In May 2017, currency held by individuals and businesses was $1,469 billion; traveler's checks were $2 billion; checkable deposits owned by individuals and businesses were $2,034 billion; savings deposits were $8,958 billion; time depos- its were $355 billion; and money market funds and other deposits were $1,746 billion. Calculate M1 and M2 in May 2017.
In May 2017, currency held by individuals and businesses was $1,469 billion; traveler's checks were $2 billion; checkable deposits owned by individuals and businesses were $2,034 billion; savings deposits were $8,958 billion; time depos- its were $355 billion; and money market funds and other deposits were $1,746 billion. Calculate M1 and M2 in May 2017.
Economics: Private and Public Choice (MindTap Course List)
16th Edition
ISBN:9781305506725
Author:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Publisher:James D. Gwartney, Richard L. Stroup, Russell S. Sobel, David A. Macpherson
Chapter14: Modern Macroeconomics And Monetary Policy
Section: Chapter Questions
Problem 2CQ
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