The households and nonprofit organizations sector is the residual holder of municipal securities. That is, transactions, levels, and seasonal adjustment factors are calculated as total municipal securities issued, less the holdings of all other sectors. The levels residual calculation also subtracts the municipal security instrument discrepancy ( FOF series FL903062003), which accounts for valuation differences between issuance and holdings. Beginning 1996:Q4, revaluations are estimated based on the Merrill Lynch Municipal Master market price index. Other volume changes are calculated as the change in the level, less transactions and revaluations.
Last edited on: 04/29/2019