Board of Governors of the Federal Reserve System

Annual transactions from unpublished BEA data on Federal Reserve banks investment in software (a portion of Fixed Asset Table 3.7I Investment in Private Intellectual Property Products by Industry, line 50, Finance and insurance, Federal Reserve banks). Annual transactions are converted to seasonally adjusted quarterly transactions by calculating the ratio of the above series to annual data on private domestic investment in software (a portion of NIPA, Table 1.1.5 Gross Domestic Product, line 12, Private domestic, Nonresidential, Intellectual property products); multiplied by quarterly data on private domestic investment in software (a portion of line 12, Private domestic, Nonresidential, Intellectual property products). Unadjusted transactions are calculated as transactions at a seasonally adjusted annual rate divided by 4. Series has no stocks outstanding.