Go to FRED (the Federal Reserve Economic Database) and provide monthly seasonally adjusted and non-seasonally adjusted money supplies for China. Calculate (infer) the seasonal adjustment factor for China.
In the far right column, a figure above 1 suggests a "low seasonal month" in China and below 1 suggests a "high seasonal month."

\begin{array}{llll} \text { DATE } & \text {Seasonally Adjusted } & \text {Not Seasonally Adjusted } & \text { Ratio of SA to NSA } \\&&10449850000000.000\\1999-01-01 & 10466917610816.5 & 10550030000000.000 & 0.992122071 \\1999-02-01 & 10773870593377.0 & 10777840000000.000 & 0.999631707 \\1999-03-01 & 10900612054468.2 & 10843820000000.000 & 1.005237274 \\1999-04-01 & 10915295568646.8 & 10921830000000.000 & 0.999401709 \\1999-05-01 & 11065882705659.8 & 11006090000000.000 & 1.005432693 \\1999-06-01 & 11144176043978.9 & 11136350000000.000 & 1.000702748 \\1999-07-01 & 11101204411429.7 & 11141410000000.000 & 0.996391337 \\1999-08-01 & 11303259078393.2 & 11282700000000.000 & 1.001822177 \\1999-09-01 & 11610407810821.6 & 11507930000000.000 & 1.008904973 \\1999-10-01 & 11500985323408.3 & 11538960000000.000 & 0.996709004 \\1999-11-01 & 11666640574758.1 & 11655930000000.000 & 1.000918895 \\1999-12-01 & 11925988158627.5 & 11989790000000.000 & 0.994678652 \\2000-01-01 & 12031793523227.1 & 12122040000000.000 & 0.992555174 \\2000-02-01 & 12166968768808.2 & 12158300000000.000 & 1.000712992\end{array}

\begin{array}{lllr}2000-03-01 & 12280185583948.7 & 12258070000000.000 & 1.001804165 \\2000-04-01 & 12429138245887.5 & 12412190000000.000 & 1.001365452 \\2000-05-01 & 12474944730463.3 & 12405330000000.000 & 1.005611679 \\2000-06-01 & 12603977370014.6 & 12660530000000.000 & 0.995533155 \\2000-07-01 & 12606953784500.4 & 12632390000000.000 & 0.997986429 \\2000-08-01 & 12789907492078.7 & 12779030000000.000 & 1.000851199 \\2000-09-01 & 13095490039885.2 & 13047380000000.000 & 1.003687333 \\2000-10-01 & 13007121882988.4 & 12952240000000.000 & 1.00423725 \\2000-11-01 & 13168801171623.1 & 13099400000000.000 & 1.005298042 \\2000-12-01 & 13375522096441.5 & 13461030000000.000 & 0.993647744 \\2001-01-01 & 13645655724727.8 & 13754360000000.000 & 0.992096741 \\2001-02-01 & 13644265260406.1 & 13621020000000.000 & 1.001706573 \\2001-03-01 & 13852398695019.5 & 13874450000000.000 & 0.998410654 \\2001-04-01 & 14032430474603.9 & 13995000000000.000 & 1.002674561 \\2001-05-01 & 13970505473607.6 & 13901590000000.000 & 1.004957381 \\2001-06-01 & 14676383721860.0 & 14780970000000.000 & 0.992924262 \\2001-07-01 & 14898425757452.8 & 14922870000000.000 & 0.998361961 \\2001-08-01 & 14996135687863.0 & 14994180000000.000 & 1.00013043 \\2001-09-01 & 15164750886556.8 & 15182020000000.000 & 0.998862529 \\2001-10-01 & 15280002199705.3 & 15149730000000.000 & 1.008598978 \\2001-11-01 & 15534693513486.8 & 15408830000000.000 & 1.008168272 \\2001-12-01 & 15739265300512.8 & 15830190000000.000 & 0.994256247 \\2002-01-01 & 15856509902772.2 & 15966860000000.000 & 0.993088804 \\2002-02-01 & 16122848764290.9 & 16093560000000.000 & 1.001819906 \\2002-03-01 & 16339963450120.5 & 16406460000000.000 & 0.995946929 \\2002-04-01 & 16486734314310.6 & 16457060000000.000 & 1.001803136 \\2002-05-01 & 16667182437748.2 & 16606100000000.000 & 1.003678313\\2002-06-01 & 16833745624116.7 & 16960120000000.000 & 0.992548733 \\2002-07-01 & 17071906221810.0 & 17085110000000.000 & 0.999227176 \\2002-08-01 & 17328143557819.8 & 17325090000000.000 & 1.000176251 \\2002-09-01 & 17664467013639.3 & 17698240000000.000 & 0.998091732 \\2002-10-01 & 17895870120976.1 & 17729420000000.000 & 1.009388357 \\2002-11-01 & 18146377909667.6 & 17973630000000.000 & 1.009611186 \\2002-12-01 & 18439844697732.6 & 18500730000000.000 & 0.996709032 \\2003-01-01 & 18934213823294.1 & 19018830000000.000 & 0.995550926 \\2003-02-01 & 19036043720696.3 & 19010840000000.000 & 1.001325755 \\2003-03-01 & 19338469237270.0 & 19448730000000.000 & 0.994330696 \\2003-04-01 & 19623391971807.9 & 19613010000000.000 & 1.000529341 \\2003-05-01 & 19999739234001.8 & 19950520000000.000 & 1.002467065 \\2003-06-01 & 20338338552288.2 & 20493140000000.000 & 0.992446182 \\2003-07-01 & 20633858851368.2 & 20619310000000.000 & 1.000705594 \\2003-08-01 & 21072340546078.5 & 21059190000000.000 & 1.000624456 \\2003-09-01 & 21305438757844.6 & 21356710000000.000 & 0.997599291 \\2003-10-01 & 21649497677449.8 & 21446940000000.000 & 1.009444596 \\2003-11-01 & 21850969772401.1 & 21635170000000.000 & 1.009974489 \\2003-12-01 & 22085977091914.0 & 22122280000000.000 & 0.998358989 \\2004-01-01 & 22389670235606.5 & 22510190000000.000 & 0.994645991 \\2004-02-01 & 22722527808125.8 & 22705070000000.000 & 1.000768895 \\2004-03-01 & 23016801382365.1 & 23165460000000.000 & 0.993582747 \\2004-04-01 & 23322916519558.7 & 23362790000000.000 & 0.998293291\end{array}

\begin{array}{llrr}2004-05-01 & 23514740725461.5 & 23484240000000.000 & 1.001298774 \\2004-06-01 & 23668843714203.0 & 23842750000000.000 & 0.992706115 \\2004-07-01 & 23858808056421.2 & 23812700000000.000 & 1.00193628 \\2004-08-01 & 24012748501299.9 & 23972920000000.000 & 1.001661395 \\2004-09-01 & 24325187514968.7 & 24375690000000.000 & 0.997928162 \\2004-10-01 & 24616540959686.0 & 24374030000000.000 & 1.009949564 \\2004-11-01 & 24958718313541.6 & 24713560000000.000 & 1.009919992 \\2004-12-01 & 25299127692038.1 & 25320770000000.000 & 0.999145274 \\2005-01-01 & 25635699396375.3 & 25770850000000.000 & 0.994755679 \\2005-02-01 & 25935334556113.0 & 25935730000000.000 & 0.999984753 \\2005-03-01 & 26282671057836.0 & 26458890000000.000 & 0.993339897 \\2005-04-01 & 26618532102164.9 & 26699270000000.000 & 0.996976026 \\2005-05-01 & 26949362552884.2 & 26924050000000.000 & 1.000940147 \\2005-06-01 & 27376205489409.3 & 27578550000000.000 & 0.992662975 \\2005-07-01 & 27726333710933.8 & 27696630000000.000 & 1.001072467 \\2005-08-01 & 28184296971504.7 & 28128820000000.000 & 1.001972247 \\2005-09-01 & 28714303008870.2 & 28743830000000.000 & 0.998972754 \\2005-10-01 & 29080537124717.6 & 28759160000000.000 & 1.011174774 \\2005-11-01 & 29534330317167.8 & 29235040000000.000 & 1.010237384 \\2005-12-01 & 29877662982443.2 & 29875550000000.000 & 1.000070726 \\2006-01-01 & 30211385382742.3 & 30353860000000.000 & 0.995306211 \\2006-02-01 & 30417933429963.7 & 30451630000000.000 & 0.99889344 \\2006-03-01 & 30833000531771.5 & 31049070000000.000 & 0.993041033 \\2006-04-01 & 31248463383110.9 & 31370180000000.000 & 0.99611999 \\2006-05-01 & 31676230748007.2 & 31670980000000.000 & 1.000165791 \\2006-06-01 & 32025273755490.9 & 32275640000000.000 & 0.992242873 \\2006-07-01 & 32361113710569.2 & 32401080000000.000 & 0.998766514 \\2006-08-01 & 32841705520876.7 & 32788570000000.000 & 1.00162055\\2006-09-01 & 33207213807827.6 & 33186540000000.000 & 1.000622958 \\2006-10-01 & 33712736474346.2 & 33274720000000.000 & 1.013163641 \\2006-11-01 & 34146077890341.4 & 33750420000000.000 & 1.011723051 \\2006-12-01 & 34625518916908.4 & 34557790000000.000 & 1.001959874 \\2007-01-01 & 35013452972569.6 & 351498800000000.000 & 0.996118706 \\2007-02-01 & 35787555732482.6 & 35865930000000.000 & 0.997814799 \\2007-03-01 & 36099726621288.6 & 36410470000000.000 & 0.991465549 \\2007-04-01 & 36564683878276.1 & 367326500000000.000 & 0.995427334 \\2007-05-01 & 36958510010891.1 & 36971820000000.000 & 0.999639996 \\2007-06-01 & 37436015197636.4 & 37783220000000.000 & 0.990810608 \\2007-07-01 & 38241229843656.6 & 383884900000000.000 & 0.99616395 \\2007-08-01 & 38779661588117.8 & 38720500000000.000 & 1.001527914 \\2007-09-01 & 39400513383944.0 & 39309890000000.000 & 1.002305358 \\2007-10-01 & 40018823168908.1 & 39420420000000.000 & 1.01518003 \\2007-11-01 & 40537544408365.7 & 39975790000000.000 & 1.014052365 \\2007-12-01 & 40503449844137.9 & 40340130000000.000 & 1.00404857 \\2008-01-01 & 41631675226688.0 & 41784617000000.000 & 0.996339759 \\2008-02-01 & 42001564413199.8 & 42103784000000.000 & 0.9975722 \\2008-03-01 & 41860470750450.8 & 423054530000000000 & 0.989481681 \\2008-04-01 & 42654746648327.7 & 42931372000000.000 & 0.993556569 \\2008-05-01 & 43538645512301.5 & 43622160000000.000 & 0.998085503 \\2008-06-01 & 43834391360289.1 & 44314102000000.000 & 0.989174763\end{array}

\begin{array}{llll}2008-07-01 & 44458416982574.2 & 44636217000000.000 & 0.996016687 \\2008-08-01 & 44970517653127.3 & 44884668000000.000 & 1.001912672 \\2008-09-01 & 45467662308058.0 & 45289871000000.000 & 1.003925631 \\2008-10-01 & 46075007306321.0 & 45313332000000.000 & 1.016809077 \\2008-11-01 & 46567909350735.4 & 45864466000000.000 & 1.015337437 \\2008-12-01 & 47736639128046.0 & 47516660000000.000 & 1.004629516 \\2009-01-01 & 49443654662296.6 & 49613530776673.400 & 0.996576012 \\2009-02-01 & 50582745122323.6 & 50670807000000.000 & 0.998262079 \\2009-03-01 & 52351746897173.6 & 53062671177858.300 & 0.986602177 \\2009-04-01 & 53630613901348.5 & 54048121372903.300 & 0.992275264 \\2009-05-01 & 54679056092739.4 & 54823076550114.200 & 0.997372996 \\2009-06-01 & 56202442573885.5 & 56894792000000.000 & 0.987831058 \\2009-07-01 & 57232589957498.6 & 57310280000000.000 & 0.998644396 \\2009-08-01 & 57897252553376.9 & 57669900000000.000 & 1.003942309 \\2009-09-01 & 58819443034194.5 & 58540530000000.000 & 1.004764443 \\2009-10-01 & 59653803824152.0 & 58664330000000.000 & 1.016866703 \\2009-11-01 & 60328009490164.8 & 59460470000000.000 & 1.014590189 \\2009-12-01 & 60758127273599.2 & 60622500655155.600 & 1.002237232 \\2010-01-01 & 62365333022345.0 & 62560929175401.200 & 0.996873509 \\2010-02-01 & 63526473999943.7 & 63607226457206.700 & 0.998730452 \\2010-03-01 & 64011537820301.4 & 64994746426638.300 & 0.984872491 \\2010-04-01 & 65165033081205.1 & 65656121695582.600 & 0.992520292 \\2010-05-01 & 66121700786998.1 & 66335137023124.900 & 0.996782456 \\2010-06-01 & 66574541938163.7 & 67392172392530.300 & 0.987867575 \\2010-07-01 & 67608432552347.5 & 67405147894808.300 & 1.003015862 \\2010-08-01 & 69161932294927.4 & 68750691826412.200 & 1.005981619 \\2010-09-01 & 69963256850897.2 & 69647149503367.400 & 1.004538698\\2010-10-01 & 71106179621247.7 & 69977674085635.200 & 1.016126651 \\2010-11-01 & 71918542886723.9 & 71033902457308.300 & 1.012453778 \\2010-12-01 & 72456138694402.5 & 72585178555593.300 & 0.998222229 \\2011-01-01 & 73206807090873.4 & 73388493378832.400 & 0.997524322 \\2011-02-01 & 73583038446892.3 & 73613095848151.700 & 0.999591684 \\2011-03-01 & 74545672449355.9 & 75813098162833.600 & 0.983282233 \\2011-04-01 & 75272047016855.8 & 75738464121629.700 & 0.993841741 \\2011-05-01 & 76167239770290.5 & 76340931367226.400 & 0.997724791 \\2011-06-01 & 77126471145022.0 & 78082096627241.100 & 0.987761273 \\2011-07-01 & 77756333168635.5 & 77292369450324.100 & 1.006002711 \\2011-08-01 & 78748962683784.3 & 78085234092749.300 & 1.008500053 \\2011-09-01 & 79025304718898.6 & 78740623951675.500 & 1.003615424 \\2011-10-01 & 82929765744685.0 & 81682928502654.000 & 1.015264355 \\2011-11-01 & 83415577774287.1 & 82549398017113.300 & 1.010492866 \\2011-12-01 & 84685230520316.8 & 85159093578679.200 & 0.994435555 \\2012-01-01 & 85423492960821.3 & 85589889139657.600 & 0.99805589 \\2012-02-01 & 86714616235261.1 & 86717141785883.800 & 0.999970876 \\2012-03-01 & 88017766042754.5 & 89556549664190.300 & 0.982817743 \\2012-04-01 & 88550675664396.7 & 88960403617308.700 & 0.995394266 \\2012-05-01 & 89877102142211.8 & 90004877427416.800 & 0.998580352 \\2012-06-01 & 91372823879780.8 & 92499119943634.200 & 0.98782371 \\2012-07-01 & 92571204809919.5 & 91907240194736.700 & 1.007224291 \\2012-08-01 & 93385489587996.2 & 92489458650000.000 & 1.009687925\end{array}

\begin{array}{rrrr}2012-09-01 & 94614318094951.8 & 94368875340000.000 & 1.002600887 \\2012-10-01 & 95035523750739.6 & 93640427920000.000 & 1.014898435 \\2012-11-01 & 95402190498725.7 & 94483235000000.000 & 1.009726122 \\2012-12-01 & 96687387360714.1 & 97414880200000.000 & 0.992532015 \\2013-01-01 & 99046424124748.8 & 99212925225443.200 & 0.99832178 \\2013-02-01 & 99875046210034.0 & 99860082892266.100 & 1.000149843 \\2013-03-01 & 101781952382820.0 & 103585837066030.000 & 0.982585605 \\2013-04-01 & 102859968950657.0 & 103255190300943.000 & 0.996172383 \\2013-05-01 & 104113596375454.0 & 104216916212108.000 & 0.999008608 \\2013-06-01 & 104159784065365.0 & 105440369294308.000 & 0.987854887 \\2013-07-01 & 106045769110030.0 & 105221234430136.000 & 1.0078362 \\2013-08-01 & 107216843946953.0 & 106125642579219.000 & 1.010282165 \\2013-09-01 & 107963464701924.0 & 107737916304772.000 & 1.002093491 \\2013-10-01 & 108598851902092.0 & 107024216664233.000 & 1.014712887 \\2013-11-01 & 108934061590068.0 & 107925705547773.000 & 1.009343057\\2013-12-01&109717755589677.0&110652497992422.000&0.991552451\end{array}

Explain the Notion of "Directed Credit" and Its Relative Importance

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