|
Item |
Lag, operable time frame |
Notes |
M1 |
4-10 months, averages 6-9 |
|
M2 |
9-20 months, averages 12-18 |
|
M3 |
9-20 months, averages 12-18 |
|
Monetary base |
6-12 months, averages 8-16 |
High importance, controlled directly |
Fiscal (government) stimulus |
9-24 months, averages 12-18 |
|
Bank credit |
Two lags - one is 3-6 months, and the other is similar to M3 |
High importance |
Fed & comm'l repos |
Two lags - one is virtually immediate and is more important, and there is also a secondary lag of about 10 months |
High importance to stock market - the best single stat proxy for the Fed |
Securities Lending |
Two lags - one is virtually immediate, and the other varies between 1-4 months |
High importance to bond interest rates |