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Strategies & Market Trends : Galapagos Islands -- Ignore unavailable to you. Want to Upgrade?

To: zonder who wrote (48421)	10/27/2003 12:29:54 PM
From: Techplayer	Read Replies (1) \| Respond to of 57110

z, Please pardon my ignorance. I had to look up MZM. What does a negative number imply? Thanks in advance. MZM includes the zero maturity, or immediately available,components of M3. MZM equals M2 minus small-denomination timedeposits, plus institutional money market mutual funds (that is, themoney market mutual funds included in M3 but excluded from M2).The label MZM, or “Money, Zero Maturity,” was coined by WilliamPoole (1991) for this aggregate, proposed earlier by Motley (1988).Readers are cautioned that since early 1994 the level and growth ofM1 have been depressed by retail sweep programs that reclassifytransactions deposits (demand deposits and other checkable deposits)as savings deposits overnight, thereby reducing banks’ requiredreserves; see Anderson and Rasche (2001) andresearch.stlouisfed.org/aggreg/swdata.html