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We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Economic Review

Sep/Oct, 1989

Some Further Results on the Source of Shift in M1 Demand in the 1980s

What caused the observed shift of M1 demand in the 1980s? Rival candidate explanations stress (1) M1 growth volatility, (2) disinflation, (3) rising real value of stocks, (4) rising volume of financial transactions, (5) rising household financial wealth, and (6) introduction into M1 of interest-bearing checkable deposits. The evidence presented here supports item six only.

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Lisa Davis (804) 697-8179

Economic Review

Sep/Oct, 1989

Some Further Results on the Source of Shift in M1 Demand in the 1980s

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