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This study focuses on sweep programs in establishing conceptually appropriate and reliable measures of narrow money. We propose the aggregates M1RS ¼ M1 þ holdings of funds swept in retail sweep programs, and M1S ¼ M1RS þ holdings of funds swept in commercial demand deposit sweep programs. Based on quarterly observations from 1959:1-2002:4, cointegration tests indicate the existence of long-run relationships between the velocity of M1S and the corresponding opportunity cost of holding money, using either short-term or long-term interest rates. Tests find weaker evidence for M1RS and little support for MZM. (JEL E41, G21)

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This article provides an explicit framework for evaluating the expected benefit to college-bound students of courses offered by Advanced Placement (AP) versus concurrent enrollment programs (CEP). District personnel can use it to assess the relative merits of these programs, given the characteristics of their students, in deciding which model to implement or maintain. Simulations reveal that CEP generally provides a higher expected benefit for districts where students who take the course attend private colleges or universities (including public institutions out of state) and perform on the AP exam around national norms. AP favors high schools where students taking the course either face inexpensive costs for study at institutions of higher education or perform exceptionally well on the AP exam. Information from a sample of 240 colleges and universities reveals that few explicitly reject AP or CEP for credit if the student meets a minimum criterion, although more information is provided for AP.