Prior to 2003-01-01, the data are calculated as excess reserves minus total borrowings plus extended borrowings. From 2003-01-01 till 2007-11-01, the observations reflect excess reserves minus total borrowings plus secondary borrowings. From 2007-12-01, the definition changes to excess reserves minus discount window borrowings plus secondary borrowings.
Source(s): Board of Governors of the Federal Reserve System
Release: H.3 Aggregate Reserves of Depository Institutions and the Monetary Base
Units: Billions of Dollars
Original content Bob DeMarco, Look Beyond the Obvious
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