The Z.1 Fed data can be found in FRED.

I notices that many similar data sets are labelled "Flow" or "Level". For example,

And sometimes, the Level version for a Flow series doesn't exist or vice verse.

What is the difference?


1 Answer 1


Say you have a balance sheet that measures a country's total stock of financial assets and liabilities for a given year. If you have a bunch of these balance sheets for several years, those data points are the actual levels of total assets/liabilities.

Now suppose you decide to subtract the levels that correspond to year $t-1$ from the levels that correspond to year $t$. That's what the Fed is doing with these data series -- the flows are the first-difference of the levels.


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