In May 2014, currency held by individuals and businesses was $67 billion; chequable deposits owned by individuals
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In May 2014, currency held by individuals and businesses was $67 billion; chequable deposits owned by individuals were $244 billion and owned by businesses were $361 billion; nonchequable personal deposits were $238 billion; non-chequable business deposits were $39 billion; and term deposits and other deposits were $312 billion. Calculate M1 and M2 in May 2014.
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To calculate M1 and M2 we need to understand the components of each monetary aggregate M1 typically ...View the full answer
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