Question: [The equation of exchange] Go to the Web site of the Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed. org/fred2/) and find the most recent

[The equation of exchange] Go to the Web site of the Federal Reserve Bank of St. Louis (FRED) (research.stlouisfed.

org/fred2/) and find the most recent values and values for the same quarter in 1985 for the following three variables:

(1) Nominal Gross Domestic Product (GDP), (2) the Velocity of M1 Money Stock (M1V), and (3) the Velocity of M2 Money Stock (M2V).

a. Using these data, calculate M1 and M2 for both periods.

b. Describe how M1 velocity and M2 velocity differ in the two quarters.

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