Small time deposits and the recent weakness in M2

The authors review the supply and demand side developments that may have contributed to the recent decline in small time deposits and weak M2 growth. They also consider whether M2 should be redefined to exclude small time deposits in light of the recent difficulties in interpreting the performance of M2.Bank deposits ; Money supply ; Bank loans

Recent innovations in Treasury cash management

The Treasury Tax and Loan program, a joint undertaking of the Treasury and the Federal Reserve, is designed to manage federal tax receipts and stabilize the supply of reserves in the banking system. Three recent innovations-electronic collection of business taxes, real-time investment of excess Treasury balances, and competitive bidding for Treasury deposits-have materially enhanced the ability of the two agencies to achieve these objectives.Taxation ; Tax and loan account ; Federal Reserve System

Reserves forecasting for open market operations

Bank reserves ; Open market operations