The purpose of this paper is to propose a modest change in the definition of the demand deposit component of the U.S. money stock. The proposed chat^e would not in principle affect the size of the money stock. However, it would improve the accuracy of money stock estimates and should also contribute to the ability of the Federal Reserve authorities to control the money stock...
This paper was published in Journal of Money, Credit and Banking Vol. 8, No. 2 (May, 1976), pp. 149-166
Starleaf, Dennis R., "A Suggestion For Changing The Definition Of The U.S. Money Stock" (1975). Economic Staff Paper Series. 160.