What are the principal components of M1 and M2 money?
Answer to relevant QuestionsWhat is "near" money? What is meant by the fractional reserve system? Why is it fundamental to modern banking? What restrictions did the Glass-Steagall Act impose on the banking system? Why is the Fed more effective in preventing the money supply from increasing than in increasing the money supply? "Unions make it difficult for government to reduce the rate of unemployment." Discuss the logic underscoring this view and show how it relates to the Phillips curve.
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