Board of Governors of the Federal Reserve System

Prefatory Note The attached document represents the most complete and accurate version available based on original copies culled from the files

Changes reported in the domestic economic scene since early March have...change. The money supply, meanwhile, increased rapidly in April for the

change in Regulation Q, a smaller upsurge is expected than followed the...changed this time. And if, as suggested below, corporate CD demand does

change in the mean market belief by 1 standard deviation changes equity...changes in risk premia only to changes in information about 2 exogenous

September 20, 2012 Flow of Funds Accounts of the United States Annual Flows and Outstandings 2005-2011 Board of Governors of the Federal Reserve

S u m m ar y 1 Z .1 , D ec em be r 10 , 2 01 5 F lo w o f F un ds M at ri x -- A ll Se ct or s -- F lo w s H ou se ho ld s St at e D om es tic

change, my sense is that only a limited portion should be attributed to

change in real GNP between the first and second quarters. On the one hand...change in total nonfarm employ- ment, some decline in manufacturing employment

changing date of Easter) suggest that the sharp upward trend in sales ...changes in other sectors of the economy are likely to be relatively moderate

changes in financial regulation, and implications of the crisis for central...changing economic conditions. - All countries on the gold standard are