1. M1 consists of (1) currency outside the U.S. Treasury, Federal Reserve Banks, and the vaults of depository institutions; (2) travelers checks of nonbank issuers; (3) demand deposits at commercial banks (excluding those amounts held by depository institutions, the U.S. government, and foreign banks and official institutions) less cash items in the process of collection and Federal Reserve float; and (4) other checkable deposits (OCDs), consisting of negotiable order of withdrawal (NOW) and automatic transfer service (ATS) accounts at depository institutions, credit union share draft accounts, and demand deposits at thrift institutions. Seasonally adjusted M1 is constructed by summing currency, travelers checks, demand deposits, and OCDs, each seasonally adjusted separately. 2. M2 consists of M1 plus (1) savings deposits (including money market deposit accounts); (2) small-denomination time deposits (time deposits in amounts of less than $100,000), less individual retirement account (IRA) and Keogh balances at depository institutions; and (3) balances in retail money market mutual funds, less IRA and Keogh balances at money market mutual funds. Seasonally adjusted M2 is constructed by summing savings deposits, small-denomination time deposits, and retail money funds, each seasonally adjusted separately, and adding this result to seasonally adjusted M1. 3. M3 consists of M2 plus (1) balances in institutional money market mutual funds; (2) large-denomination time deposits (time deposits in amounts of $100,000 or more); (3) repurchase agreement (RP) liabilities of depository institutions, in denominations of $100,000 or more, on U.S. government and federal agency securities; and (4) Eurodollars held by U.S. addressees at foreign branches of U.S. banks worldwide and at all banking offices in the United Kingdom and Canada. Large-denomination time deposits, RPs, and Eurodollars exclude those amounts held by depository institutions, the U.S. government, foreign banks and official institutions, and money market mutual funds. Seasonally adjusted M3 is constructed by summing institutional money funds, large-denomination time deposits, RPs, and Eurodollars, each adjusted separately, and adding this result to seasonally adjusted M2. from http://www.federalreserve.gov/releases/h6/Current/ MZM - M2 minus the time deposits and adding in all balances in all money market funds. Its stands for Money of Zero Maturity, and basically means money that can be spent immediately. M0 - monetary base. Currency & coins in circulation plus banking reserves, including excess reserves. http://en.wikipedia.org/wiki/Money_supply --------------------------------------------------------- L money supply (discontinued in ?) - M3 plus US Savings Bonds from http://www.mises.org/journals/aen/aen6_4_1.pdf L: long-term liquid assets, including M3, plus nonbank investments in U.S. Savings bonds, short-term Treasury securities, commercial paper, and bankers' acceptances. http://www.answers.com/topic/money-supply L consists of M3 plus government securities, such as savings bonds and treasury notes. http://encarta.msn.com/encyclopedia_761579943/money_supply.html Not included in any Fed Money Supply figure: Demand and other deposits held by US Gov't Treasury, foreign official institutions & foreign commercial banks held at the Fed or other commercial banks. Also stocks, bonds, Fed deposits held at foreign banks or institutions, commercial paper, bankers acceptances, cash surrender values of life insurance policies (gauged by the total of policy reserves less policy loans outstanding?), removing reserves (since they're required and not exchangeable), velocity, --------------------------------------------------------- Ma (a = Austrian) = total supply of cash-cash held in the banks + total demand deposits + total savings deposits in commercial and savings banks + total shares in savings and loan associations + time deposits and small CDs at current redemption rates + total policy reserves of life insurance companies—policy loans outstanding—demand deposits owned by savings banks, saving and loan associations, and life insurance companies + savings bonds, at current rates of redemption. Ma hews to the Austrian theory of money, and, in so doing, broadens .the definition of the money supply far beyond the narrow M1, and yet avoids the path of those who would broaden the definition to the virtual inclusion of all liquid assets, and who thus would obliterate the uniqueness of the money phenomenon as the final means of payment for all other goods and services. from http://www.mises.org/rothbard/austrianmoneysupply.pdf ----------------------------------------------------------- Money Supply: A Primer http://jessescrossroadscafe.blogspot.com/2009/01/money-supply.html ----------------------------------------------------------- January 19, 2012 H.6 (508) MONEY STOCK REVISIONS The Federal Reserve has revised the measures of the money stock and its components to incorporate the results of the Federal Reserve's annual review of seasonal factors and a new quarterly benchmark. This release includes revised monthly and weekly seasonal factors as well as comparisons of the revised monetary aggregates with previously published data. The revisions to the seasonal factors resulted in a higher growth rate for seasonally adjusted M2 in the first half of 2011 and a lower growth rate for seasonally adjusted M2 in the second half. The benchmark incorporates minor revisions to data reported in the weekly and quarterly deposit reports, and it takes account of deposit data from Call Reports for banks and thrift institutions that are not weekly or quarterly deposit reporters. These revisions to deposit data start in 2002. In addition, this release incorporates data from Call Reports on the amount of small-denomination time deposits held in individual retirement accounts (IRAs) and Keogh accounts; related revisions to deposit data start in 2006. The benchmark also incorporates revisions to IRA and Keogh balances held at retail and institutional money market mutual funds; these revisions to data on money market mutual funds begin in 1996. This release also incorporates the receipt of historical information from other sources of data. Seasonally adjusted measures of the monetary aggregates and components incorporate revised seasonal factors, which were derived from data through December 2011. Monthly seasonal factors were estimated using the X-12-ARIMA procedure. The effects of both the new benchmark and the revisions to seasonal factors on the growth rates of M1 and M2 are outlined in appendix tables 6 and 7.