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.


Your Answer

By clicking “Post Your Answer”, you agree to our terms of service and acknowledge that you have read and understand our privacy policy and code of conduct.