	0.716	0.694
Mar 1996	.	0.694	0.680	.	0.716	0.693
Apr 1996	.	0.694	0.680	.	0.716	0.693
May 1996	.	0.694	0.680	.	0.716	0.693
Jun 1996	.	0.694	0.680	.	0.716	0.694
Jul 1996	.	0.694	0.680	.	0.716	0.694
Aug 1996	.	0.694	0.680	.	0.716	0.693
Sep 1996	.	0.694	0.680	.	0.716	0.693
Oct 1996	.	0.693	0.679	.	0.716	0.693
Nov 1996	.	0.693	0.679	.	0.716	0.693
Dec 1996	.	0.691	0.677	.	0.712	0.689
Jan 1997	0.627	0.690	0.677	0.607	0.712	0.688
Feb 1997	.	0.691	0.677	.	0.711	0.688
Mar 1997	.	0.690	0.677	.	0.710	0.687
Apr 1997	.	0.690	0.676	.	0.710	0.687
May 1997	.	0.690	0.676	.	0.709	0.686
Jun 1997	.	0.690	0.676	.	0.709	0.685
Jul 1997	.	0.689	0.675	.	0.708	0.685
Aug 1997	.	0.689	0.675	.	0.708	0.684
Sep 1997	.	0.688	0.674	.	0.707	0.683
Oct 1997	.	0.688	0.674	.	0.706	0.682
Nov 1997	.	0.688	0.673	.	0.705	0.681
Dec 1997	.	0.685	0.671	.	0.701	0.677
Jan 1998	0.607	0.685	0.670	0.564	0.700	0.677
Feb 1998	.	0.686	0.670	.	0.701	0.676
Mar 1998	.	0.685	0.669	.	0.700	0.676
Apr 1998	.	0.685	0.669	.	0.699	0.674
May 1998	.	0.685	0.668	.	0.698	0.674
Jun 1998	.	0.684	0.668	.	0.697	0.673
Jul 1998	.	0.684	0.667	.	0.696	0.671
Aug 1998	.	0.683	0.666	.	0.695	0.670
Sep 1998	.	0.683	0.665	.	0.694	0.667
Oct 1998	.	0.683	0.664	.	0.693	0.666
Nov 1998	.	0.682	0.664	.	0.692	0.665
Dec 1998	.	0.681	0.662	.	0.690	0.662
Jan 1999	0.597	0.680	0.661	0.555	0.689	0.661
Feb 1999	.	0.681	0.660	.	0.688	0.658
Mar 1999	.	0.680	0.660	.	0.685	0.657
Apr 1999	.	0.680	0.659	.	0.683	0.656
May 1999	.	0.680	0.658	.	0.682	0.654
Jun 1999	.	0.679	0.657	.	0.681	0.653
Jul 1999	.	0.679	0.657	.	0.680	0.651
Aug 1999	.	0.679	0.656	.	0.678	0.649
Sep 1999	.	0.678	0.655	.	0.677	0.648
Oct 1999	.	0.678	0.654	.	0.675	0.646
Nov 1999	.	0.677	0.653	.	0.674	0.645
Dec 1999	.	0.677	0.653	.	0.674	0.645
Jan 2000	0.606	0.677	0.652	0.603	0.673	0.643
Feb 2000	.	0.677	0.651	.	0.671	0.642
Mar 2000	.	0.677	0.651	.	0.669	0.642
Apr 2000	.	0.677	0.650	.	0.667	0.639
May 2000	.	0.677	0.649	.	0.666	0.638
Jun 2000	.	0.676	0.648	.	0.665	0.637
Jul 2000	.	0.676	0.648	.	0.664	0.635
Aug 2000	.	0.676	0.647	.	0.663	0.634
Sep 2000	.	0.676	0.646	.	0.661	0.633
Oct 2000	.	0.676	0.646	.	0.660	0.632
Nov 2000	.	0.676	0.645	.	0.659	0.631
Dec 2000	.	0.676	0.645	.	0.660	0.632
Jan 2001	0.621	0.676	0.645	0.629	0.659	0.631
Feb 2001	.	0.676	0.644	.	0.658	0.630
Mar 2001	.	0.676	0.643	.	0.659	0.630
Apr 2001	.	0.676	0.643	.	0.658	0.631
May 2001	.	0.676	0.643	.	0.657	0.631
Jun 2001	.	0.676	0.642	.	0.656	0.630
Jul 2001	.	0.676	0.642	.	0.656	0.630
Aug 2001	.	0.676	0.641	.	0.655	0.629
Sep 2001	.	0.676	0.641	.	0.655	0.629
Oct 2001	.	0.676	0.640	.	0.654	0.629
Nov 2001	.	0.676	0.640	.	0.654	0.628
Dec 2001	.	0.678	0.641	.	0.656	0.631
Jan 2002	0.638	0.678	0.640	0.651	0.656	0.631
Feb 2002	.	0.674	0.640	.	0.656	0.631
Mar 2002	.	0.675	0.640	.	0.658	0.630
Apr 2002	.	0.675	0.640	.	0.658	0.633
May 2002	.	0.675	0.640	.	0.658	0.633
Jun 2002	.	0.675	0.639	.	0.658	0.633
Jul 2002	.	0.675	0.639	.	0.659	0.633
Aug 2002	.	0.675	0.639	.	0.659	0.634
Sep 2002	.	0.674	0.639	.	0.659	0.635
Oct 2002	.	0.674	0.639	.	0.660	0.635
Nov 2002	.	0.674	0.639	.	0.660	0.636
Dec 2002	.	0.675	0.640	.	0.662	0.638
Jan 2003	0.648	0.675	0.640	0.650	0.663	0.638
Feb 2003	.	0.675	0.640	.	0.664	0.639
Mar 2003	.	0.677	0.639	.	0.666	0.639
Apr 2003	.	0.678	0.640	.	0.667	0.639
May 2003	.	0.678	0.640	.	0.668	0.640
Jun 2003	.	0.678	0.640	.	0.668	0.641
Jul 2003	.	0.678	0.640	.	0.669	0.641
Aug 2003	.	0.679	0.640	.	0.670	0.642
Sep 2003	.	0.679	0.641	.	0.671	0.643
Oct 2003	.	0.679	0.641	.	0.672	0.643
Nov 2003	.	0.680	0.641	.	0.673	0.644
Dec 2003	.	0.681	0.642	.	0.674	0.645
Jan 2004	0.654	0.682	0.642	0.659	0.675	0.645
Feb 2004	.	0.680	0.642	.	0.676	0.646
Mar 2004	.	0.683	0.642	.	0.677	0.645
Apr 2004	.	0.683	0.642	.	0.678	0.646
May 2004	.	0.683	0.642	.	0.679	0.646
Jun 2004	.	0.684	0.643	.	0.679	0.647
Jul 2004	.	0.684	0.643	.	0.680	0.647
Aug 2004	.	0.685	0.643	.	0.681	0.648
Sep 2004	.	0.685	0.643	.	0.682	0.649
Oct 2004	.	0.686	0.643	.	0.683	0.649
Nov 2004	.	0.686	0.643	.	0.684	0.650
Dec 2004	.	0.687	0.644	.	0.684	0.649
Jan 2005	0.655	0.688	0.644	0.667	0.685	0.650
Feb 2005	.	0.689	0.644	.	0.685	0.651
Mar 2005	.	0.689	0.644	.	0.686	0.651
Apr 2005	.	0.690	0.644	.	0.687	0.651
May 2005	.	0.690	0.644	.	0.688	0.652
Jun 2005	.	0.691	0.644	.	0.688	0.652
Jul 2005	.	0.691	0.644	.	0.689	0.652
Aug 2005	.	0.692	0.644	.	0.690	0.653
Sep 2005	.	0.692	0.644	.	0.690	0.653
Oct 2005	.	0.693	0.644	.	0.691	0.653
Nov 2005	.	0.693	0.644	.	0.691	0.654
Dec 2005	.	0.694	0.644	.	0.691	0.653
Jan 2006	0.657	0.694	0.644	0.667	0.692	0.653
Feb 2006	.	0.695	0.644	.	0.694	0.654
Mar 2006	.	0.696	0.644	.	0.695	0.654
Apr 2006	.	0.697	0.644	.	0.695	0.654
May 2006	.	0.697	0.644	.	0.696	0.654
Jun 2006	.	0.698	0.643	.	0.697	0.654
Jul 2006	.	0.698	0.643	.	0.697	0.655
Aug 2006	.	0.699	0.643	.	0.698	0.655
Sep 2006	.	0.699	0.643	.	0.699	0.653
Oct 2006	.	0.700	0.643	.	0.699	0.653
Nov 2006	.	0.700	0.642	.	0.700	0.653
Dec 2006	.	0.701	0.642	.	0.699	0.651
Jan 2007	0.654	0.701	0.642	0.653	0.700	0.651
Feb 2007	.	0.703	0.641	.	0.702	0.651
Mar 2007	.	0.703	0.641	.	0.702	0.650
Apr 2007	.	0.704	0.641	.	0.703	0.650
May 2007	.	0.704	0.641	.	0.703	0.650
Jun 2007	.	0.705	0.640	.	0.704	0.649
Jul 2007	.	0.706	0.640	.	0.704	0.649
Aug 2007	.	0.706	0.640	.	0.705	0.648
Sep 2007	.	0.707	0.639	.	0.706	0.647
Oct 2007	.	0.707	0.639	.	0.706	0.647
Nov 2007	.	0.708	0.638	.	0.707	0.646
Dec 2007	.	0.709	0.638	.	0.708	0.646
Jan 2008	0.646	0.710	0.638	0.655	0.709	0.646
Feb 2008	.	0.707	0.637	.	0.709	0.645
Mar 2008	.	0.711	0.637	.	0.707	0.644
Apr 2008	.	0.712	0.636	.	0.708	0.644
May 2008	.	0.712	0.636	.	0.708	0.643
Jun 2008	.	0.713	0.635	.	0.709	0.643
Jul 2008	.	0.714	0.635	.	0.709	0.642
Aug 2008	.	0.714	0.635	.	0.709	0.642
Sep 2008	.	0.715	0.634	.	0.709	0.643
Oct 2008	.	0.715	0.634	.	0.710	0.643
Nov 2008	.	0.716	0.633	.	0.710	0.642
Dec 2008	.	0.717	0.633	.	0.714	0.645
Jan 2009	0.636	0.718	0.633	0.673	0.714	0.645
Feb 2009	.	0.717	0.632	.	0.714	0.645
Mar 2009	.	0.719	0.632	.	0.718	0.645
Apr 2009	.	0.719	0.632	.	0.719	0.645
May 2009	.	0.720	0.631	.	0.720	0.645
Jun 2009	.	0.720	0.631	.	0.721	0.645
Jul 2009	.	0.721	0.631	.	0.722	0.645
Aug 2009	.	0.722	0.630	.	0.723	0.646
Sep 2009	.	0.722	0.630	.	0.724	0.647
Oct 2009	.	0.723	0.630	.	0.725	0.648
Nov 2009	.	0.723	0.629	.	0.726	0.648
Dec 2009	.	0.725	0.630	.	0.731	0.652
Jan 2010	0.632	0.725	0.630	0.668	0.733	0.652
Feb 2010	.	0.726	0.629	.	0.734	0.652
Mar 2010	.	0.728	0.629	.	0.737	0.653
Apr 2010	.	0.729	0.629	.	0.738	0.654
May 2010	.	0.729	0.629	.	0.740	0.654
Jun 2010	.	0.730	0.629	.	0.741	0.655
Jul 2010	.	0.731	0.629	.	0.743	0.656
Aug 2010	.	0.732	0.628	.	0.745	0.657
Sep 2010	.	0.733	0.628	.	0.747	0.657
Oct 2010	.	0.733	0.628	.	0.748	0.658
Nov 2010	.	0.734	0.628	.	0.750	0.659
Dec 2010	.	0.736	0.629	.	0.753	0.661
Jan 2011	0.635	0.737	0.629	0.641	0.755	0.658
Feb 2011	.	0.738	0.629	.	0.757	0.659
Mar 2011	.	0.739	0.629	.	0.758	0.659
Apr 2011	.	0.740	0.628	.	0.760	0.660
May 2011	.	0.741	0.628	.	0.762	0.660
Jun 2011	.	0.742	0.628	.	0.763	0.661
Jul 2011	.	0.743	0.628	.	0.765	0.661
Aug 2011	.	0.744	0.628	.	0.767	0.662
Sep 2011	.	0.745	0.628	.	0.768	0.662
Oct 2011	.	0.746	0.629	.	0.770	0.662
Nov 2011	.	0.746	0.629	.	0.772	0.663
Dec 2011	.	0.748	0.629	.	0.774	0.663

Figure 13B: Seasonal Method Estimated Share of U.S. $100s Abroad

Data for Figure 13B

Month	Annual-X12	Monthly fixed-X12	Monthly-X12	Annual-3x1	Monthly fixed-3x1	Monthly-3x1
Dec 1962	.	.	.	.	.	.
Jan 1963	0.048	.	.	0.084	.	.
Feb 1963	.	.	.	.	.	.
Mar 1963	.	.	.	.	.	.
Apr 1963	.	.	.	.	.	.
May 1963	.	.	.	.	.	.
Jun 1963	.	.	.	.	.	.
Jul 1963	.	.	.	.	.	.
Aug 1963	.	.	.	.	.	.
Sep 1963	.	.	.	.	.	.
Oct 1963	.	.	.	.	.	.
Nov 1963	.	.	.	.	.	.
Dec 1963	.	0.214	-0.052	.	0.111	-0.075
Jan 1964	0.050	0.214	-0.052	0.060	0.111	-0.075
Feb 1964	.	0.216	-0.052	.	0.141	-0.074
Mar 1964	.	0.216	-0.052	.	0.141	-0.074
Apr 1964	.	0.216	-0.052	.	0.141	-0.074
May 1964	.	0.216	-0.052	.	0.141	-0.074
Jun 1964	.	0.216	-0.052	.	0.141	-0.074
Jul 1964	.	0.216	-0.052	.	0.141	-0.074
Aug 1964	.	0.216	-0.052	.	0.141	-0.074
Sep 1964	.	0.216	-0.052	.	0.141	-0.074
Oct 1964	.	0.216	-0.052	.	0.141	-0.074
Nov 1964	.	0.216	-0.052	.	0.141	-0.074
Dec 1964	.	0.216	-0.051	.	0.146	-0.071
Jan 1965	0.063	0.217	-0.051	0.115	0.149	-0.071
Feb 1965	.	0.210	-0.052	.	0.149	-0.072
Mar 1965	.	0.211	-0.049	.	0.150	-0.072
Apr 1965	.	0.211	-0.049	.	0.150	-0.072
May 1965	.	0.211	-0.049	.	0.151	-0.073
Jun 1965	.	0.210	-0.048	.	0.152	-0.072
Jul 1965	.	0.210	-0.048	.	0.153	-0.072
Aug 1965	.	0.209	-0.048	.	0.154	-0.072
Sep 1965	.	0.209	-0.047	.	0.155	-0.072
Oct 1965	.	0.208	-0.047	.	0.156	-0.072
Nov 1965	.	0.208	-0.046	.	0.157	-0.071
Dec 1965	.	0.208	-0.045	.	0.159	-0.071
Jan 1966	0.085	0.207	-0.045	0.140	0.159	-0.071
Feb 1966	.	0.207	-0.044	.	0.139	-0.072
Mar 1966	.	0.209	-0.040	.	0.156	-0.065
Apr 1966	.	0.209	-0.039	.	0.156	-0.065
May 1966	.	0.208	-0.037	.	0.157	-0.063
Jun 1966	.	0.208	-0.036	.	0.157	-0.062
Jul 1966	.	0.208	-0.035	.	0.158	-0.061
Aug 1966	.	0.208	-0.034	.	0.158	-0.061
Sep 1966	.	0.208	-0.033	.	0.158	-0.060
Oct 1966	.	0.208	-0.032	.	0.158	-0.059
Nov 1966	.	0.208	-0.031	.	0.158	-0.058
Dec 1966	.	0.208	-0.029	.	0.159	-0.056
Jan 1967	0.092	0.208	-0.028	0.146	0.158	-0.055
Feb 1967	.	0.208	-0.027	.	0.160	-0.054
Mar 1967	.	0.210	-0.021	.	0.163	-0.047
Apr 1967	.	0.210	-0.020	.	0.164	-0.046
May 1967	.	0.210	-0.019	.	0.165	-0.044
Jun 1967	.	0.211	-0.017	.	0.165	-0.043
Jul 1967	.	0.211	-0.016	.	0.166	-0.041
Aug 1967	.	0.211	-0.014	.	0.166	-0.040
Sep 1967	.	0.211	-0.013	.	0.167	-0.038
Oct 1967	.	0.212	-0.011	.	0.168	-0.036
Nov 1967	.	0.212	-0.009	.	0.169	-0.035
Dec 1967	.	0.213	-0.007	.	0.168	-0.034
Jan 1968	0.089	0.213	-0.005	0.075	0.169	-0.033
Feb 1968	.	0.214	-0.003	.	0.170	-0.031
Mar 1968	.	0.214	0.001	.	0.170	-0.027
Apr 1968	.	0.214	0.002	.	0.170	-0.025
May 1968	.	0.214	0.004	.	0.171	-0.024
Jun 1968	.	0.215	0.006	.	0.171	-0.022
Jul 1968	.	0.215	0.008	.	0.172	-0.020
Aug 1968	.	0.215	0.009	.	0.172	-0.019
Sep 1968	.	0.216	0.011	.	0.173	-0.017
Oct 1968	.	0.216	0.013	.	0.173	-0.016
Nov 1968	.	0.216	0.015	.	0.173	-0.014
Dec 1968	.	0.218	0.018	.	0.175	-0.011
Jan 1969	0.061	0.218	0.020	0.028	0.176	-0.009
Feb 1969	.	0.218	0.021	.	0.177	-0.007
Mar 1969	.	0.217	0.024	.	0.174	-0.006
Apr 1969	.	0.218	0.027	.	0.174	-0.004
May 1969	.	0.218	0.029	.	0.175	-0.002
Jun 1969	.	0.218	0.031	.	0.175	0.000
Jul 1969	.	0.219	0.033	.	0.175	0.001
Aug 1969	.	0.219	0.035	.	0.176	0.003
Sep 1969	.	0.219	0.036	.	0.176	0.005
Oct 1969	.	0.219	0.038	.	0.176	0.006
Nov 1969	.	0.220	0.040	.	0.176	0.008
Dec 1969	.	0.221	0.044	.	0.178	0.012
Jan 1970	0.038	0.222	0.046	-0.009	0.178	0.013
Feb 1970	.	0.222	0.048	.	0.178	0.015
Mar 1970	.	0.222	0.051	.	0.179	0.018
Apr 1970	.	0.222	0.054	.	0.179	0.022
May 1970	.	0.223	0.057	.	0.179	0.024
Jun 1970	.	0.223	0.059	.	0.180	0.026
Jul 1970	.	0.223	0.061	.	0.180	0.028
Aug 1970	.	0.224	0.063	.	0.180	0.030
Sep 1970	.	0.224	0.065	.	0.181	0.032
Oct 1970	.	0.225	0.068	.	0.181	0.034
Nov 1970	.	0.225	0.070	.	0.182	0.036
Dec 1970	.	0.227	0.074	.	0.186	0.042
Jan 1971	0.039	0.228	0.077	-0.029	0.186	0.045
Feb 1971	.	0.228	0.078	.	0.187	0.046
Mar 1971	.	0.230	0.083	.	0.189	0.051
Apr 1971	.	0.231	0.085	.	0.190	0.053
May 1971	.	0.232	0.088	.	0.190	0.055
Jun 1971	.	0.232	0.090	.	0.191	0.058
Jul 1971	.	0.233	0.092	.	0.192	0.060
Aug 1971	.	0.234	0.095	.	0.193	0.063
Sep 1971	.	0.235	0.097	.	0.194	0.065
Oct 1971	.	0.235	0.100	.	0.195	0.068
Nov 1971	.	0.236	0.102	.	0.197	0.071
Dec 1971	.	0.240	0.107	.	0.202	0.077
Jan 1972	0.101	0.241	0.110	0.098	0.203	0.080
Feb 1972	.	0.242	0.111	.	0.205	0.082
Mar 1972	.	0.245	0.117	.	0.210	0.088
Apr 1972	.	0.246	0.119	.	0.211	0.091
May 1972	.	0.248	0.122	.	0.213	0.094
Jun 1972	.	0.249	0.125	.	0.215	0.097
Jul 1972	.	0.250	0.127	.	0.217	0.100
Aug 1972	.	0.252	0.130	.	0.219	0.104
Sep 1972	.	0.253	0.133	.	0.221	0.107
Oct 1972	.	0.254	0.135	.	0.223	0.110
Nov 1972	.	0.256	0.138	.	0.225	0.113
Dec 1972	.	0.259	0.143	.	0.228	0.117
Jan 1973	0.173	0.261	0.146	0.189	0.230	0.120
Feb 1973	.	0.262	0.147	.	0.232	0.123
Mar 1973	.	0.266	0.153	.	0.236	0.129
Apr 1973	.	0.268	0.156	.	0.238	0.132
May 1973	.	0.270	0.158	.	0.241	0.135
Jun 1973	.	0.272	0.161	.	0.243	0.138
Jul 1973	.	0.273	0.164	.	0.245	0.142
Aug 1973	.	0.275	0.167	.	0.247	0.145
Sep 1973	.	0.277	0.170	.	0.249	0.148
Oct 1973	.	0.279	0.172	.	0.251	0.151
Nov 1973	.	0.281	0.175	.	0.254	0.154
Dec 1973	.	0.284	0.180	.	0.256	0.157
Jan 1974	0.210	0.286	0.183	0.217	0.258	0.160
Feb 1974	.	0.288	0.184	.	0.260	0.163
Mar 1974	.	0.293	0.189	.	0.264	0.169
Apr 1974	.	0.295	0.192	.	0.267	0.172
May 1974	.	0.297	0.195	.	0.269	0.175
Jun 1974	.	0.299	0.198	.	0.271	0.178
Jul 1974	.	0.301	0.201	.	0.273	0.181
Aug 1974	.	0.303	0.204	.	0.275	0.184
Sep 1974	.	0.305	0.206	.	0.277	0.187
Oct 1974	.	0.307	0.209	.	0.280	0.189
Nov 1974	.	0.310	0.212	.	0.282	0.192
Dec 1974	.	0.314	0.217	.	0.284	0.196
Jan 1975	0.233	0.316	0.220	0.193	0.286	0.199
Feb 1975	.	0.318	0.221	.	0.289	0.199
Mar 1975	.	0.322	0.226	.	0.292	0.205
Apr 1975	.	0.325	0.229	.	0.294	0.207
May 1975	.	0.327	0.231	.	0.297	0.210
Jun 1975	.	0.329	0.234	.	0.299	0.213
Jul 1975	.	0.332	0.237	.	0.301	0.215
Aug 1975	.	0.334	0.240	.	0.303	0.218
Sep 1975	.	0.337	0.242	.	0.305	0.221
Oct 1975	.	0.339	0.245	.	0.307	0.223
Nov 1975	.	0.341	0.248	.	0.309	0.226
Dec 1975	.	0.346	0.253	.	0.315	0.232
Jan 1976	0.269	0.349	0.256	0.213	0.318	0.235
Feb 1976	.	0.351	0.257	.	0.320	0.236
Mar 1976	.	0.355	0.262	.	0.324	0.240
Apr 1976	.	0.357	0.265	.	0.326	0.243
May 1976	.	0.360	0.267	.	0.329	0.245
Jun 1976	.	0.362	0.270	.	0.331	0.248
Jul 1976	.	0.365	0.273	.	0.334	0.251
Aug 1976	.	0.368	0.276	.	0.337	0.254
Sep 1976	.	0.370	0.278	.	0.339	0.256
Oct 1976	.	0.373	0.281	.	0.342	0.259
Nov 1976	.	0.375	0.284	.	0.345	0.262
Dec 1976	.	0.380	0.289	.	0.350	0.268
Jan 1977	0.334	0.383	0.292	0.289	0.353	0.270
Feb 1977	.	0.386	0.293	.	0.356	0.271
Mar 1977	.	0.388	0.297	.	0.358	0.275
Apr 1977	.	0.390	0.300	.	0.362	0.278
May 1977	.	0.393	0.302	.	0.364	0.280
Jun 1977	.	0.395	0.305	.	0.367	0.283
Jul 1977	.	0.398	0.308	.	0.370	0.286
Aug 1977	.	0.400	0.310	.	0.373	0.288
Sep 1977	.	0.403	0.313	.	0.375	0.291
Oct 1977	.	0.405	0.316	.	0.378	0.294
Nov 1977	.	0.408	0.318	.	0.381	0.296
Dec 1977	.	0.412	0.323	.	0.385	0.301
Jan 1978	0.394	0.414	0.325	0.360	0.388	0.304
Feb 1978	.	0.417	0.327	.	0.391	0.305
Mar 1978	.	0.418	0.330	.	0.391	0.308
Apr 1978	.	0.422	0.334	.	0.396	0.312
May 1978	.	0.424	0.337	.	0.399	0.315
Jun 1978	.	0.426	0.339	.	0.401	0.317
Jul 1978	.	0.429	0.342	.	0.404	0.320
Aug 1978	.	0.431	0.344	.	0.406	0.323
Sep 1978	.	0.434	0.347	.	0.409	0.325
Oct 1978	.	0.436	0.350	.	0.412	0.328
Nov 1978	.	0.438	0.352	.	0.414	0.331
Dec 1978	.	0.442	0.356	.	0.418	0.335
Jan 1979	0.448	0.444	0.359	0.439	0.420	0.337
Feb 1979	.	0.446	0.360	.	0.423	0.339
Mar 1979	.	0.446	0.363	.	0.425	0.342
Apr 1979	.	0.450	0.366	.	0.426	0.345
May 1979	.	0.453	0.369	.	0.429	0.348
Jun 1979	.	0.455	0.371	.	0.431	0.350
Jul 1979	.	0.457	0.374	.	0.433	0.353
Aug 1979	.	0.459	0.376	.	0.435	0.355
Sep 1979	.	0.461	0.379	.	0.438	0.358
Oct 1979	.	0.463	0.381	.	0.440	0.360
Nov 1979	.	0.465	0.384	.	0.442	0.363
Dec 1979	.	0.468	0.387	.	0.446	0.367
Jan 1980	0.487	0.470	0.390	0.491	0.448	0.370
Feb 1980	.	0.473	0.391	.	0.450	0.371
Mar 1980	.	0.473	0.394	.	0.452	0.373
Apr 1980	.	0.477	0.396	.	0.455	0.376
May 1980	.	0.479	0.398	.	0.457	0.378
Jun 1980	.	0.481	0.401	.	0.459	0.380
Jul 1980	.	0.483	0.403	.	0.461	0.382
Aug 1980	.	0.485	0.405	.	0.463	0.385
Sep 1980	.	0.487	0.407	.	0.466	0.387
Oct 1980	.	0.489	0.410	.	0.468	0.389
Nov 1980	.	0.491	0.412	.	0.470	0.391
Dec 1980	.	0.494	0.415	.	0.473	0.395
Jan 1981	0.531	0.496	0.418	0.534	0.476	0.397
Feb 1981	.	0.498	0.418	.	0.478	0.398
Mar 1981	.	0.499	0.421	.	0.479	0.401
Apr 1981	.	0.500	0.423	.	0.481	0.403
May 1981	.	0.502	0.425	.	0.483	0.405
Jun 1981	.	0.504	0.427	.	0.485	0.407
Jul 1981	.	0.506	0.429	.	0.487	0.409
Aug 1981	.	0.508	0.431	.	0.489	0.411
Sep 1981	.	0.509	0.433	.	0.491	0.413
Oct 1981	.	0.511	0.435	.	0.493	0.415
Nov 1981	.	0.513	0.437	.	0.495	0.417
Dec 1981	.	0.516	0.441	.	0.499	0.421
Jan 1982	0.574	0.518	0.443	0.577	0.501	0.423
Feb 1982	.	0.519	0.444	.	0.502	0.425
Mar 1982	.	0.522	0.446	.	0.505	0.428
Apr 1982	.	0.523	0.448	.	0.507	0.430
May 1982	.	0.525	0.450	.	0.509	0.432
Jun 1982	.	0.527	0.452	.	0.511	0.434
Jul 1982	.	0.529	0.454	.	0.513	0.436
Aug 1982	.	0.530	0.456	.	0.515	0.438
Sep 1982	.	0.532	0.458	.	0.517	0.440
Oct 1982	.	0.534	0.460	.	0.519	0.442
Nov 1982	.	0.536	0.462	.	0.521	0.444
Dec 1982	.	0.539	0.465	.	0.525	0.448
Jan 1983	0.614	0.541	0.467	0.624	0.527	0.450
Feb 1983	.	0.543	0.470	.	0.529	0.453
Mar 1983	.	0.545	0.471	.	0.531	0.455
Apr 1983	.	0.547	0.473	.	0.533	0.457
May 1983	.	0.548	0.475	.	0.535	0.459
Jun 1983	.	0.550	0.477	.	0.537	0.461
Jul 1983	.	0.552	0.479	.	0.539	0.463
Aug 1983	.	0.554	0.481	.	0.541	0.466
Sep 1983	.	0.555	0.483	.	0.543	0.468
Oct 1983	.	0.557	0.485	.	0.545	0.470
Nov 1983	.	0.559	0.487	.	0.548	0.472
Dec 1983	.	0.562	0.490	.	0.550	0.475
Jan 1984	0.638	0.563	0.492	0.641	0.552	0.477
Feb 1984	.	0.565	0.495	.	0.554	0.481
Mar 1984	.	0.567	0.497	.	0.556	0.483
Apr 1984	.	0.569	0.499	.	0.558	0.486
May 1984	.	0.571	0.500	.	0.560	0.488
Jun 1984	.	0.572	0.502	.	0.562	0.490
Jul 1984	.	0.574	0.504	.	0.564	0.492
Aug 1984	.	0.576	0.506	.	0.566	0.494
Sep 1984	.	0.577	0.508	.	0.568	0.497
Oct 1984	.	0.579	0.510	.	0.570	0.499
Nov 1984	.	0.581	0.512	.	0.572	0.501
Dec 1984	.	0.582	0.514	.	0.574	0.504
Jan 1985	0.646	0.584	0.516	0.649	0.575	0.506
Feb 1985	.	0.586	0.519	.	0.577	0.509
Mar 1985	.	0.588	0.521	.	0.580	0.511
Apr 1985	.	0.589	0.523	.	0.582	0.513
May 1985	.	0.591	0.525	.	0.584	0.516
Jun 1985	.	0.592	0.527	.	0.585	0.518
Jul 1985	.	0.594	0.529	.	0.587	0.520
Aug 1985	.	0.595	0.531	.	0.589	0.522
Sep 1985	.	0.597	0.532	.	0.591	0.524
Oct 1985	.	0.598	0.534	.	0.592	0.526
Nov 1985	.	0.600	0.536	.	0.594	0.528
Dec 1985	.	0.601	0.538	.	0.595	0.530
Jan 1986	0.652	0.602	0.539	0.660	0.597	0.532
Feb 1986	.	0.604	0.543	.	0.598	0.536
Mar 1986	.	0.606	0.544	.	0.601	0.537
Apr 1986	.	0.607	0.546	.	0.602	0.539
May 1986	.	0.609	0.547	.	0.604	0.541
Jun 1986	.	0.610	0.549	.	0.605	0.543
Jul 1986	.	0.611	0.551	.	0.607	0.545
Aug 1986	.	0.613	0.553	.	0.608	0.547
Sep 1986	.	0.614	0.554	.	0.610	0.549
Oct 1986	.	0.615	0.556	.	0.611	0.551
Nov 1986	.	0.617	0.558	.	0.613	0.553
Dec 1986	.	0.618	0.560	.	0.615	0.556
Jan 1987	0.662	0.619	0.561	0.679	0.616	0.558
Feb 1987	.	0.621	0.564	.	0.618	0.560
Mar 1987	.	0.623	0.566	.	0.621	0.562
Apr 1987	.	0.625	0.567	.	0.622	0.564
May 1987	.	0.626	0.569	.	0.624	0.566
Jun 1987	.	0.627	0.571	.	0.625	0.567
Jul 1987	.	0.628	0.572	.	0.627	0.569
Aug 1987	.	0.630	0.574	.	0.628	0.571
Sep 1987	.	0.631	0.576	.	0.630	0.573
Oct 1987	.	0.632	0.577	.	0.631	0.575
Nov 1987	.	0.634	0.579	.	0.633	0.577
Dec 1987	.	0.636	0.582	.	0.635	0.580
Jan 1988	0.691	0.638	0.584	0.700	0.637	0.581
Feb 1988	.	0.639	0.587	.	0.639	0.584
Mar 1988	.	0.642	0.588	.	0.641	0.586
Apr 1988	.	0.644	0.590	.	0.643	0.588
May 1988	.	0.645	0.592	.	0.645	0.589
Jun 1988	.	0.647	0.594	.	0.646	0.591
Jul 1988	.	0.648	0.595	.	0.648	0.593
Aug 1988	.	0.650	0.597	.	0.649	0.595
Sep 1988	.	0.651	0.599	.	0.651	0.597
Oct 1988	.	0.653	0.601	.	0.653	0.599
Nov 1988	.	0.654	0.603	.	0.654	0.600
Dec 1988	.	0.657	0.606	.	0.658	0.605
Jan 1989	0.724	0.659	0.607	0.745	0.660	0.607
Feb 1989	.	0.660	0.611	.	0.662	0.610
Mar 1989	.	0.664	0.613	.	0.666	0.612
Apr 1989	.	0.666	0.615	.	0.668	0.615
May 1989	.	0.667	0.617	.	0.670	0.617
Jun 1989	.	0.669	0.619	.	0.672	0.619
Jul 1989	.	0.671	0.620	.	0.674	0.621
Aug 1989	.	0.672	0.622	.	0.676	0.623
Sep 1989	.	0.674	0.624	.	0.678	0.625
Oct 1989	.	0.676	0.626	.	0.680	0.627
Nov 1989	.	0.678	0.628	.	0.682	0.629
Dec 1989	.	0.680	0.631	.	0.685	0.632
Jan 1990	0.756	0.682	0.633	0.796	0.687	0.634
Feb 1990	.	0.684	0.635	.	0.689	0.636
Mar 1990	.	0.686	0.636	.	0.694	0.638
Apr 1990	.	0.688	0.638	.	0.696	0.640
May 1990	.	0.690	0.640	.	0.698	0.642
Jun 1990	.	0.692	0.641	.	0.700	0.644
Jul 1990	.	0.693	0.643	.	0.702	0.646
Aug 1990	.	0.695	0.645	.	0.705	0.648
Sep 1990	.	0.697	0.647	.	0.707	0.650
Oct 1990	.	0.698	0.649	.	0.709	0.653
Nov 1990	.	0.700	0.650	.	0.711	0.655
Dec 1990	.	0.701	0.651	.	0.712	0.655
Jan 1991	0.763	0.703	0.652	0.820	0.714	0.657
Feb 1991	.	0.704	0.654	.	0.716	0.659
Mar 1991	.	0.706	0.655	.	0.718	0.660
Apr 1991	.	0.707	0.657	.	0.720	0.662
May 1991	.	0.709	0.658	.	0.721	0.663
Jun 1991	.	0.710	0.659	.	0.723	0.665
Jul 1991	.	0.711	0.661	.	0.725	0.667
Aug 1991	.	0.713	0.662	.	0.727	0.668
Sep 1991	.	0.714	0.663	.	0.728	0.670
Oct 1991	.	0.715	0.666	.	0.730	0.673
Nov 1991	.	0.717	0.667	.	0.731	0.674
Dec 1991	.	0.717	0.667	.	0.731	0.673
Jan 1992	0.746	0.718	0.668	0.777	0.732	0.675
Feb 1992	.	0.719	0.669	.	0.733	0.676
Mar 1992	.	0.719	0.670	.	0.733	0.677
Apr 1992	.	0.720	0.671	.	0.734	0.678
May 1992	.	0.721	0.672	.	0.735	0.680
Jun 1992	.	0.722	0.673	.	0.736	0.681
Jul 1992	.	0.723	0.674	.	0.736	0.682
Aug 1992	.	0.723	0.675	.	0.737	0.683
Sep 1992	.	0.724	0.676	.	0.738	0.684
Oct 1992	.	0.725	0.678	.	0.739	0.687
Nov 1992	.	0.726	0.679	.	0.739	0.688
Dec 1992	.	0.725	0.679	.	0.741	0.690
Jan 1993	0.702	0.725	0.679	0.751	0.741	0.691
Feb 1993	.	0.726	0.680	.	0.742	0.692
Mar 1993	.	0.726	0.681	.	0.741	0.692
Apr 1993	.	0.726	0.682	.	0.741	0.694
May 1993	.	0.727	0.682	.	0.742	0.695
Jun 1993	.	0.727	0.683	.	0.743	0.696
Jul 1993	.	0.728	0.684	.	0.743	0.697
Aug 1993	.	0.728	0.685	.	0.743	0.698
Sep 1993	.	0.728	0.685	.	0.744	0.699
Oct 1993	.	0.729	0.687	.	0.744	0.700
Nov 1993	.	0.729	0.687	.	0.745	0.701
Dec 1993	.	0.728	0.686	.	0.747	0.704
Jan 1994	0.649	0.728	0.686	0.722	0.747	0.704
Feb 1994	.	0.728	0.686	.	0.747	0.704
Mar 1994	.	0.728	0.686	.	0.748	0.704
Apr 1994	.	0.728	0.687	.	0.748	0.705
May 1994	.	0.728	0.687	.	0.749	0.706
Jun 1994	.	0.728	0.687	.	0.749	0.707
Jul 1994	.	0.728	0.688	.	0.750	0.708
Aug 1994	.	0.729	0.688	.	0.750	0.709
Sep 1994	.	0.729	0.688	.	0.751	0.710
Oct 1994	.	0.729	0.688	.	0.751	0.710
Nov 1994	.	0.729	0.688	.	0.752	0.711
Dec 1994	.	0.727	0.687	.	0.751	0.710
Jan 1995	0.603	0.727	0.686	0.679	0.751	0.711
Feb 1995	.	0.727	0.686	.	0.752	0.710
Mar 1995	.	0.726	0.686	.	0.754	0.709
Apr 1995	.	0.726	0.686	.	0.754	0.710
May 1995	.	0.726	0.685	.	0.755	0.710
Jun 1995	.	0.726	0.685	.	0.755	0.710
Jul 1995	.	0.726	0.685	.	0.756	0.711
Aug 1995	.	0.725	0.685	.	0.756	0.711
Sep 1995	.	0.725	0.684	.	0.757	0.711
Oct 1995	.	0.725	0.684	.	0.757	0.711
Nov 1995	.	0.725	0.684	.	0.757	0.711
Dec 1995	.	0.721	0.681	.	0.752	0.705
Jan 1996	0.562	0.721	0.681	0.608	0.752	0.704
Feb 1996	.	0.721	0.681	.	0.752	0.705
Mar 1996	.	0.720	0.680	.	0.751	0.704
Apr 1996	.	0.719	0.679	.	0.750	0.703
May 1996	.	0.719	0.679	.	0.750	0.703
Jun 1996	.	0.718	0.678	.	0.749	0.702
Jul 1996	.	0.718	0.677	.	0.749	0.701
Aug 1996	.	0.717	0.677	.	0.748	0.700
Sep 1996	.	0.716	0.676	.	0.748	0.700
Oct 1996	.	0.716	0.676	.	0.747	0.699
Nov 1996	.	0.715	0.675	.	0.746	0.698
Dec 1996	.	0.712	0.671	.	0.739	0.691
Jan 1997	0.532	0.711	0.671	0.521	0.738	0.689
Feb 1997	.	0.710	0.671	.	0.737	0.692
Mar 1997	.	0.709	0.669	.	0.738	0.690
Apr 1997	.	0.708	0.668	.	0.737	0.689
May 1997	.	0.707	0.667	.	0.736	0.688
Jun 1997	.	0.706	0.666	.	0.735	0.687
Jul 1997	.	0.705	0.665	.	0.733	0.686
Aug 1997	.	0.704	0.664	.	0.732	0.685
Sep 1997	.	0.703	0.662	.	0.731	0.682
Oct 1997	.	0.702	0.661	.	0.730	0.681
Nov 1997	.	0.701	0.660	.	0.728	0.679
Dec 1997	.	0.697	0.656	.	0.723	0.674
Jan 1998	0.502	0.696	0.655	0.498	0.722	0.673
Feb 1998	.	0.695	0.653	.	0.721	0.671
Mar 1998	.	0.693	0.652	.	0.718	0.668
Apr 1998	.	0.692	0.650	.	0.717	0.666
May 1998	.	0.691	0.649	.	0.715	0.664
Jun 1998	.	0.690	0.647	.	0.714	0.661
Jul 1998	.	0.688	0.646	.	0.712	0.659
Aug 1998	.	0.687	0.644	.	0.710	0.656
Sep 1998	.	0.686	0.642	.	0.709	0.653
Oct 1998	.	0.684	0.640	.	0.707	0.650
Nov 1998	.	0.683	0.639	.	0.705	0.648
Dec 1998	.	0.681	0.637	.	0.700	0.643
Jan 1999	0.515	0.680	0.635	0.477	0.699	0.640
Feb 1999	.	0.679	0.634	.	0.697	0.638
Mar 1999	.	0.677	0.632	.	0.695	0.637
Apr 1999	.	0.676	0.630	.	0.693	0.634
May 1999	.	0.675	0.629	.	0.691	0.632
Jun 1999	.	0.674	0.627	.	0.690	0.629
Jul 1999	.	0.672	0.625	.	0.688	0.627
Aug 1999	.	0.671	0.624	.	0.686	0.622
Sep 1999	.	0.670	0.620	.	0.684	0.619
Oct 1999	.	0.669	0.619	.	0.682	0.616
Nov 1999	.	0.668	0.617	.	0.680	0.614
Dec 1999	.	0.667	0.616	.	0.679	0.613
Jan 2000	0.532	0.666	0.614	0.534	0.677	0.610
Feb 2000	.	0.665	0.613	.	0.676	0.608
Mar 2000	.	0.663	0.611	.	0.672	0.606
Apr 2000	.	0.662	0.610	.	0.670	0.603
May 2000	.	0.661	0.608	.	0.669	0.601
Jun 2000	.	0.660	0.606	.	0.667	0.599
Jul 2000	.	0.658	0.605	.	0.665	0.596
Aug 2000	.	0.657	0.603	.	0.663	0.595
Sep 2000	.	0.656	0.602	.	0.662	0.593
Oct 2000	.	0.655	0.601	.	0.660	0.591
Nov 2000	.	0.654	0.599	.	0.658	0.589
Dec 2000	.	0.656	0.600	.	0.659	0.590
Jan 2001	0.564	0.655	0.599	0.544	0.658	0.588
Feb 2001	.	0.654	0.598	.	0.656	0.586
Mar 2001	.	0.654	0.596	.	0.655	0.584
Apr 2001	.	0.653	0.595	.	0.654	0.582
May 2001	.	0.653	0.593	.	0.652	0.581
Jun 2001	.	0.652	0.592	.	0.651	0.579
Jul 2001	.	0.651	0.591	.	0.650	0.578
Aug 2001	.	0.651	0.590	.	0.649	0.576
Sep 2001	.	0.650	0.590	.	0.648	0.578
Oct 2001	.	0.650	0.589	.	0.647	0.577
Nov 2001	.	0.650	0.588	.	0.646	0.576
Dec 2001	.	0.651	0.588	.	0.651	0.580
Jan 2002	0.564	0.651	0.587	0.591	0.650	0.580
Feb 2002	.	0.651	0.587	.	0.650	0.579
Mar 2002	.	0.651	0.585	.	0.652	0.577
Apr 2002	.	0.651	0.584	.	0.652	0.576
May 2002	.	0.650	0.583	.	0.652	0.576
Jun 2002	.	0.650	0.582	.	0.652	0.576
Jul 2002	.	0.650	0.582	.	0.652	0.575
Aug 2002	.	0.650	0.581	.	0.652	0.575
Sep 2002	.	0.650	0.581	.	0.653	0.576
Oct 2002	.	0.650	0.581	.	0.653	0.576
Nov 2002	.	0.650	0.580	.	0.654	0.576
Dec 2002	.	0.653	0.582	.	0.658	0.578
Jan 2003	0.576	0.653	0.581	0.590	0.659	0.578
Feb 2003	.	0.653	0.581	.	0.659	0.578
Mar 2003	.	0.655	0.579	.	0.661	0.577
Apr 2003	.	0.655	0.579	.	0.662	0.578
May 2003	.	0.656	0.578	.	0.663	0.578
Jun 2003	.	0.656	0.578	.	0.664	0.578
Jul 2003	.	0.657	0.578	.	0.665	0.578
Aug 2003	.	0.657	0.578	.	0.666	0.578
Sep 2003	.	0.658	0.578	.	0.667	0.579
Oct 2003	.	0.659	0.578	.	0.668	0.579
Nov 2003	.	0.659	0.578	.	0.669	0.579
Dec 2003	.	0.661	0.577	.	0.671	0.579
Jan 2004	0.581	0.662	0.577	0.609	0.672	0.579
Feb 2004	.	0.662	0.577	.	0.673	0.579
Mar 2004	.	0.663	0.576	.	0.674	0.579
Apr 2004	.	0.663	0.576	.	0.675	0.579
May 2004	.	0.664	0.575	.	0.676	0.579
Jun 2004	.	0.664	0.575	.	0.677	0.580
Jul 2004	.	0.665	0.575	.	0.678	0.580
Aug 2004	.	0.666	0.575	.	0.679	0.580
Sep 2004	.	0.666	0.574	.	0.680	0.581
Oct 2004	.	0.667	0.574	.	0.681	0.581
Nov 2004	.	0.668	0.574	.	0.682	0.582
Dec 2004	.	0.669	0.574	.	0.680	0.579
Jan 2005	0.601	0.669	0.574	0.613	0.681	0.579
Feb 2005	.	0.670	0.573	.	0.682	0.579
Mar 2005	.	0.670	0.572	.	0.680	0.577
Apr 2005	.	0.671	0.572	.	0.681	0.577
May 2005	.	0.671	0.572	.	0.681	0.577
Jun 2005	.	0.672	0.571	.	0.682	0.577
Jul 2005	.	0.673	0.571	.	0.682	0.577
Aug 2005	.	0.673	0.571	.	0.682	0.576
Sep 2005	.	0.674	0.570	.	0.682	0.574
Oct 2005	.	0.674	0.570	.	0.683	0.574
Nov 2005	.	0.675	0.569	.	0.683	0.573
Dec 2005	.	0.676	0.570	.	0.682	0.571
Jan 2006	0.619	0.676	0.569	0.584	0.682	0.571
Feb 2006	.	0.677	0.569	.	0.682	0.570
Mar 2006	.	0.676	0.568	.	0.682	0.568
Apr 2006	.	0.677	0.568	.	0.682	0.567
May 2006	.	0.677	0.567	.	0.682	0.566
Jun 2006	.	0.678	0.567	.	0.682	0.565
Jul 2006	.	0.678	0.567	.	0.682	0.564
Aug 2006	.	0.679	0.566	.	0.682	0.563
Sep 2006	.	0.679	0.564	.	0.682	0.560
Oct 2006	.	0.679	0.564	.	0.681	0.559
Nov 2006	.	0.680	0.563	.	0.681	0.558
Dec 2006	.	0.682	0.565	.	0.682	0.558
Jan 2007	0.645	0.682	0.564	0.602	0.682	0.557
Feb 2007	.	0.682	0.564	.	0.682	0.556
Mar 2007	.	0.685	0.563	.	0.681	0.555
Apr 2007	.	0.685	0.563	.	0.681	0.555
May 2007	.	0.686	0.563	.	0.681	0.554
Jun 2007	.	0.687	0.562	.	0.681	0.553
Jul 2007	.	0.687	0.562	.	0.681	0.552
Aug 2007	.	0.688	0.562	.	0.681	0.551
Sep 2007	.	0.689	0.561	.	0.681	0.548
Oct 2007	.	0.690	0.561	.	0.681	0.547
Nov 2007	.	0.691	0.561	.	0.681	0.546
Dec 2007	.	0.694	0.563	.	0.684	0.549
Jan 2008	0.674	0.695	0.563	0.643	0.684	0.548
Feb 2008	.	0.696	0.563	.	0.685	0.548
Mar 2008	.	0.700	0.563	.	0.690	0.547
Apr 2008	.	0.701	0.563	.	0.691	0.546
May 2008	.	0.702	0.563	.	0.692	0.546
Jun 2008	.	0.704	0.563	.	0.692	0.545
Jul 2008	.	0.705	0.563	.	0.693	0.545
Aug 2008	.	0.707	0.563	.	0.694	0.543
Sep 2008	.	0.708	0.564	.	0.695	0.543
Oct 2008	.	0.710	0.564	.	0.697	0.542
Nov 2008	.	0.711	0.564	.	0.698	0.542
Dec 2008	.	0.716	0.567	.	0.705	0.547
Jan 2009	0.693	0.718	0.568	0.716	0.707	0.547
Feb 2009	.	0.719	0.568	.	0.708	0.547
Mar 2009	.	0.725	0.568	.	0.713	0.547
Apr 2009	.	0.727	0.569	.	0.715	0.547
May 2009	.	0.729	0.569	.	0.717	0.547
Jun 2009	.	0.731	0.570	.	0.719	0.547
Jul 2009	.	0.733	0.570	.	0.721	0.547
Aug 2009	.	0.735	0.571	.	0.724	0.550
Sep 2009	.	0.737	0.572	.	0.726	0.551
Oct 2009	.	0.739	0.573	.	0.728	0.551
Nov 2009	.	0.742	0.574	.	0.731	0.552
Dec 2009	.	0.748	0.578	.	0.739	0.558
Jan 2010	0.699	0.750	0.578	0.665	0.742	0.558
Feb 2010	.	0.753	0.579	.	0.745	0.560
Mar 2010	.	0.757	0.580	.	0.749	0.561
Apr 2010	.	0.759	0.581	.	0.752	0.562
May 2010	.	0.762	0.582	.	0.754	0.563
Jun 2010	.	0.765	0.583	.	0.757	0.565
Jul 2010	.	0.767	0.584	.	0.760	0.566
Aug 2010	.	0.770	0.585	.	0.763	0.571
Sep 2010	.	0.773	0.586	.	0.767	0.573
Oct 2010	.	0.775	0.588	.	0.770	0.575
Nov 2010	.	0.778	0.589	.	0.773	0.577
Dec 2010	.	0.783	0.592	.	0.778	0.581
Jan 2011	0.698	0.785	0.593	0.585	0.781	0.579
Feb 2011	.	0.788	0.594	.	0.784	0.581
Mar 2011	.	0.792	0.595	.	0.786	0.584
Apr 2011	.	0.794	0.596	.	0.788	0.586
May 2011	.	0.797	0.597	.	0.791	0.588
Jun 2011	.	0.800	0.598	.	0.794	0.589
Jul 2011	.	0.802	0.600	.	0.797	0.591
Aug 2011	.	0.805	0.601	.	0.800	0.593
Sep 2011	.	0.808	0.602	.	0.802	0.595
Oct 2011	.	0.810	0.603	.	0.805	0.596
Nov 2011	.	0.813	0.604	.	0.808	0.598
Dec 2011	.	0.816	0.606	.	0.811	0.601

Figure 14 : Estimated Share of $100s in Circulation Abroad (NY+LA)

Data for Figure 14

Month	Series-90 Estimate	Series-96 Estimate	Series-90 + Series-96 estimate
Feb 1992	0.48	.	0.48
Mar 1992	0.49	.	0.49
Apr 1992	0.46	.	0.46
May 1992	0.47	.	0.47
Jun 1992	0.54	.	0.54
Jul 1992	0.54	.	0.54
Aug 1992	0.52	.	0.52
Sep 1992	0.52	.	0.52
Oct 1992	0.56	.	0.56
Nov 1992	0.52	.	0.52
Dec 1992	0.55	.	0.55
Jan 1993	0.58	.	0.58
Feb 1993	0.57	.	0.57
Mar 1993	0.54	.	0.54
Apr 1993	0.53	.	0.53
May 1993	0.54	.	0.54
Jun 1993	0.54	.	0.54
Jul 1993	0.56	.	0.56
Aug 1993	0.55	.	0.55
Sep 1993	0.55	.	0.55
Oct 1993	0.56	.	0.56
Nov 1993	0.55	.	0.55
Dec 1993	0.56	.	0.56
Jan 1994	0.57	.	0.57
Feb 1994	0.58	.	0.58
Mar 1994	0.58	.	0.58
Apr 1994	0.59	.	0.59
May 1994	0.59	.	0.59
Jun 1994	0.59	.	0.59
Jul 1994	0.59	.	0.59
Aug 1994	0.60	.	0.60
Sep 1994	0.63	.	0.63
Oct 1994	0.59	.	0.59
Nov 1994	0.60	.	0.60
Dec 1994	0.61	.	0.61
Jan 1995	0.62	.	0.62
Feb 1995	0.62	.	0.62
Mar 1995	0.65	.	0.65
Apr 1995	0.62	.	0.62
May 1995	0.64	.	0.64
Jun 1995	0.68	.	0.68
Jul 1995	0.63	.	0.63
Aug 1995	0.64	.	0.64
Sep 1995	0.64	.	0.64
Oct 1995	0.60	.	0.60
Nov 1995	0.64	.	0.64
Dec 1995	0.64	.	0.64
Jan 1996	0.65	.	0.65
Feb 1996	0.63	.	0.63
Mar 1996	0.63	.	0.63
Apr 1996	.	.	0.67
May 1996	.	.	0.61
Jun 1996	.	.	0.62
Jul 1996	.	.	0.63
Aug 1996	.	.	0.63
Sep 1996	.	0.68	0.63
Oct 1996	.	0.68	0.63
Nov 1996	.	0.70	0.64
Dec 1996	.	0.69	0.64
Jan 1997	.	0.72	0.65
Feb 1997	.	0.72	0.65
Mar 1997	.	0.72	0.65
Apr 1997	.	0.73	0.65
May 1997	.	0.72	0.65
Jun 1997	.	0.72	0.65
Jul 1997	.	0.73	0.65
Aug 1997	.	0.73	0.66
Sep 1997	.	0.72	0.66
Oct 1997	.	0.69	0.65
Nov 1997	.	0.69	0.66
Dec 1997	.	0.70	0.66
Jan 1998	.	0.71	0.67
Feb 1998	.	0.70	0.66
Mar 1998	.	0.69	0.66
Apr 1998	.	0.69	0.66
May 1998	.	0.68	0.65
Jun 1998	.	0.69	0.65
Jul 1998	.	0.69	0.65
Aug 1998	.	0.68	0.65
Sep 1998	.	0.67	0.65
Oct 1998	.	0.68	0.65
Nov 1998	.	0.67	0.65
Dec 1998	.	0.66	0.65
Jan 1999	.	0.67	0.65
Feb 1999	.	0.66	0.65
Mar 1999	.	0.66	0.65
Apr 1999	.	0.66	0.64
May 1999	.	0.65	0.64
Jun 1999	.	0.64	0.63
Jul 1999	.	0.64	0.63
Aug 1999	.	0.63	0.63
Sep 1999	.	0.63	0.63
Oct 1999	.	0.63	0.62
Nov 1999	.	0.61	0.61
Dec 1999	.	0.60	0.60
Jan 2000	.	0.63	0.63
Feb 2000	.	0.63	0.62
Mar 2000	.	0.63	0.62
Apr 2000	.	0.62	0.62
May 2000	.	0.62	0.62
Jun 2000	.	0.62	0.62
Jul 2000	.	0.62	0.62
Aug 2000	.	0.62	0.62
Sep 2000	.	0.62	0.62
Oct 2000	.	0.61	0.62
Nov 2000	.	0.61	0.61
Dec 2000	.	0.62	0.63
Jan 2001	.	0.62	0.62
Feb 2001	.	0.61	0.61
Mar 2001	.	0.61	0.62
Apr 2001	.	0.61	0.61
May 2001	.	0.61	0.61
Jun 2001	.	0.61	0.61
Jul 2001	.	0.61	0.61
Aug 2001	.	0.60	0.61
Sep 2001	.	0.60	0.61
Oct 2001	.	0.60	0.61
Nov 2001	.	0.60	0.60
Dec 2001	.	0.60	0.61
Jan 2002	.	0.60	0.61
Feb 2002	.	0.60	0.60
Mar 2002	.	0.60	0.61
Apr 2002	.	0.60	0.60
May 2002	.	0.60	0.60
Jun 2002	.	0.60	0.60
Jul 2002	.	0.60	0.60
Aug 2002	.	0.60	0.60
Sep 2002	.	0.60	0.60
Oct 2002	.	0.60	0.60
Nov 2002	.	0.59	0.60
Dec 2002	.	0.59	0.60
Jan 2003	.	0.60	0.60
Feb 2003	.	0.59	0.60
Mar 2003	.	0.59	0.60
Apr 2003	.	0.59	.
May 2003	.	0.59	.
Jun 2003	.	0.59	.
Jul 2003	.	0.59	.
Aug 2003	.	0.59	.
Sep 2003	.	0.60	.
Oct 2003	.	0.59	.
Nov 2003	.	0.58	.
Dec 2003	.	0.59	.
Jan 2004	.	0.59	.
Feb 2004	.	0.58	.
Mar 2004	.	0.58	.
Apr 2004	.	0.58	.
May 2004	.	0.58	.
Jun 2004	.	0.58	.
Jul 2004	.	0.58	.
Aug 2004	.	0.58	.
Sep 2004	.	0.58	.
Oct 2004	.	0.58	.
Nov 2004	.	0.58	.
Dec 2004	.	0.58	.
Jan 2005	.	0.57	.
Feb 2005	.	0.57	.
Mar 2005	.	0.57	.
Apr 2005	.	0.57	.
May 2005	.	0.57	.
Jun 2005	.	0.59	.
Jul 2005	.	0.58	.
Aug 2005	.	0.58	.
Sep 2005	.	0.58	.
Oct 2005	.	0.58	.
Nov 2005	.	0.58	.
Dec 2005	.	0.58	.
Jan 2006	.	0.58	.
Feb 2006	.	0.58	.
Mar 2006	.	0.58	.
Apr 2006	.	0.58	.
May 2006	.	0.58	.
Jun 2006	.	0.58	.
Jul 2006	.	0.58	.
Aug 2006	.	0.58	.
Sep 2006	.	0.58	.
Oct 2006	.	0.58	.
Nov 2006	.	0.58	.
Dec 2006	.	0.58	.
Jan 2007	.	0.58	.
Feb 2007	.	0.58	.
Mar 2007	.	0.58	.
Apr 2007	.	0.58	.
May 2007	.	0.58	.
Jun 2007	.	0.59	.
Jul 2007	.	0.59	.
Aug 2007	.	0.59	.
Sep 2007	.	0.59	.
Oct 2007	.	0.59	.
Nov 2007	.	0.59	.
Dec 2007	.	0.59	.
Jan 2008	.	0.60	.
Feb 2008	.	0.60	.
Mar 2008	.	0.60	.
Apr 2008	.	0.60	.
May 2008	.	0.60	.
Jun 2008	.	0.60	.
Jul 2008	.	0.60	.
Aug 2008	.	0.60	.
Sep 2008	.	0.60	.
Oct 2008	.	0.60	.
Nov 2008	.	0.60	.
Dec 2008	.	0.61	.
Jan 2009	.	0.61	.
Feb 2009	.	0.61	.
Mar 2009	.	0.61	.
Apr 2009	.	0.61	.
May 2009	.	0.61	.
Jun 2009	.	0.61	.
Jul 2009	.	0.62	.
Aug 2009	.	0.62	.
Sep 2009	.	0.62	.
Oct 2009	.	0.62	.
Nov 2009	.	0.62	.
Dec 2009	.	0.62	.
Jan 2010	.	0.62	.
Feb 2010	.	0.62	.
Mar 2010	.	0.61	.
Apr 2010	.	0.61	.
May 2010	.	0.62	.
Jun 2010	.	0.61	.
Jul 2010	.	0.62	.
Aug 2010	.	0.62	.
Sep 2010	.	0.62	.
Oct 2010	.	0.62	.
Nov 2010	.	0.62	.
Dec 2010	.	0.62	.
Jan 2011	.	0.62	.
Feb 2011	.	0.62	.
Mar 2011	.	0.62	.
Apr 2011	.	0.62	.
May 2011	.	0.61	.
Jun 2011	.	0.62	.
Jul 2011	.	0.62	.
Aug 2011	.	0.62	.
Sep 2011	.	0.62	.
Oct 2011	.	0.62	.
Nov 2011	.	0.62	.
Dec 2011	.	0.62	.

Figure 14A: Total $100s in Circulation (NY+LA)

Data for Figure 14A

Month	Series-90 Estimate	Series-96 Estimate	Series-90 + Series-96 estimate	Actual
Feb 1992	86.5	.	86.5	157.0
Mar 1992	85.6	.	85.6	158.1
Apr 1992	86.6	.	86.6	159.8
May 1992	84.8	.	84.8	161.2
Jun 1992	99.5	.	99.5	162.6
Jul 1992	100.5	.	100.5	165.5
Aug 1992	92.2	.	92.2	167.4
Sep 1992	92.8	.	92.8	168.7
Oct 1992	104.4	.	104.4	170.1
Nov 1992	101.2	.	101.2	173.1
Dec 1992	111.4	.	111.4	177.1
Jan 1993	117.1	.	117.1	176.3
Feb 1993	120.8	.	120.8	178.2
Mar 1993	115.5	.	115.5	179.9
Apr 1993	115.0	.	115.0	182.5
May 1993	118.8	.	118.8	185.0
Jun 1993	122.4	.	122.4	187.8
Jul 1993	128.9	.	128.9	189.9
Aug 1993	130.4	.	130.4	192.6
Sep 1993	132.5	.	132.5	194.7
Oct 1993	135.2	.	135.2	195.5
Nov 1993	139.6	.	139.6	198.0
Dec 1993	145.5	.	145.5	201.5
Jan 1994	147.4	.	147.4	201.7
Feb 1994	155.7	.	155.7	204.2
Mar 1994	160.8	.	160.8	207.5
Apr 1994	167.7	.	167.7	209.5
May 1994	167.4	.	167.4	212.6
Jun 1994	169.6	.	169.6	215.7
Jul 1994	174.2	.	174.2	217.2
Aug 1994	177.7	.	177.7	219.2
Sep 1994	192.8	.	192.8	219.8
Oct 1994	179.6	.	179.6	222.6
Nov 1994	183.1	.	183.1	225.2
Dec 1994	193.5	.	193.5	229.1
Jan 1995	192.0	.	192.0	228.7
Feb 1995	193.3	.	193.3	229.4
Mar 1995	220.5	.	220.5	233.4
Apr 1995	198.9	.	198.9	235.6
May 1995	214.4	.	214.4	237.4
Jun 1995	236.5	.	236.5	237.8
Jul 1995	205.8	.	205.8	237.1
Aug 1995	216.1	.	216.1	237.6
Sep 1995	209.2	.	209.2	237.5
Oct 1995	193.5	.	193.5	238.1
Nov 1995	222.1	.	222.1	239.2
Dec 1995	217.7	.	217.7	241.5
Jan 1996	223.6	.	223.6	236.4
Feb 1996	216.2	.	216.2	235.9
Mar 1996	203.9	.	216.7	237.7
Apr 1996	.	.	254.7	238.2
May 1996	.	.	215.0	240.5
Jun 1996	.	.	224.8	243.4
Jul 1996	.	.	230.7	246.9
Aug 1996	.	.	233.3	249.7
Sep 1996	.	188.9	230.8	250.1
Oct 1996	.	196.6	238.1	252.3
Nov 1996	.	216.3	245.4	256.2
Dec 1996	.	216.5	247.7	261.4
Jan 1997	.	217.0	249.0	259.5
Feb 1997	.	228.7	254.8	262.0
Mar 1997	.	230.4	253.6	264.0
Apr 1997	.	241.2	258.9	266.0
May 1997	.	250.4	263.6	270.5
Jun 1997	.	258.8	267.2	271.0
Jul 1997	.	262.2	268.8	273.3
Aug 1997	.	268.3	274.8	276.2
Sep 1997	.	250.6	272.0	277.3
Oct 1997	.	242.3	275.0	280.5
Nov 1997	.	250.0	284.0	285.4
Dec 1997	.	260.2	288.2	291.6
Jan 1998	.	262.5	288.4	288.5
Feb 1998	.	266.0	292.5	291.2
Mar 1998	.	262.4	290.9	292.6
Apr 1998	.	262.8	292.1	294.0
May 1998	.	261.5	291.9	295.6
Jun 1998	.	274.2	297.6	298.4
Jul 1998	.	276.1	300.9	301.7
Aug 1998	.	274.3	304.8	303.8
Sep 1998	.	272.5	306.0	307.7
Oct 1998	.	283.7	309.7	310.6
Nov 1998	.	286.7	316.7	314.7
Dec 1998	.	288.7	325.3	320.1
Jan 1999	.	290.4	324.7	317.9
Feb 1999	.	292.8	324.9	322.0
Mar 1999	.	301.3	330.7	325.8
Apr 1999	.	307.9	333.9	327.9
May 1999	.	302.5	335.1	331.6
Jun 1999	.	305.1	338.1	334.7
Jul 1999	.	307.6	341.0	337.6
Aug 1999	.	307.0	342.8	340.4
Sep 1999	.	312.4	347.0	344.2
Oct 1999	.	319.8	353.8	350.7
Nov 1999	.	329.7	364.9	362.2
Dec 1999	.	355.6	389.9	386.2
Jan 2000	.	324.3	364.3	363.0
Feb 2000	.	333.7	367.7	362.1
Mar 2000	.	335.5	367.9	361.7
Apr 2000	.	337.5	369.2	361.6
May 2000	.	340.9	371.2	363.4
Jun 2000	.	338.1	370.9	364.8
Jul 2000	.	343.5	372.7	364.7
Aug 2000	.	344.8	374.7	365.4
Sep 2000	.	343.5	374.9	365.3
Oct 2000	.	347.7	376.5	367.7
Nov 2000	.	349.2	380.7	371.2
Dec 2000	.	365.5	398.5	377.7
Jan 2001	.	355.7	385.8	374.8
Feb 2001	.	357.8	387.9	378.5
Mar 2001	.	362.0	393.7	380.4
Apr 2001	.	359.6	390.7	382.2
May 2001	.	363.8	394.0	385.4
Jun 2001	.	367.5	396.9	387.4
Jul 2001	.	375.5	405.2	394.6
Aug 2001	.	380.5	410.6	400.5
Sep 2001	.	384.8	414.3	401.4
Oct 2001	.	385.3	415.2	405.5
Nov 2001	.	389.6	419.6	411.0
Dec 2001	.	401.9	431.5	421.1
Jan 2002	.	399.4	429.8	419.8
Feb 2002	.	407.0	436.1	424.4
Mar 2002	.	409.0	438.9	427.9
Apr 2002	.	412.1	441.7	430.7
May 2002	.	419.3	448.0	436.3
Jun 2002	.	422.5	451.7	440.6
Jul 2002	.	427.5	455.2	443.1
Aug 2002	.	429.4	457.0	444.9
Sep 2002	.	428.2	456.2	444.2
Oct 2002	.	432.5	460.0	446.8
Nov 2002	.	438.7	465.7	451.8
Dec 2002	.	444.4	471.9	458.7
Jan 2003	.	443.5	471.6	458.2
Feb 2003	.	448.9	475.6	462.5
Mar 2003	.	452.1	478.8	465.9
Apr 2003	.	453.2	.	467.6
May 2003	.	455.7	.	469.3
Jun 2003	.	454.8	.	469.5
Jul 2003	.	457.2	.	470.6
Aug 2003	.	461.0	.	472.8
Sep 2003	.	474.8	.	474.1
Oct 2003	.	466.5	.	477.8
Nov 2003	.	471.1	.	482.4
Dec 2003	.	477.2	.	487.8
Jan 2004	.	474.3	.	483.8
Feb 2004	.	477.4	.	485.9
Mar 2004	.	477.0	.	487.9
Apr 2004	.	479.3	.	490.0
May 2004	.	485.2	.	494.1
Jun 2004	.	492.3	.	500.7
Jul 2004	.	494.6	.	503.3
Aug 2004	.	496.6	.	505.3
Sep 2004	.	498.2	.	506.6
Oct 2004	.	502.5	.	510.4
Nov 2004	.	509.3	.	516.5
Dec 2004	.	507.9	.	516.7
Jan 2005	.	504.2	.	514.9
Feb 2005	.	509.5	.	517.2
Mar 2005	.	513.1	.	519.5
Apr 2005	.	512.6	.	518.2
May 2005	.	515.8	.	521.4
Jun 2005	.	542.9	.	524.5
Jul 2005	.	520.4	.	525.7
Aug 2005	.	523.0	.	527.5
Sep 2005	.	525.2	.	529.0
Oct 2005	.	527.8	.	530.3
Nov 2005	.	533.5	.	536.6
Dec 2005	.	541.4	.	545.0
Jan 2006	.	540.8	.	543.9
Feb 2006	.	544.5	.	547.3
Mar 2006	.	545.0	.	548.0
Apr 2006	.	546.7	.	549.8
May 2006	.	549.7	.	552.2
Jun 2006	.	547.8	.	550.8
Jul 2006	.	546.6	.	549.7
Aug 2006	.	550.0	.	552.0
Sep 2006	.	546.4	.	548.9
Oct 2006	.	550.2	.	552.2
Nov 2006	.	556.5	.	558.1
Dec 2006	.	562.2	.	564.1
Jan 2007	.	556.2	.	558.1
Feb 2007	.	559.8	.	560.8
Mar 2007	.	558.8	.	559.8
Apr 2007	.	559.9	.	560.7
May 2007	.	562.1	.	562.9
Jun 2007	.	562.6	.	563.2
Jul 2007	.	565.1	.	565.2
Aug 2007	.	564.8	.	564.6
Sep 2007	.	564.9	.	564.5
Oct 2007	.	568.3	.	567.3
Nov 2007	.	566.1	.	566.3
Dec 2007	.	570.9	.	569.3
Jan 2008	.	564.9	.	563.1
Feb 2008	.	567.9	.	565.7
Mar 2008	.	567.4	.	565.0
Apr 2008	.	566.5	.	563.7
May 2008	.	572.0	.	568.8
Jun 2008	.	575.9	.	572.6
Jul 2008	.	581.6	.	578.0
Aug 2008	.	582.3	.	578.5
Sep 2008	.	588.4	.	584.3
Oct 2008	.	609.1	.	604.5
Nov 2008	.	617.5	.	613.0
Dec 2008	.	629.7	.	625.0
Jan 2009	.	634.8	.	630.0
Feb 2009	.	643.3	.	637.5
Mar 2009	.	648.4	.	642.7
Apr 2009	.	646.7	.	642.2
May 2009	.	649.3	.	644.1
Jun 2009	.	650.5	.	646.0
Jul 2009	.	653.3	.	648.1
Aug 2009	.	653.8	.	648.7
Sep 2009	.	657.7	.	651.6
Oct 2009	.	657.4	.	651.8
Nov 2009	.	660.4	.	654.8
Dec 2009	.	662.5	.	656.4
Jan 2010	.	660.3	.	654.2
Feb 2010	.	669.1	.	662.9
Mar 2010	.	672.4	.	665.8
Apr 2010	.	674.0	.	667.5
May 2010	.	681.4	.	670.6
Jun 2010	.	680.4	.	673.1
Jul 2010	.	684.5	.	675.0
Aug 2010	.	685.4	.	679.3
Sep 2010	.	693.3	.	684.8
Oct 2010	.	700.8	.	692.7
Nov 2010	.	709.1	.	701.2
Dec 2010	.	712.4	.	704.6
Jan 2011	.	713.8	.	705.5
Feb 2011	.	727.3	.	718.2
Mar 2011	.	734.6	.	725.9
Apr 2011	.	742.4	.	733.5
May 2011	.	749.8	.	740.4
Jun 2011	.	754.9	.	745.2
Jul 2011	.	758.2	.	748.9
Aug 2011	.	763.7	.	753.9
Sep 2011	.	765.7	.	756.3
Oct 2011	.	772.7	.	763.1
Nov 2011	.	784.2	.	774.0
Dec 2011	.	793.0	.	782.6

Figure 15A: Growth of Currency, Nominal GDP, and Proxy for Foreign Demand, 1988-2011

Data for Figure 15A

Quarter	Growth rate, currency	Growth rate, nominal GDP	Foreign shipments
1988:Q1	8.2	5.3	0.6
1988:Q2	8.3	8.8	3.1
1988:Q3	7.9	6.6	2.5
1988:Q4	6.8	8.3	2.3
1989:Q1	5.5	8.2	1.2
1989:Q2	4.7	6.9	3.3
1989:Q3	4.2	5.8	0.8
1989:Q4	4.2	3.5	1.0
1990:Q1	8.6	9.0	5.7
1990:Q2	9.9	6.2	6.4
1990:Q3	12.1	3.7	9.1
1990:Q4	10.9	-0.3	6.7
1991:Q1	13.2	2.3	8.0
1991:Q2	5.2	5.5	2.1
1991:Q3	6.4	4.8	5.9
1991:Q4	7.2	3.9	4.5
1992:Q1	7.0	6.4	1.9
1992:Q2	6.8	6.7	0.5
1992:Q3	10.5	6.0	7.8
1992:Q4	10.6	6.5	5.5
1993:Q1	9.1	3.1	4.1
1993:Q2	9.8	4.8	7.0
1993:Q3	10.8	3.9	7.7
1993:Q4	9.4	7.4	3.5
1994:Q1	10.7	6.0	5.7
1994:Q2	10.4	7.3	7.1
1994:Q3	10.2	4.9	5.6
1994:Q4	8.3	6.5	5.9
1995:Q1	7.6	3.3	5.7
1995:Q2	8.4	2.6	3.8
1995:Q3	2.0	5.2	0.5
1995:Q4	3.0	4.8	0.9
1996:Q1	1.9	5.0	-3.4
1996:Q2	4.8	8.4	3.2
1996:Q3	7.8	4.7	7.8
1996:Q4	6.9	6.5	6.0
1997:Q1	6.8	5.6	4.0
1997:Q2	7.1	6.8	4.0
1997:Q3	6.9	6.4	6.1
1997:Q4	8.1	4.5	7.8
1998:Q1	7.5	4.4	1.9
1998:Q2	6.1	4.5	1.1
1998:Q3	8.5	6.8	5.3
1998:Q4	10.0	8.1	4.9
1999:Q1	9.0	5.3	2.0
1999:Q2	10.4	4.5	2.2
1999:Q3	9.1	6.5	3.1
1999:Q4	13.3	8.5	9.5
2000:Q1	9.8	4.2	-2.1
2000:Q2	-0.4	9.7	-0.3
2000:Q3	2.9	2.7	0.0
2000:Q4	4.1	4.5	2.9
2001:Q1	6.0	1.4	1.6
2001:Q2	6.6	5.3	1.5
2001:Q3	11.5	0.2	7.4
2001:Q4	10.4	2.6	5.8
2002:Q1	10.1	4.8	4.0
2002:Q2	9.2	3.9	4.7
2002:Q3	7.9	3.7	1.9
2002:Q4	4.1	2.4	2.9
2003:Q1	7.5	4.4	3.1
2003:Q2	6.5	4.5	0.1
2003:Q3	3.2	8.7	0.2
2003:Q4	5.8	5.6	3.5
2004:Q1	3.4	6.1	-1.0
2004:Q2	4.8	5.9	3.5
2004:Q3	8.2	5.9	3.8
2004:Q4	5.1	6.2	2.7
2005:Q1	2.4	7.8	-1.5
2005:Q2	2.8	4.4	-0.3
2005:Q3	4.6	7.2	1.6
2005:Q4	4.0	5.4	3.0
2006:Q1	6.4	8.0	1.6
2006:Q2	4.0	5.1	-0.6
2006:Q3	1.0	3.1	-1.3
2006:Q4	2.6	4.5	2.4
2007:Q1	2.0	5.1	-2.2
2007:Q2	2.4	6.3	-1.2
2007:Q3	2.3	4.3	0.1
2007:Q4	1.4	3.6	-1.5
2008:Q1	-2.0	0.6	-3.1
2008:Q2	2.7	3.9	-0.9
2008:Q3	7.5	-0.6	2.4
2008:Q4	14.5	-8.8	13.8
2009:Q1	14.5	-5.4	7.8
2009:Q2	6.2	-1.1	-0.6
2009:Q3	4.1	1.9	1.7
2009:Q4	2.1	4.8	-0.2
2010:Q1	2.5	5.4	0.9
2010:Q2	5.2	5.3	0.7
2010:Q3	6.2	3.8	4.0
2010:Q4	8.9	4.1	6.6
2011:Q1	7.6	3.0	4.9
2011:Q2	10.7	3.9	6.3
2011:Q3	8.3	4.3	4.3
2011:Q4	7.1	3.8	7.0

Figure 15B: Estimated Foreign and Domestic Contributions to Currency Increases, 1988-2011

Data for Figure 15B

Quarter	Domestic factors	Foreign factors
1988:Q1	0.3	3.7
1988:Q2	1.0	3.2
1988:Q3	0.7	3.3
1988:Q4	0.5	3.0
1989:Q1	0.7	2.2
1989:Q2	0.6	1.9
1989:Q3	0.3	1.9
1989:Q4	0.4	1.8
1990:Q1	2.5	2.3
1990:Q2	2.0	3.6
1990:Q3	3.3	3.7
1990:Q4	2.7	3.8
1991:Q1	4.0	4.1
1991:Q2	0.0	3.4
1991:Q3	2.2	1.9
1991:Q4	2.6	2.0
1992:Q1	2.0	2.7
1992:Q2	1.2	3.4
1992:Q3	3.6	3.6
1992:Q4	2.5	5.0
1993:Q1	1.6	5.0
1993:Q2	2.9	4.4
1993:Q3	3.4	4.7
1993:Q4	2.2	5.2
1994:Q1	3.4	5.2
1994:Q2	3.2	5.3
1994:Q3	3.3	5.4
1994:Q4	2.5	4.6
1995:Q1	3.5	3.2
1995:Q2	3.6	4.0
1995:Q3	0.2	1.7
1995:Q4	1.6	1.2
1996:Q1	0.9	0.9
1996:Q2	3.0	1.5
1996:Q3	4.5	2.9
1996:Q4	3.1	3.6
1997:Q1	2.8	3.9
1997:Q2	2.3	4.8
1997:Q3	3.0	4.0
1997:Q4	3.9	4.5
1998:Q1	2.6	5.4
1998:Q2	1.5	5.1
1998:Q3	4.3	5.0
1998:Q4	4.2	6.9
1999:Q1	2.5	7.8
1999:Q2	3.6	8.5
1999:Q3	2.9	8.0
1999:Q4	6.1	10.2
2000:Q1	2.7	9.7
2000:Q2	-2.9	2.3
2000:Q3	1.7	2.1
2000:Q4	2.8	2.7
2001:Q1	4.3	3.7
2001:Q2	2.7	6.2
2001:Q3	7.8	7.8
2001:Q4	5.5	9.1
2002:Q1	5.4	9.2
2002:Q2	4.1	9.4
2002:Q3	3.6	8.2
2002:Q4	1.1	5.2
2003:Q1	5.4	6.3
2003:Q2	1.6	8.8
2003:Q3	-0.6	5.7
2003:Q4	3.5	5.9
2004:Q1	-0.6	6.2
2004:Q2	2.6	5.5
2004:Q3	4.4	9.4
2004:Q4	0.9	7.9
2005:Q1	-2.1	6.3
2005:Q2	-0.1	5.1
2005:Q3	3.0	5.1
2005:Q4	1.2	6.0
2006:Q1	3.6	7.9
2006:Q2	-0.5	7.9
2006:Q3	-2.0	3.8
2006:Q4	3.3	1.6
2007:Q1	-0.7	4.4
2007:Q2	0.7	3.9
2007:Q3	1.3	3.0
2007:Q4	-0.3	2.9
2008:Q1	-4.1	0.2
2008:Q2	2.6	2.6
2008:Q3	5.9	8.5
2008:Q4	17.1	11.1
2009:Q1	13.7	15.5
2009:Q2	-0.4	13.4
2009:Q3	4.5	4.1
2009:Q4	3.6	0.9
2010:Q1	4.2	1.3
2010:Q2	5.2	6.1
2010:Q3	6.4	7.2
2010:Q4	10.0	9.9
2011:Q1	6.1	11.2
2011:Q2	11.4	13.4
2011:Q3	6.7	13.0
2011:Q4	8.0	9.3

Figure 15C: Estimated Cumulative Contributions of Domestic and Foreign Factors to U.S. Currency Increases, 1988 - 2011

Data for Figure 15C

Quarter	Domestic factors	Foreign factors
1988:Q1	0.3	3.7
1988:Q2	1.3	6.8
1988:Q3	1.9	10.2
1988:Q4	2.4	13.2
1989:Q1	3.1	15.4
1989:Q2	3.8	17.3
1989:Q3	4.1	19.3
1989:Q4	4.5	21.1
1990:Q1	7.0	23.4
1990:Q2	9.0	26.9
1990:Q3	12.3	30.6
1990:Q4	15.1	34.4
1991:Q1	19.1	38.5
1991:Q2	19.0	41.9
1991:Q3	21.2	43.8
1991:Q4	23.9	45.8
1992:Q1	25.8	48.5
1992:Q2	27.0	51.9
1992:Q3	30.6	55.4
1992:Q4	33.2	60.4
1993:Q1	34.8	65.4
1993:Q2	37.7	69.8
1993:Q3	41.1	74.5
1993:Q4	43.3	79.7
1994:Q1	46.6	84.9
1994:Q2	49.9	90.2
1994:Q3	53.1	95.6
1994:Q4	55.7	100.2
1995:Q1	59.2	103.3
1995:Q2	62.8	107.3
1995:Q3	62.9	109.0
1995:Q4	64.5	110.3
1996:Q1	65.4	111.2
1996:Q2	68.4	112.6
1996:Q3	72.9	115.6
1996:Q4	76.0	119.1
1997:Q1	78.8	123.0
1997:Q2	81.1	127.7
1997:Q3	84.2	131.7
1997:Q4	88.1	136.2
1998:Q1	90.6	141.6
1998:Q2	92.1	146.7
1998:Q3	96.4	151.6
1998:Q4	100.6	158.6
1999:Q1	103.1	166.4
1999:Q2	106.7	175.0
1999:Q3	109.7	183.0
1999:Q4	115.8	193.2
2000:Q1	118.5	202.9
2000:Q2	115.6	205.2
2000:Q3	117.3	207.3
2000:Q4	120.0	210.0
2001:Q1	124.3	213.6
2001:Q2	127.1	219.8
2001:Q3	134.9	227.6
2001:Q4	140.4	236.8
2002:Q1	145.7	246.0
2002:Q2	149.8	255.4
2002:Q3	153.5	263.7
2002:Q4	154.5	268.9
2003:Q1	159.9	275.1
2003:Q2	161.5	283.9
2003:Q3	161.0	289.6
2003:Q4	164.4	295.5
2004:Q1	163.8	301.7
2004:Q2	166.3	307.2
2004:Q3	170.7	316.6
2004:Q4	171.6	324.5
2005:Q1	169.5	330.8
2005:Q2	169.4	335.8
2005:Q3	172.4	341.0
2005:Q4	173.6	347.0
2006:Q1	177.2	354.9
2006:Q2	176.7	362.8
2006:Q3	174.7	366.6
2006:Q4	177.9	368.1
2007:Q1	177.2	372.5
2007:Q2	177.9	376.4
2007:Q3	179.2	379.3
2007:Q4	179.0	382.2
2008:Q1	174.9	382.5
2008:Q2	177.4	385.1
2008:Q3	183.3	393.5
2008:Q4	200.4	404.6
2009:Q1	214.1	420.1
2009:Q2	213.7	433.5
2009:Q3	218.3	437.6
2009:Q4	221.8	438.5
2010:Q1	226.0	439.8
2010:Q2	231.3	445.9
2010:Q3	237.6	453.2
2010:Q4	247.6	463.1
2011:Q1	253.7	474.3
2011:Q2	265.1	487.7
2011:Q3	271.8	500.7
2011:Q4	279.8	510.0

Appendix Figure 1: Shares of U.S. and Canadian Currency in Circulation By Value and Pieces 2011 Average

Data for Appendix Figure 1 (Panel 1): U.S. Shares, by Value

$10s and smaller	$20s	$50s	$100s
3.8	13.7	6.9	75.6

Data for Appendix Figure 1 (Panel 2): U.S. U.S. Shares, Pieces

$1s	$2s	$5s	$10s	$20s	$50s	$100s
32.5	3.1	7.5	5.5	22.3	4.5	24.7

Data for Appendix Figure 1 (Panel 3): Canadian Shares by Value

$10s and smaller	$20s	$50s	$100s	$1000s
4.4	27.3	15.2	51.2	1.8

Data for Appendix Figure 1 (Panel 4): Canadian Shares

$1s	$2s	$5s	$10s	$20s	$50s	$100s	$1000s
8.4	5.8	11.3	6.2	42.7	9.5	16	0.1

Appendix Figure 2A: Cumulative Change in Currency in Circulation

Data for Appendix Figure 2A

Date	Avg. 2003-2007	2008	2009	2010	2011
January 8	-4.4	-9.9	-3.3	-5.3	-3.5
January 15	-10.5	-16.3	-6.9	-10.5	-6.8
January 22	-11.4	-17.1	-2.4	-10.4	-6.3
January 29	-13.2	-17.6	-1.5	-11.4	-8.4
February 5	-11.7	-14.8	2.3	-6.3	-2.1
February 12	-9.0	-13.0	6.1	-0.7	3.5
February 19	-7.2	-11.4	8.6	3.2	7.7
February 26	-7.1	-12.4	8.9	2.4	12.4
March 5	-7.2	-11.1	10.6	3.1	14.1
March 12	-6.8	-10.6	12.5	4.0	16.3
March 19	-6.4	-10.7	12.9	3.6	18.3
March 26	-6.7	-11.3	13.3	3.4	18.9
April 2	-5.7	-12.4	14.7	4.5	20.4
April 9	-4.4	-13.1	16.3	7.0	24.5
April 16	-3.9	-14.5	15.5	6.1	26.3
April 23	-4.8	-15.4	13.2	5.4	27.1
April 30	-4.5	-14.9	13.3	6.0	28.9
May 7	-3.0	-12.5	16.1	8.2	32.3
May 14	-2.2	-11.1	15.8	9.4	33.4
May 21	-2.3	-8.5	16.8	8.3	33.0
May 28	-0.2	-4.2	20.4	10.6	35.8
June 4	2.7	-4.8	19.1	14.5	40.9
June 11	1.4	-5.5	18.9	12.2	39.8
June 18	0.2	-5.3	18.0	10.7	39.1
June 25	0.2	-3.9	17.7	10.6	38.5
July 2	3.6	3.2	21.7	15.0	42.5
July 9	7.7	3.8	23.2	18.6	47.6
July 16	5.3	1.6	20.8	15.5	45.0
July 23	2.8	2.3	19.6	13.2	44.4
July 30	2.9	3.6	21.0	14.2	45.7
August 6	4.2	3.9	22.5	16.7	49.8
August 13	4.7	3.2	23.2	17.9	49.5
August 20	4.0	1.7	21.9	17.7	49.1
August 27	3.4	3.7	20.8	17.2	48.4
September 3	6.0	7.8	23.2	20.8	52.8
September 10	8.3	5.6	27.2	24.7	58.3
September 17	5.8	4.1	24.4	22.2	55.0
September 24	4.2	7.4	22.7	21.6	51.8
October 1	5.0	12.0	23.9	24.7	53.1
October 8	7.1	19.6	26.5	29.6	57.4
October 15	9.5	26.4	28.2	33.6	60.1
October 22	8.1	27.8	25.7	32.4	57.9
October 29	7.9	31.5	25.2	33.3	58.3
November 5	9.5	34.7	27.9	38.8	65.2
November 12	13.6	36.3	31.3	44.8	72.0
November 19	14.5	36.5	29.8	43.5	73.2
November 26	19.1	42.9	33.5	48.4	77.6
December 3	18.4	43.7	32.9	47.5	77.3
December 10	17.2	45.4	33.7	48.7	79.0
December 17	18.9	48.6	33.9	49.6	81.5
December 24	24.1	57.5	39.3	53.5	85.4
December 31	28.3	61.0	40.2	54.9	91.4

Appendix Figure 2B: Cumulative Change in Currency in Circulation

Data for Appendix Figure 2B

Date	Avg. 2003-2007	2008	2009	2010	2011
January 8	-0.6	-1.2	-0.4	-0.6	-0.4
January 15	-1.4	-2.0	-0.8	-1.1	-0.7
January 22	-1.5	-2.1	-0.3	-1.1	-0.6
January 29	-1.7	-2.1	-0.2	-1.2	-0.9
February 5	-1.5	-1.8	0.3	-0.7	-0.2
February 12	-1.2	-1.6	0.7	-0.1	0.4
February 19	-0.9	-1.4	1.0	0.3	0.8
February 26	-0.9	-1.5	1.0	0.3	1.3
March 5	-0.9	-1.3	1.2	0.3	1.4
March 12	-0.9	-1.3	1.4	0.4	1.7
March 19	-0.8	-1.3	1.5	0.4	1.9
March 26	-0.9	-1.4	1.5	0.4	1.9
April 2	-0.7	-1.5	1.7	0.5	2.1
April 9	-0.6	-1.6	1.8	0.8	2.5
April 16	-0.5	-1.7	1.7	0.7	2.7
April 23	-0.6	-1.9	1.5	0.6	2.7
April 30	-0.6	-1.8	1.5	0.6	2.9
May 7	-0.4	-1.5	1.8	0.9	3.3
May 14	-0.3	-1.3	1.8	1.0	3.4
May 21	-0.3	-1.0	1.9	0.9	3.3
May 28	0.0	-0.5	2.3	1.1	3.6
June 4	0.4	-0.6	2.1	1.6	4.2
June 11	0.2	-0.7	2.1	1.3	4.0
June 18	0.1	-0.6	2.0	1.2	4.0
June 25	0.1	-0.5	2.0	1.1	3.9
July 2	0.5	0.4	2.4	1.6	4.3
July 9	1.1	0.5	2.6	2.0	4.8
July 16	0.7	0.2	2.3	1.7	4.6
July 23	0.4	0.3	2.2	1.4	4.5
July 30	0.4	0.4	2.4	1.5	4.6
August 6	0.6	0.5	2.5	1.8	5.1
August 13	0.7	0.4	2.6	1.9	5.0
August 20	0.6	0.2	2.5	1.9	5.0
August 27	0.5	0.5	2.3	1.9	4.9
September 3	0.9	0.9	2.6	2.2	5.4
September 10	1.2	0.7	3.1	2.7	5.9
September 17	0.8	0.5	2.7	2.4	5.6
September 24	0.6	0.9	2.6	2.3	5.3
October 1	0.7	1.4	2.7	2.7	5.4
October 8	1.0	2.4	3.0	3.2	5.8
October 15	1.3	3.2	3.2	3.6	6.1
October 22	1.1	3.4	2.9	3.5	5.9
October 29	1.1	3.8	2.8	3.6	5.9
November 5	1.3	4.2	3.1	4.2	6.6
November 12	1.9	4.4	3.5	4.8	7.3
November 19	2.0	4.4	3.4	4.7	7.4
November 26	2.6	5.2	3.8	5.2	7.9
December 3	2.5	5.3	3.7	5.1	7.9
December 10	2.4	5.5	3.8	5.2	8.0
December 17	2.6	5.9	3.8	5.3	8.3
December 24	3.3	6.9	4.4	5.8	8.7
December 31	3.8	7.4	4.5	5.9	9.3

Figure A3: Federal Reserve Bank Assets and Liabilities and Capital, 2007 - 2012

\

Data for Appendix Figure 3

Date	Loans and liquidity programs	Repurchase agreements and all other assets	Agency debt and MBS	Treasury securities held outright	Federal Reserve notes in circulation	Reverse repurchase agreements, capital, and all other liabilities	U.S. Treasury accounts	Deposits of depository institutions and other deposits
1/3/2007	1.3	98.4	0.0	778.9	781.3	70.6	6.2	20.4
1/10/2007	0.0	79.8	0.0	778.9	772.9	70.3	5.0	10.4
1/17/2007	1.8	82.6	0.0	778.9	769.7	73.9	5.5	14.1
1/24/2007	0.0	76.7	0.0	778.9	765.8	70.7	5.4	13.6
1/31/2007	1.3	89.4	0.0	778.9	765.6	73.3	6.1	24.6
2/7/2007	0.0	80.0	0.0	778.9	767.9	74.8	5.3	10.9
2/14/2007	0.0	92.1	0.0	778.9	770.0	78.4	5.1	17.5
2/21/2007	0.0	94.1	0.0	778.9	771.2	81.4	5.3	15.1
2/28/2007	0.0	100.5	0.0	780.8	771.0	81.8	5.2	23.3
3/7/2007	0.0	87.5	0.0	780.8	770.9	80.7	4.4	12.4
3/14/2007	0.0	99.1	0.0	780.8	770.7	82.1	5.1	22.1
3/21/2007	0.0	86.1	0.0	780.9	770.1	80.6	4.7	11.6
3/28/2007	0.0	92.8	0.0	780.9	770.2	79.9	4.8	18.8
4/4/2007	0.0	85.2	0.0	780.9	771.8	78.2	5.0	11.2
4/11/2007	0.0	86.4	0.0	782.8	773.0	76.5	4.8	15.0
4/18/2007	0.1	82.2	0.0	782.9	771.9	77.0	5.2	11.0
4/25/2007	0.1	96.3	0.0	787.1	771.4	77.0	12.2	22.7
5/2/2007	0.1	107.3	0.0	787.2	772.2	84.9	25.3	12.2
5/9/2007	0.1	88.9	0.0	790.0	773.3	78.1	4.7	22.9
5/16/2007	0.1	73.1	0.0	790.1	772.9	74.7	4.1	11.6
5/23/2007	0.1	87.4	0.0	790.2	774.1	75.7	4.3	23.6
5/30/2007	0.1	90.3	0.0	790.3	777.9	78.8	4.6	19.4
6/6/2007	0.2	86.0	0.0	790.3	776.2	75.8	5.4	19.1
6/13/2007	0.1	78.2	0.0	790.4	775.0	74.6	4.7	14.4
6/20/2007	0.9	78.5	0.0	790.4	773.6	73.7	6.0	16.5
6/27/2007	0.2	78.2	0.0	790.5	775.1	73.2	4.0	16.5
7/4/2007	0.2	89.7	0.0	790.6	781.4	77.8	4.1	17.1
7/11/2007	0.2	82.4	0.0	790.6	779.9	77.3	4.9	11.1
7/18/2007	0.3	85.8	0.0	790.7	776.9	75.2	4.1	20.5
7/25/2007	0.2	76.7	0.0	790.7	776.5	73.3	4.9	13.0
8/1/2007	0.2	83.1	0.0	790.8	777.0	74.9	4.8	17.5
8/8/2007	0.3	78.2	0.0	790.8	777.3	73.5	4.7	13.8
8/15/2007	0.3	79.0	0.0	789.6	775.8	75.1	5.1	12.9
8/22/2007	2.3	74.9	0.0	789.6	774.5	73.4	5.3	13.4
8/29/2007	1.4	90.8	0.0	784.6	775.2	74.7	4.9	21.9
9/5/2007	1.3	94.1	0.0	779.6	778.7	80.3	4.5	11.6
9/12/2007	7.4	103.2	0.0	779.6	775.4	77.6	5.2	32.0
9/19/2007	1.4	90.6	0.0	779.6	773.4	80.0	4.5	13.8
9/26/2007	0.2	113.9	0.0	779.6	774.8	79.3	4.9	34.6
10/3/2007	0.2	93.0	0.0	779.6	777.4	78.6	5.6	11.1
10/10/2007	0.2	110.2	0.0	779.6	779.7	79.9	4.2	26.2
10/17/2007	0.1	93.4	0.0	779.6	777.7	79.6	5.1	10.7
10/24/2007	0.5	104.9	0.0	779.6	776.7	82.0	4.7	21.5
10/31/2007	0.1	107.3	0.0	779.6	778.2	82.9	4.3	21.6
11/7/2007	1.3	108.3	0.0	779.6	782.2	82.0	4.9	20.2
11/14/2007	0.1	113.3	0.0	779.6	784.4	82.2	5.5	20.8
11/21/2007	0.1	114.7	0.0	779.7	786.4	81.4	5.3	21.4
11/28/2007	0.1	103.1	0.0	779.7	783.7	79.6	4.7	14.9
12/5/2007	2.1	104.3	0.0	779.7	781.9	82.7	5.1	16.4
12/12/2007	4.5	105.8	0.0	774.7	782.5	84.0	4.3	14.3
12/19/2007	4.8	116.8	0.0	769.8	785.8	82.9	4.6	18.0
12/26/2007	38.5	100.6	0.0	754.6	791.8	85.6	4.5	11.8
1/2/2008	68.9	115.6	0.0	740.6	791.7	86.0	7.3	40.2
1/9/2008	65.0	90.3	0.0	728.2	781.8	83.1	5.4	13.2
1/16/2008	69.6	98.5	0.0	728.3	775.5	86.5	5.7	28.7
1/23/2008	74.0	82.6	0.0	723.3	774.7	83.9	4.9	16.4
1/30/2008	74.0	110.4	0.0	718.4	774.3	84.6	5.1	38.9
2/6/2008	84.5	75.7	0.0	713.4	777.1	81.8	4.8	9.9
2/13/2008	84.0	88.1	0.0	713.4	778.9	83.2	5.0	18.4
2/20/2008	71.4	96.8	0.0	713.4	780.5	85.8	4.5	10.7
2/27/2008	70.7	112.3	0.0	713.4	779.5	89.3	5.1	22.5
3/5/2008	60.0	110.3	0.0	713.4	780.8	88.0	4.8	10.1
3/12/2008	60.0	135.5	0.0	703.4	781.3	87.1	5.2	25.4
3/19/2008	108.9	121.3	0.0	660.5	781.2	93.6	5.4	10.6
3/26/2008	117.6	165.9	0.0	612.3	780.6	88.1	4.9	22.1
4/2/2008	165.8	138.4	0.0	581.2	779.6	88.0	6.0	11.8
4/9/2008	154.8	179.7	0.0	560.1	778.9	86.1	3.4	26.2
4/16/2008	170.5	164.3	0.0	548.6	777.5	88.2	4.6	13.2
4/23/2008	168.0	170.6	0.0	548.7	776.6	87.6	5.6	17.5
4/30/2008	165.8	175.2	0.0	548.7	777.1	87.0	5.0	20.7
5/7/2008	163.8	190.2	0.0	536.7	779.4	85.8	5.7	19.7
5/14/2008	204.9	161.0	0.0	515.7	780.8	85.8	4.0	10.9
5/21/2008	205.9	191.3	0.0	502.9	783.3	84.1	4.4	28.1
5/28/2008	241.2	173.2	0.0	491.1	787.7	86.2	4.4	27.2
6/4/2008	232.8	177.7	0.0	486.9	787.1	88.9	5.3	16.1
6/11/2008	234.0	176.0	0.0	482.1	786.4	86.6	4.4	14.7
6/18/2008	233.9	191.1	0.0	478.7	786.5	88.5	4.2	24.5
6/25/2008	227.4	187.9	0.0	478.8	788.0	88.8	4.2	13.2
7/2/2008	253.8	171.7	0.0	478.9	795.1	88.6	4.1	16.6
7/9/2008	254.3	166.2	0.0	479.0	795.7	88.1	4.4	11.3
7/16/2008	257.2	175.8	0.0	479.0	793.4	90.2	4.0	24.4
7/23/2008	258.9	163.0	0.0	479.1	794.2	88.7	6.7	11.4
7/30/2008	258.5	182.3	0.0	479.2	795.6	91.0	4.3	29.1
8/6/2008	258.6	165.2	0.0	479.3	795.8	91.2	4.8	11.3
8/13/2008	258.8	177.8	0.0	479.4	795.1	90.5	4.7	25.8
8/20/2008	264.8	155.8	0.0	479.5	793.7	90.4	5.2	10.9
8/27/2008	265.2	166.6	0.0	479.6	795.7	90.9	5.0	19.9
9/3/2008	260.4	166.6	0.0	479.7	799.7	90.1	5.6	11.4
9/10/2008	264.9	182.5	0.0	479.8	797.6	91.3	5.4	32.9
9/17/2008	362.7	154.0	0.0	479.8	796.1	94.4	5.5	100.5
9/24/2008	583.6	143.1	10.0	476.6	799.4	138.8	165.0	110.1
10/1/2008	874.4	140.0	14.5	476.6	804.0	141.1	349.8	210.7
10/8/2008	944.5	157.9	14.1	476.6	811.7	126.2	464.8	190.4
10/15/2008	1,140.9	140.9	14.1	476.6	818.5	158.2	523.1	272.6
10/22/2008	1,175.2	138.4	14.1	476.5	819.9	142.1	614.6	227.6
10/29/2008	1,341.6	138.9	13.6	476.5	823.7	141.3	578.3	427.4
11/5/2008	1,446.4	139.7	13.2	476.5	826.9	144.8	577.5	526.6
11/12/2008	1,585.3	139.7	13.0	476.4	828.4	151.1	611.9	623.1
11/19/2008	1,563.9	135.9	12.5	476.4	828.6	150.8	577.4	631.8
11/26/2008	1,483.2	135.8	12.2	476.4	835.1	155.3	496.4	620.9
12/3/2008	1,514.2	136.3	11.6	476.4	835.8	147.6	491.5	663.6
12/10/2008	1,622.6	136.9	15.8	476.2	837.6	146.3	445.8	821.9
12/17/2008	1,623.1	139.7	17.6	476.1	840.7	128.9	484.6	802.3
12/24/2008	1,596.5	140.4	20.9	476.0	849.7	142.1	407.3	834.7
12/31/2008	1,605.8	139.5	19.7	475.9	853.2	139.7	365.4	882.6
1/7/2009	1,508.6	119.3	19.3	475.7	848.0	141.3	287.1	846.6
1/14/2009	1,445.6	100.3	29.8	475.5	844.1	131.1	230.9	845.1
1/21/2009	1,452.6	80.5	30.1	475.3	848.2	129.6	246.5	814.3
1/28/2009	1,356.4	61.3	35.7	475.1	848.8	124.3	213.6	741.9
2/4/2009	1,280.4	60.3	37.3	475.0	852.3	127.1	217.7	655.8
2/11/2009	1,269.9	60.6	39.5	474.9	856.0	126.5	220.2	642.1
2/18/2009	1,284.0	59.4	98.9	474.8	858.5	125.9	220.5	712.2
2/25/2009	1,276.2	59.6	107.1	474.6	858.7	121.8	225.1	712.0
3/4/2009	1,262.6	58.5	107.1	474.6	860.5	126.4	268.2	647.7
3/11/2009	1,253.3	59.6	113.4	474.7	862.3	123.1	234.4	681.2
3/18/2009	1,245.9	63.2	284.8	474.7	862.7	122.5	300.3	783.1
3/25/2009	1,246.3	65.6	286.5	474.7	863.1	124.9	256.1	829.1
4/1/2009	1,231.4	66.4	290.3	492.3	864.5	126.0	237.7	852.2
4/8/2009	1,219.1	69.5	292.9	508.4	866.1	125.8	223.6	874.5
4/15/2009	1,171.1	73.7	417.1	526.1	865.2	130.1	294.4	898.2
4/22/2009	1,156.2	75.0	432.1	535.0	863.0	124.1	293.5	917.7
4/29/2009	1,008.7	76.1	434.3	549.0	863.1	126.9	262.7	815.4
5/6/2009	1,004.4	78.9	437.3	560.6	865.9	116.6	270.6	828.2
5/13/2009	1,033.1	83.2	504.5	577.1	865.5	123.6	257.1	951.6
5/20/2009	1,009.6	82.1	508.2	583.3	866.5	120.7	237.9	958.1
5/27/2009	889.5	84.7	507.3	600.1	870.0	121.2	211.0	879.5
6/3/2009	877.7	85.8	509.6	606.2	868.8	122.9	237.6	850.0
6/10/2009	825.1	86.3	513.8	628.7	868.4	122.1	217.1	846.2
6/17/2009	802.2	87.7	545.7	638.7	867.5	126.8	332.8	747.1
6/24/2009	720.9	89.3	563.9	653.2	867.3	128.8	278.8	752.5
7/1/2009	693.3	90.3	560.3	663.5	871.3	129.8	278.1	728.2
7/8/2009	668.7	92.1	560.3	673.5	872.8	125.8	236.8	759.1
7/15/2009	670.2	92.5	628.1	684.0	870.3	125.3	265.2	814.0
7/22/2009	606.9	93.8	648.1	692.7	869.2	125.9	261.5	784.8
7/29/2009	564.7	93.8	648.8	695.8	870.6	124.9	257.8	749.8
8/5/2009	539.2	96.3	651.0	705.3	872.1	127.0	261.5	731.1
8/12/2009	537.7	98.1	652.9	729.0	872.8	127.4	235.7	781.7
8/19/2009	512.0	94.4	721.3	736.1	871.5	129.7	240.2	822.4
8/26/2009	498.0	95.0	740.3	744.9	870.4	129.3	212.8	865.7
9/2/2009	493.6	95.8	744.6	752.8	872.8	130.3	258.6	825.0
9/9/2009	487.1	97.8	748.4	757.8	876.7	128.6	204.4	881.3
9/16/2009	473.3	99.6	810.2	759.8	873.9	131.1	272.3	865.5
9/23/2009	469.0	104.4	822.8	765.6	872.3	132.9	250.8	905.7
9/30/2009	448.1	103.4	823.5	769.2	873.5	131.5	273.3	865.9
10/7/2009	441.4	104.5	826.1	769.2	876.1	125.3	161.0	978.8
10/14/2009	412.0	111.1	899.4	773.5	877.8	130.4	115.5	1,072.3
10/21/2009	405.1	109.0	916.7	773.5	875.3	127.9	138.7	1,062.3
10/28/2009	365.8	108.6	915.7	774.6	874.8	131.3	60.6	1,098.0
11/4/2009	361.1	109.2	921.4	776.5	877.5	126.9	96.6	1,067.3
11/11/2009	325.6	110.8	925.2	776.5	880.9	129.4	77.9	1,050.0
11/18/2009	326.6	108.7	1,000.1	776.5	879.4	126.8	77.3	1,128.5
11/25/2009	316.9	109.0	1,007.2	776.5	883.0	125.8	28.0	1,172.7
12/2/2009	314.5	109.0	1,007.2	776.5	882.4	125.0	75.2	1,124.7
12/9/2009	290.6	112.0	1,010.5	776.6	883.2	125.3	70.4	1,110.8
12/16/2009	290.6	112.9	1,058.9	776.6	883.4	133.4	147.2	1,075.1
12/23/2009	278.3	113.8	1,070.3	776.6	888.8	129.8	134.4	1,085.9
12/30/2009	280.3	112.3	1,068.1	776.6	889.7	138.4	154.8	1,054.3
1/6/2010	280.6	112.6	1,068.6	776.6	884.4	135.4	171.6	1,047.1
1/13/2010	271.6	117.3	1,129.4	776.6	879.2	139.5	129.2	1,147.1
1/20/2010	229.9	115.5	1,133.1	776.6	879.3	133.7	175.4	1,066.7
1/27/2010	225.5	114.7	1,133.4	776.6	878.4	125.4	131.8	1,114.6
2/3/2010	225.9	115.1	1,135.0	776.6	883.5	120.8	127.5	1,120.9
2/10/2010	224.5	117.0	1,141.8	776.6	889.1	127.6	73.1	1,170.2
2/17/2010	201.5	111.8	1,191.1	776.6	893.0	124.6	54.7	1,208.6
2/24/2010	199.8	114.1	1,199.1	776.5	892.1	125.2	17.9	1,254.3
3/3/2010	199.9	112.7	1,194.3	776.6	892.8	123.3	78.3	1,189.2
3/10/2010	197.2	113.9	1,198.2	776.6	893.6	125.3	73.3	1,193.7
3/17/2010	186.5	114.3	1,233.9	776.6	893.3	124.5	172.4	1,121.1
3/24/2010	183.7	114.8	1,241.3	776.7	893.0	122.6	150.1	1,150.8
3/31/2010	182.6	113.5	1,237.7	776.7	894.1	124.9	216.5	1,075.0
4/7/2010	181.9	114.7	1,237.7	776.7	896.3	124.5	170.4	1,119.7
4/14/2010	177.7	117.5	1,270.8	776.7	895.5	127.2	184.4	1,135.7
4/21/2010	176.9	116.5	1,270.8	776.7	894.8	122.6	261.7	1,061.9
4/28/2010	177.0	114.9	1,265.3	776.7	895.3	127.2	256.9	1,054.5
5/5/2010	171.6	115.7	1,265.5	776.7	897.5	126.0	269.9	1,036.2
5/12/2010	179.2	117.1	1,266.5	776.8	898.7	130.0	216.3	1,094.6
5/19/2010	178.5	112.0	1,287.1	776.8	897.6	129.1	230.2	1,097.5
5/26/2010	169.7	110.7	1,280.3	776.9	899.8	130.9	216.7	1,090.1
6/2/2010	171.3	111.2	1,280.3	776.9	903.7	132.7	262.3	1,041.0
6/9/2010	165.2	112.5	1,280.4	776.9	901.4	134.0	219.1	1,080.5
6/16/2010	164.3	112.7	1,293.8	777.0	899.9	134.1	285.7	1,028.1
6/23/2010	162.9	113.8	1,294.3	777.0	899.7	134.9	246.3	1,067.0
6/30/2010	162.8	111.6	1,282.9	777.0	904.1	141.5	287.6	1,001.1
7/7/2010	161.4	114.0	1,283.1	777.0	907.7	140.0	216.4	1,071.4
7/14/2010	161.1	115.3	1,290.7	777.0	904.5	140.5	207.8	1,091.3
7/21/2010	160.2	114.6	1,284.0	777.0	902.3	139.4	243.8	1,050.2
7/28/2010	160.8	114.0	1,276.9	777.0	903.3	140.5	230.4	1,054.5
8/4/2010	160.5	115.3	1,277.1	777.0	905.8	137.5	244.0	1,042.6
8/11/2010	158.5	116.6	1,278.8	777.0	906.9	136.5	226.9	1,060.6
8/18/2010	156.9	110.4	1,270.2	779.5	906.8	135.8	230.2	1,044.3
8/25/2010	151.1	109.1	1,259.7	784.5	906.3	136.6	205.8	1,055.7
9/1/2010	148.8	110.6	1,259.7	786.3	909.9	134.2	245.7	1,015.5
9/8/2010	147.2	112.3	1,259.7	789.9	913.7	135.7	204.8	1,054.9
9/15/2010	146.2	111.7	1,246.8	794.6	911.3	135.8	314.5	937.8
9/22/2010	145.0	114.4	1,246.0	805.1	910.6	136.5	277.5	985.8
9/29/2010	143.6	114.0	1,232.6	811.7	913.8	143.4	257.8	986.9
10/6/2010	143.2	116.3	1,232.6	819.1	918.6	141.3	249.5	1,001.8
10/13/2010	143.1	118.1	1,230.7	821.2	922.6	140.3	215.6	1,034.5
10/20/2010	141.9	117.8	1,216.5	832.1	921.4	137.4	252.2	997.4
10/27/2010	142.8	117.1	1,200.7	837.8	922.3	135.9	227.2	1,013.0
11/3/2010	142.5	118.2	1,200.7	842.0	927.7	153.8	236.0	985.8
11/10/2010	141.5	120.5	1,200.7	853.0	933.8	156.5	208.2	1,017.3
11/17/2010	140.9	115.9	1,187.3	873.6	932.4	155.7	238.7	991.0
11/24/2010	140.6	120.9	1,186.0	901.2	937.3	156.2	224.0	1,031.3
12/1/2010	140.9	120.5	1,170.8	917.5	936.4	153.6	245.4	1,014.2
12/8/2010	139.6	125.1	1,170.8	949.6	937.5	157.2	219.5	1,070.8
12/15/2010	138.7	125.6	1,156.7	967.6	938.4	157.9	291.6	1,000.6
12/22/2010	138.1	129.6	1,155.9	1,007.2	942.4	157.9	289.9	1,040.5
12/29/2010	138.2	129.6	1,139.6	1,016.1	943.7	166.1	288.9	1,024.8
1/5/2011	137.9	130.5	1,139.6	1,031.0	940.3	156.0	305.7	1,037.0
1/12/2011	137.3	133.3	1,138.5	1,062.1	937.0	152.3	275.5	1,106.4
1/19/2011	89.2	133.5	1,126.0	1,079.6	937.4	127.5	294.1	1,069.3
1/26/2011	88.9	133.7	1,109.7	1,114.4	935.3	124.9	294.1	1,092.3
2/2/2011	88.8	136.0	1,109.7	1,138.2	941.6	131.3	317.8	1,081.9
2/9/2011	88.5	138.7	1,109.7	1,167.1	947.3	129.4	237.5	1,189.8
2/16/2011	87.7	131.8	1,102.8	1,190.3	951.4	136.1	204.5	1,220.6
2/23/2011	86.7	134.7	1,102.3	1,213.4	956.0	139.6	148.1	1,293.4
3/2/2011	85.9	134.7	1,092.2	1,236.3	957.7	142.3	149.5	1,299.6
3/9/2011	85.8	137.1	1,092.2	1,266.1	960.0	135.6	103.7	1,381.9
3/16/2011	85.0	137.6	1,084.1	1,280.4	961.9	136.6	151.5	1,337.2
3/23/2011	84.6	139.2	1,076.3	1,305.2	962.5	135.1	96.7	1,411.0
3/30/2011	84.4	139.1	1,069.7	1,333.4	964.0	139.2	64.2	1,459.2
4/6/2011	83.7	141.3	1,069.7	1,358.2	968.0	128.7	46.0	1,510.1
4/13/2011	83.1	143.8	1,068.0	1,374.7	969.8	133.6	29.8	1,536.4
4/20/2011	81.6	144.2	1,061.7	1,402.5	970.6	135.3	118.2	1,465.9
4/27/2011	83.4	145.1	1,053.2	1,413.5	972.4	138.8	131.2	1,452.8
5/4/2011	81.4	147.6	1,052.1	1,441.9	975.7	137.4	130.4	1,479.4
5/11/2011	80.6	149.7	1,052.1	1,466.2	976.8	129.0	92.9	1,550.0
5/18/2011	79.5	143.2	1,044.3	1,495.2	976.3	132.0	114.6	1,539.2
5/25/2011	78.9	143.9	1,036.9	1,519.3	979.2	128.7	78.7	1,592.6
6/1/2011	78.4	145.2	1,036.9	1,532.2	984.2	136.0	79.0	1,593.7
6/8/2011	75.7	148.0	1,036.9	1,554.7	983.1	140.3	28.5	1,663.4
6/15/2011	74.5	148.3	1,032.9	1,575.9	982.4	148.0	131.4	1,569.8
6/22/2011	74.3	151.4	1,032.7	1,602.0	981.7	145.9	134.7	1,598.1
6/29/2011	74.2	152.3	1,025.6	1,617.1	985.8	146.8	110.6	1,626.0
7/6/2011	72.9	152.7	1,023.9	1,624.5	990.9	141.9	72.3	1,669.1
7/13/2011	73.0	154.7	1,023.9	1,630.4	988.3	138.5	44.4	1,710.8
7/20/2011	69.0	153.9	1,018.2	1,634.1	987.6	137.8	101.4	1,648.4
7/27/2011	65.2	154.3	1,009.7	1,638.2	989.0	137.0	71.8	1,669.6
8/3/2011	65.1	155.3	1,009.7	1,640.9	993.1	144.6	32.3	1,701.1
8/10/2011	65.2	156.6	1,009.7	1,644.7	992.8	173.3	14.6	1,695.5
8/17/2011	62.4	148.4	1,003.2	1,647.6	992.4	173.2	8.9	1,687.2
8/24/2011	62.6	150.0	1,002.1	1,648.4	991.6	176.9	10.9	1,683.7
8/31/2011	62.1	148.4	994.7	1,652.1	996.1	176.5	42.5	1,642.3
9/7/2011	62.1	149.8	994.7	1,655.6	1,001.5	175.4	22.8	1,662.3
9/14/2011	62.1	151.2	994.7	1,659.0	998.2	166.5	16.1	1,686.3
9/21/2011	59.4	151.1	987.5	1,663.1	995.1	163.3	74.2	1,628.6
9/28/2011	59.4	151.0	979.2	1,664.7	996.3	159.9	44.9	1,653.1
10/5/2011	59.3	152.6	979.2	1,671.8	1,000.7	159.9	31.6	1,670.7
10/12/2011	59.3	156.5	979.2	1,668.8	1,003.3	152.1	17.7	1,690.7
10/19/2011	57.7	157.5	969.7	1,670.3	1,001.2	157.6	68.4	1,628.0
10/26/2011	54.1	159.4	956.9	1,678.0	1,001.6	149.8	55.2	1,641.8
11/2/2011	53.8	159.7	956.9	1,654.2	1,008.4	193.8	63.9	1,558.5
11/9/2011	53.8	163.5	956.9	1,668.1	1,015.2	157.8	24.2	1,645.2
11/16/2011	51.4	157.5	949.5	1,675.8	1,016.4	168.0	44.8	1,605.0
11/23/2011	50.9	161.4	947.5	1,664.8	1,020.8	162.2	34.5	1,607.1
11/30/2011	50.9	160.9	933.0	1,672.0	1,020.4	170.5	85.6	1,540.3
12/7/2011	50.5	164.7	933.0	1,675.0	1,022.1	163.1	21.7	1,616.3
12/14/2011	98.9	168.6	964.0	1,673.5	1,024.6	160.5	25.7	1,694.1
12/21/2011	107.1	170.7	956.4	1,684.3	1,028.5	163.4	106.6	1,620.0
12/28/2011	144.0	171.1	941.3	1,672.1	1,034.5	162.0	91.4	1,640.5
1/4/2012	143.8	171.1	941.7	1,663.4	1,032.5	160.6	87.0	1,640.0
1/11/2012	135.2	172.8	942.7	1,650.8	1,026.6	158.8	66.1	1,650.0
1/18/2012	146.5	174.8	948.9	1,651.5	1,026.1	167.6	108.2	1,619.9
1/25/2012	146.3	176.9	937.1	1,661.5	1,024.7	164.2	111.9	1,621.0
2/1/2012	147.6	179.7	937.5	1,662.5	1,028.9	161.4	120.7	1,616.3
2/8/2012	149.3	183.1	937.5	1,660.7	1,037.0	165.2	49.1	1,679.3
2/15/2012	148.7	175.2	949.3	1,667.1	1,044.3	162.3	50.1	1,683.6
2/22/2012	147.2	177.5	953.9	1,656.6	1,048.0	165.9	36.0	1,685.3
2/29/2012	147.5	177.3	941.6	1,661.6	1,049.9	163.7	62.5	1,651.9
3/7/2012	107.4	179.7	940.6	1,659.3	1,053.3	162.1	26.4	1,645.3
3/14/2012	99.5	182.9	953.7	1,659.8	1,055.2	175.0	45.4	1,620.3
3/21/2012	96.6	184.6	950.3	1,663.5	1,055.5	160.0	87.2	1,592.3
3/28/2012	95.9	186.4	933.3	1,664.9	1,056.4	160.5	68.5	1,595.1

References

Allison, Theodore E., and Rosanna S. Pianalto (1997), "The Issuance of Series-1996 $100 Federal Reserve Notes: Goals, Strategies, and Likely Results," Federal Reserve Bulletin, vol. 83 (July), pp. 557-64.

Banco de Mexico (2012), Annual Report. http://www.banxico.org.mx/publicaciones-y-discursos/publicaciones/informes-periodicos/anual/index-en.html

Bank for International Settlements (2012). Statistics on payment, clearing and settlement systems in the CPSS countries: Figures for 2010. http://www.bis.org/publ/cpss99.pdf

Feige, Edgar L. (1996), "Overseas Holdings of placecountry-regionU.S. Currency and the Underground Economy," in Susan Pozo, ed., Exploring the Underground Economy: Studies of Illegal and Unreported Activity, CityplaceKalamazoo, StateMich.: W.E. Upjohn Institute for Employment Research, pp. 5-62.

Feige, Feige (2012), " New estimates of U.S. currency abroad, the domestic money supply and the unreported economy," Crime, Law and Social Change, vol. 57:3 (April 2012).

Foster, Kevin, Erik Meijer, Scott Schuh, and Michael Zabek (2011), "The 2009 Survey of Consumer Payment Choice," Federal Reserve Bank of Boston Discussion Paper 11-1.

Hellerstein, Rebecca, and William Ryan (2011), "Cash Dollars Abroad," Federal Reserve Bank of New York Reports, no. 400. February 2011.

Judson, Ruth A., and Richard D. Porter (2001), "Overseas Dollar Holdings: What Do We Know?" Wirtschaftspolitische Blatter, vol. 4.

Judson, Ruth A., and Richard D. Porter (2010), "Estimating the Volume of Counterfeit U.S. Currency in Circulation Worldwide: Data and Extrapolation," Federal Reserve Bank of Chicago Policy Discussion Series PDP 2010-2.

Kamin, Steven B., and Neil R. Ericsson, "Dollarization in post-hyperinflationary Argentina," Journal of International Money and Finance 22 (2003), pp. 195-211.

LeCren, E.D. (1965), "A Note on the History of Mark-Recapture Population Estimates," The Journal of Animal Ecology, vol. 34 (June 1965), pp. 453-54

Petersen, C.G. Joh. (1893), "On the Biology of Our Flat-Fishes and on the Decrease of Our Flat-Fish Fisheries," Report of the Danish Biological Station, vol. 4, 1893.

Porter, Richard D. (1993), "Estimates of Foreign Holdings of U.S. Currency--An Approach Based on Relative Cross-Country Seasonal Variations," in Nominal Income Targeting with the Monetary Base as Instrument: An Evaluation of McCallum's Rule, Finance and Economics Discussion Series Working Study 1 (Board of Governors of the Federal Reserve System, March).

------ (1993), "Foreign Holdings of placecountry-regionU.S. Currency," International Economic Insights (November/December), p. 5.

------, and Ruth A. Judson (1996), "The Location of U.S. Currency: How Much is Abroad?" Federal Reserve Bulletin, vol. 82 (October), pp. 883-903.

U.S. Census Bureau (2011), Statistical Abstract of the United States 2012. Washington DC: U.S. Government Printing Office.

U.S. Treasury (2006). The Use and Counterfeiting of U.S. Currency Abroad, Part III. Washington DC: U.S. Department of the Treasury.

Footnotes

1.  Valentin Bolotnyy did a superb job of updating and organizing many of the estimates presented here, and his work was instrumental in the corrections to the biometric method reviewed in section 3. In addition, this work would have been impossible without the generous assistance of, and thought-provoking discussions with, Dick Porter (FRB-Chicago); Joann Freddo, Eileen Goodman, Jeff Pruiksma, Elliot Shuke, and Charles Sims (FRB-New York); Carol Bertaut, Neil Ericsson, Jaime Marquez, John Roberts, Charlie Thomas, Shaun Ferrari, Michael Lambert, and Lorelei Pagano (Board of Governors); and Ed Feige. All errors and omissions are mine.  Return to text

2.   Until late 2008, Federal Reserve notes, the dominant form of currency, were the primary liability on the Federal Reserve's balance sheet. As a result, currency demand was thus a primary consideration in the conduct of daily open market operations as well as in longer-range planning related to the Federal Reserve's System Open Market Account portfolio. After late 2008, deposits of depository institutions (of which reserve balances are the vast majority) increased significantly and now exceed currency as a liability on the Federal Reserve's balance sheet. Appendix Figure 3 illustrates the major components of the Federal Reserve's balance sheet since 2003. Return to text

3.   The euro currency was introduced as a unit of account in 1999; the physical currency was introduced in 2002. Return to text

4.   The quantity of counterfeit currency in circulation at any point is not known, but estimates suggest that circulating counterfeits are extremely small relative to genuine currency, on the order of one to three in 10, 000 (Judson and Porter (2010)). Return to text

5.   Appendix table 1 provides a list of sources of currency data along with a description of the different definitions of currency. Return to text

6.   H.4.1 Statistical Release, tables 1 and 8. http://www.federalreserve.gov/releases/h41/20111229/. Return to text

7.   The locations and boundaries of the twelve Federal Reserve districts were set when the Federal Reserve was established in 1913. Within each district, cash processing occurs at one or more cash offices. The number and location of these offices varies over time. Processing data are reported separately for each office. Return to text

8.   In 2009, 151 million passengers arrived and departed on international flights at U.S. airports and about 200 million border crossings occurred by land (U.S. Census 2012). Return to text

9.   Refer to U.S. Treasury (2006) for examples of such flows. Return to text

10.   This phenomenon is addressed in more detail in the discussion of the flow data. Return to text

11.   Passengers on flights departing the United States are sometimes questioned or informed about this reporting requirement, but coverage is far from complete.  Return to text

12.   Refer to U.S. Treasury (2006), Chapter 5, for more details about ECIs. Return to text

13.   For researchers who do not have access to the shipment data, or for certain countries and time periods, the CMIR data can provide useful insights. Refer, for example, to Feige (1996, 2012) for analysis of the U.S. economy and to Kamin and Ericsson (2003) for analysis of dollarization in Argentina. For the latter analysis, CMIR data were both available over a longer time period and more reliable than usual because of the patterns of dollar flows to Argentina. Return to text

14.   On a Q4-to-Q4 basis, over 1980-2011, currency growth averaged 7¼ percent and nominal GDP growth averaged 5¾ percent. Over 1990-2011, currency growth averaged 7 percent and nominal GDP growth averaged 4¾ percent. Over 1999 to 2011, currency growth averaged 6 percent and nominal GDP growth averaged 4¼ percent. Return to text

15.   Refer to BIS (2012). Return to text

16.   In piece terms, however, U.S. currency is dominated by smaller denominations. As of late 2011, $1s were 32% of notes in circulation, $2s to $10s were 16%, and $100s were 25%. Appendix Figures 1A and 1B provide a breakdown of U.S. and Canadian currency by denomination in value and piece terms. Return to text

17.   These figures are from the Treasury Bulletin: http://www.fms.treas.gov/bulletin/b2011_1.pdf.  Return to text

18.   Hellerstein and Ryan (2011) find systematic relationships between currency shipments and inflation and other factors. Return to text

19.   Both the United States and Canada have notes of denominations above $100 in circulation, but in both cases, these notes have not been issued to circulation for some time.  Return to text

20.   Net commercial bank shipments are defined as shipments out of the United States to other countries (exports) less shipments from other countries into the United States (imports). Return to text

21.   For many internal calculations, we typically smooth through this spike because of its extremely transitory and peculiar nature. The currency component of the money stock excludes currency held in the vaults of depository institutions. We would ordinarily prefer to use this currency component measurement, but data are not available by denomination on that basis.  Return to text

22.   Work on disentangling the relative importance of internal and external economic and political crisis for currency demand in these countries is currently underway. Return to text

23.   The Federal Reserve System has 12 regional Banks, whose locations are fixed. Many Federal Reserve Banks also have one or more branches, whose number and location can change over time as operational needs dictate. The Miami office is a branch of the Federal Reserve Bank of Atlanta and the Los Angeles office is a branch of the Federal Reserve Bank of San Francisco. Return to text

24.   Mexico is the largest single contributor to this adjustment, and it was the case of Mexico that inspired this approach. In the 1990s, Mexico collected customs data on cash imports from all travelers with no lower bound on the reporting threshold. This reporting is, of course, subject to the same problems of underreporting as other customs data, but the magnitudes were substantial and of a magnitude similar to reported commercial bank inflows. More recent customs reporting requires only declaration of amounts above $10,000. Regardless, Mexican statistics on tourism flows indicate substantial volumes of people and revenue, though the form of the revenue (cash, credit card, or other) is not specified. Refer to Banco de Mexico (2012).  Return to text

25.   The proxy is the only measurement available before 1988. It indicates that $40 billion moved abroad over the period from 1974 to 1989; during that time, currency in circulation increased by about $180 billion. Return to text

26.   Refer to Porter and Judson (1996), Judson and Porter (2001), U.S. Treasury (2006). Return to text

27.   Of course, Canadian and U.S. holidays are not identical: to give just two examples, Canada observes Thanksgiving in October and the U.S. observes it in November, and Canada's holidays include the day after Easter and the day after Christmas while these days are not generally holidays in the United States. Nonetheless, the broad outlines of holidays are very similar, especially at a monthly frequency. Return to text

28.   In the last two methods, one could just as easily use the unsmoothed seasonal amplitude estimates. These estimates, though, show a step-function-like shape because the seasonal maximums and minimums generally change once per year. It seems unlikely that the share of currency abroad follows such a step function, and so the moving average imposes a smooth trend. Notably, this averaging does not affect the level of the share estimates on average over time. Return to text

29.   LeCren (1965) notes that Petersen did not use the method for counting but that others properly credit him with the method. Return to text

30.   For more information on the earlier changes to U.S. banknote design, refer to Allison and Pianalto (1997). Return to text

31.   For operational reasons, it is important for Federal Reserve analysts to be able to assess the longevity and other features of notes by their design or series. Return to text

32.   The 1990-series notes incorporated microprinting and a security thread but retained the same portrait and the same size and location for the portrait. The 1996-series design changes included a larger portrait moved off the center of the note. Return to text

33.   In the original formulation of this estimate, the foreign pool included only New York and Los Angeles. Subsequent large volumes of activity attributable to international demand prompted the addition of the Miami office to this group. The estimate based on just the New York and Los Angeles offices is analogous to the adjustment commercial bank shipments estimate: it assumes that receipts at the Miami office reflect unmeasured outflows and assigns a net value of zero. Return to text

34.   As noted in Section III.B., the currency component of M2 excludes currency held in the vaults of depository institutions, or vault cash, which was one of the most volatile components of currency in circulation just before and after the century date change. Thus, this measurement of currency is more useful for longer-term analysis where the inclusion of the large and transitory swings in vault cash might be inordinately influential, such as in quarterly measurements where the periods immediately before and immediately after the century date change fall into different quarters.  Return to text

35.   The most recent Survey of Consumer Payment Choice, conducted in 2009, indicates holdings of less than $100 per person (Foster et al., 2011). Return to text

36.   Indeed, weekly data, reported in Appendix Figure 2, show an unmistakable turnaround in demand patterns in the middle of September 2008. Return to text

37.   Thus far, analysis along these lines has appeared only in internal Federal Reserve documents. Return to text

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Last update: July 9, 2013