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(a) Civilian Noninstitutional Population, Thousands of Persons, Not Seasonally Adjusted (CNP16OV)
Civilian noninstitutional population is defined as persons 16 years of age and older residing in the 50 states and the District of Columbia, who are not inmates of institutions (e.g., penal and mental facilities, homes for the aged), and who are not on active duty in the Armed Forces.

The series comes from the 'Current Population Survey (Household Survey)'

The source code is: LNU00000000

Civilian Noninstitutional Population

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(b) Gross Domestic Product: Implicit Price Deflator, Index 2009=100, Seasonally Adjusted (GDPDEF)

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(c) MZM Money Stock, Billions of Dollars, Seasonally Adjusted (MZMSL)

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(a) Velocity of MZM Money Stock, Ratio, Seasonally Adjusted (MZMV)
Calculated as the ratio of quarterly nominal GDP
(https://fred.stlouisfed.org/series/GDP) to the quarterly average of MZM money stock (https://fred.stlouisfed.org/series/MZMSL).

The velocity of money is the frequency at which one unit of currency is used to purchase domestically- produced goods and services within a given time period. In other words, it is the number of times one dollar is spent to buy goods and services per unit of time. If the velocity of money is increasing, then more transactions are occurring between individuals in an economy.
The frequency of currency exchange can be used to determine the velocity of a given component of the money supply, providing some insight into whether consumers and businesses are saving or spending their money. There are several components of the money supply,: M1, M2, and MZM (M3 is no longer tracked by the Federal Reserve); these components are arranged on a spectrum of narrowest to broadest. Consider M1, the narrowest component. M1 is the money supply of currency in circulation (notes and coins, traveler’s checks [non-bank issuers], demand deposits, and checkable deposits). A decreasing velocity of M1 might indicate fewer short- term consumption transactions are taking place. We can think of shorter- term transactions as consumption we might make on an everyday basis.
The broader M2 component includes M1 in addition to saving deposits, certificates of deposit (less than $100,000), and money market deposits for individuals. Comparing the velocities of M1 and M2 provides some insight into how quickly the economy is spending and how quickly it is saving.
MZM (money with zero maturity) is the broadest component and consists of the supply of financial assets redeemable at par on demand: notes and coins in circulation, traveler’s checks (non-bank issuers), demand deposits, other checkable deposits, savings deposits, and all money market funds. The velocity of MZM helps determine how often financial assets are switching hands within the economy.

Velocity of MZM Money Stock

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NOTES

Source: U.S. Bureau of Labor Statistics  

Release: Employment Situation  

Units:  Thousands of Persons, Not Seasonally Adjusted

Frequency:  Monthly

Notes:

Civilian noninstitutional population is defined as persons 16 years of age and older residing in the 50 states and the District of Columbia, who are not inmates of institutions (e.g., penal and mental facilities, homes for the aged), and who are not on active duty in the Armed Forces.

The series comes from the 'Current Population Survey (Household Survey)'

The source code is: LNU00000000

Suggested Citation:

U.S. Bureau of Labor Statistics, Civilian Noninstitutional Population [CNP16OV], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/CNP16OV, October 23, 2017.

Source: U.S. Bureau of Economic Analysis  

Release: Gross Domestic Product  

Units:  Index 2009=100, Seasonally Adjusted

Frequency:  Quarterly

Notes:

BEA Account Code: A191RD3

The number of decimal places reported varies over time. A Guide to the National Income and Product Accounts of the United States (NIPA) - (http://www.bea.gov/national/pdf/nipaguid.pdf)

Suggested Citation:

U.S. Bureau of Economic Analysis, Gross Domestic Product: Implicit Price Deflator [GDPDEF], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/GDPDEF, October 23, 2017.

Source: Federal Reserve Bank of St. Louis  

Release: Money Zero Maturity (MZM)  

Units:  Billions of Dollars, Seasonally Adjusted

Frequency:  Monthly

Notes:

M2 less small-denomination time deposits plus institutional money funds.
Money Zero Maturity is calculated by the Federal Reserve Bank of St. Louis.

Suggested Citation:

Federal Reserve Bank of St. Louis, MZM Money Stock [MZMSL], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MZMSL, October 23, 2017.

Source: Federal Reserve Bank of St. Louis  

Release: Money Velocity

Units:  Ratio, Seasonally Adjusted

Frequency:  Quarterly

Notes:

Calculated as the ratio of quarterly nominal GDP
(https://fred.stlouisfed.org/series/GDP) to the quarterly average of MZM money stock (https://fred.stlouisfed.org/series/MZMSL).

The velocity of money is the frequency at which one unit of currency is used to purchase domestically- produced goods and services within a given time period. In other words, it is the number of times one dollar is spent to buy goods and services per unit of time. If the velocity of money is increasing, then more transactions are occurring between individuals in an economy.
The frequency of currency exchange can be used to determine the velocity of a given component of the money supply, providing some insight into whether consumers and businesses are saving or spending their money. There are several components of the money supply,: M1, M2, and MZM (M3 is no longer tracked by the Federal Reserve); these components are arranged on a spectrum of narrowest to broadest. Consider M1, the narrowest component. M1 is the money supply of currency in circulation (notes and coins, traveler’s checks [non-bank issuers], demand deposits, and checkable deposits). A decreasing velocity of M1 might indicate fewer short- term consumption transactions are taking place. We can think of shorter- term transactions as consumption we might make on an everyday basis.
The broader M2 component includes M1 in addition to saving deposits, certificates of deposit (less than $100,000), and money market deposits for individuals. Comparing the velocities of M1 and M2 provides some insight into how quickly the economy is spending and how quickly it is saving.
MZM (money with zero maturity) is the broadest component and consists of the supply of financial assets redeemable at par on demand: notes and coins in circulation, traveler’s checks (non-bank issuers), demand deposits, other checkable deposits, savings deposits, and all money market funds. The velocity of MZM helps determine how often financial assets are switching hands within the economy.

Suggested Citation:

Federal Reserve Bank of St. Louis, Velocity of MZM Money Stock [MZMV], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/MZMV, October 23, 2017.

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